Across the Asia-Pacific, family offices are becoming increasingly popular as high-net-worth individuals (HNWIs) seek greater control, privacy and structure. The rise in interest is being fuelled by economic growth, intergenerational wealth transfers and a growing demand for bespoke strategies that go beyond traditional wealth management.
Once seen primarily as tools for private wealth consolidation, family offices are evolving into strategic vehicles. As awareness grows around the benefits of a family office, Asia is fast becoming a global centre for family office growth. According to McKinsey, there is a boom in family office formation across the region, driven by expanding ultra-high-net-worth populations and more accessible advisory ecosystems. McKinsey’s analysis forecasted that between 2023 and 2030, ultra-high-net-worth (UHNW) and high-net-worth (HNW) families in the Asia–Pacific region are set to experience an intergenerational wealth transfer estimated at $5.8 trillion.
Singapore, with its strong legal infrastructure and pro-business environment, remains a trusted hub. Malaysia, too, has asserted itself with the launch of the Forest City Special Financial Zone (SFZ) in Johor. The new development aims to transform Johor into a regional financial powerhouse, complete with tax incentives and modern infrastructure.
As the demand for tailored wealth strategies grows, more families are asking why a family office in Asia is the right step forward. With deep roots in Singapore and Malaysia, BoardRoom provides local insight to help families understand the value and purpose of establishing a family office in Asia, aligned with their long-term vision and evolving priorities.
The Rise of Family Offices in Asia
Asia is now home to some of the fastest-growing populations of ultra-high-net-worth individuals in the world. In response, family offices are becoming increasingly popular as structured, private vehicles for long-term wealth preservation and investment.
The number of family offices across the Asia-Pacific has grown rapidly in recent years, mirroring a broader shift in how wealthy families are choosing to manage their financial legacies.
What’s Driving This Growth?
One key driver is the scale and speed of wealth creation. Many of Asia’s first-generation wealth creators are now moving businesses or capital to the next generation. These second-generation leaders often seek more governance, strategic planning and professionalisation in how their family’s assets are managed. This has led to a rise in demand for family office services that offer bespoke investment strategies, succession planning and governance structures that can meet diverse family needs.
Another important factor is the growing interest in values-based and impact investing. Younger family members, in particular, are prioritising social and environmental outcomes alongside financial returns. Family office strategy in Asia increasingly includes philanthropy and ESG-aligned portfolios.
Angeline Aw, Group Chief Executive Officer, BoardRoom Group says a sophisticated professional ecosystem is emerging to support this evolution. “From family office advisors to tax consultants and legal experts, the support infrastructure in Asia is maturing quickly. Jurisdictions like Singapore and Malaysia stand out not just for their tax and regulatory environments, but also for their experienced family office consulting professionals and service providers.”
For families evaluating their next move, Asia offers a compelling mix of opportunity, control and regional connectivity. The right jurisdiction (Singapore with its mature landscape or Malaysia and its emerging frameworks) depends on each family’s structure, values and long-term goals.
Why Set up a Family Office in Singapore?
Singapore has earned its status as Asia’s most established destination for family offices, and for good reason. Its reputation for political stability, transparent regulation and high-quality financial services makes it a natural choice for high-net-worth individuals seeking long-term control and security over their wealth.
A Trusted Environment for Wealth
The Monetary Authority of Singapore (MAS) actively promotes the country as a global wealth management centre. Families benefit from:
- a strong rule of law and legal consistency
- robust governance standards
- a regulatory environment that supports privacy, transparency and flexibility
This legal and regulatory foundation is particularly attractive for families with complex, multi-jurisdictional asset portfolios.
Tax and Structural Benefits
Singapore’s Variable Capital Company (VCC) framework further strengthens its appeal. VCCs are highly flexible corporate structures used for managing pooled investments, and are increasingly adopted by family offices. Benefits include:
- confidentiality of shareholders
- tax exemptions under certain fund management conditions
- operational flexibility for diverse investment strategies
Access to Expertise
Singapore is home to a deep pool of professional services providers, including:
- private banks and asset managers
- legal and tax advisors
- specialist family office consulting firms
This mature ecosystem means families can access the full spectrum of support services – from succession planning to philanthropic structuring – in one place.
