The Singapore Resident Fund Scheme was introduced to encourage fund managers to base their fund vehicles in Singapore. The main advantage of using a Singapore fund over a tax haven-based fund is that the fund management company and investment team are based in the location of the fund itself (i.e., Singapore).
Both the SFO and VCC incorporated in Singapore are eligible to apply for the 13O – Onshore Fund Tax Exemption Scheme (formerly 13R) or the 13U – Enhanced Tier Fund Tax Exemption Scheme (formerly 13X), provided certain conditions are met.
An SFO or VCC is eligible to apply for 13O tax exemption if it can meet the following requirements
An SFO or VCC is eligible to apply for 13U tax exemption if it can meet the following requirements