Singapore significantly shortens the waiting time for those intending to establish a family office.

A senior official in Singapore said on Wednesday that the city-state's financial regulatory agency is seeking to shorten the waiting time for the wealthy to manage their assets in this Asian financial center while maintaining strict standards. Tan Chong Yeow, Deputy Chairman of the Monetary Authority of Singapore (MAS), told reporters that family offices in Singapore now need to wait three months for tax incentives, down from 12 months previously. MAS is also collaborating with private banks to help their clients open accounts more quickly. Tan said MAS is also closely working with the private banking industry group to study how to further shorten the time for clients to open accounts.