Global Recognition
Singapore is also viewed globally as a neutral, credible jurisdiction, which enhances its appeal for families with international footprints.
For families seeking a proven, secure and well-supported base in Asia, Singapore continues to set the benchmark for family office strategy.
Malaysia: A Rising Frontier for Family Offices
As demand grows for more diverse and competitive family office jurisdictions in Asia, Malaysia is stepping forward with an ambitious initiative: the Forest City Special Financial Zone (SFZ).
A Strategic Move to Attract Global Capital
Launched in 2024, Forest City SFZ is Malaysia’s most high-profile bid to attract ultra-high-net-worth individuals, asset managers and global investors. Situated on four man-made islands in Iskandar Puteri, Johor, just across the border from Singapore, the zone spans 30 square kilometres and is part of a US$100 billion smart city development.
Its goal? To become a strategic financial hub in Southeast Asia, offering a flexible, business-friendly environment for family offices and investment entities.
Pro-business Incentives
While full details are still being rolled out, the Malaysian government has already announced several attractive features of Forest City SFZ, including:
- preferential tax rates and incentives for qualifying investors, such as 0% concessionary tax rate on income generated by the Single-Family Office Vehicle (SFOV) for an initial period of 10 years, extendable for an additional 10 years, provided higher financial and substance requirements are met
- relaxed visa policies aimed at attracting international professionals
- streamlined approval processes for financial services and wealth management entities
- a regulatory environment focused on fintech, green finance and family office services
These measures are designed to support long-term wealth preservation, family office succession planning and global investment activity in Malaysia.
Opportunity in Timing
Families with regional portfolios, or those already operating across Singapore and Malaysia, may find Forest City SFZ an ideal complementary base. Here’s why:
- Forest City SFZ has lower setup and operational costs than other countries in the region
- Families will have access to a growing ecosystem of advisors and financial professionals
- There is potential for early-mover benefits, including policy flexibility and tailored regulatory engagement
How BoardRoom Can Support Your Family Office
At BoardRoom, we help high-net-worth families navigate the regulatory, operational, and strategic considerations involved in establishing a family office in the Asia-Pacific region.
With the OneBoardRoom Advantage, our dedicated experts provide an integrated suite of corporate services, supported by a global network of 19 partners, to deliver accurate, compliant, and consistent solutions throughout your family office’s lifecycle.
From incorporation to scale, BoardRoom supports your family office with integrated expertise and a commitment to excellence. We simplify complexity by uniting corporate secretarial, tax, accounting, payroll, share registry, employee share plans, fund solutions and sustainability services into one seamless solution.
“Whether you’re creating a family office or expanding into a new jurisdiction, our integrated services ensure your family office is built on a solid foundation,” says Angeline.
- Entity incorporation and licensing support.
- Corporate secretarial services to meet local regulatory requirements.
- Tax planning and structuring, including advice on investment vehicles.
- Global mobility tax services to manage cross-border family and employee obligations.
- Fund solutions tailored for multi-family offices, to enable efficient pooling of assets and access to institutional-grade investments.
- Ongoing tax efficiency planning as your investment strategies evolve.
- Development of profit extraction strategies.
- Support for transfer pricing compliance and regulatory filings.
- Full-service payroll, accounting, and corporate secretarial solutions.
- Sustainability and Governance Advisory to support long-term resilience and alignment with family office values.
Our approach begins with understanding your goals, family structure and investment profile. From there, we tailor solutions and offer ongoing advisory and compliance support that evolves with your needs.
“We continue to monitor your eligibility for tax incentives and apply for relevant regulatory benefits on your behalf,” says Angeline. “We also ensure your governance structures are adapted to support succession planning and cross-generational control.”
With teams on the ground in both Singapore and Malaysia, BoardRoom provides the local insight and regional reach to help your family office thrive.
The Growing Case for a Family Office in Asia: How BoardRoom Can Help
Family offices are fast becoming essential tools for preserving wealth, navigating succession and managing complex, cross-border portfolios in Asia. Both Singapore and Malaysia present compelling opportunities for families looking to establish a presence in the region.
Whichever path you choose, BoardRoom is here to help you start strong, stay compliant and build a structure that supports your family’s long-term goals.
Get in touch today to explore how we can support your family office.
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