Single Family Office (SFO) Conditional Approval

INTRODUCTION
SUBMISSION FOR CONDITIONAL APPROVAL
SINGLE FAMILY OFFICE (SFO) INCOME TAX EXEMPTION
ONE-OFF TAX EXEMPTIONS FOR ESTABLISHMENT
GETTING IN TOUCH

INTRODUCTION

Before initiating the conditional approval process and upon consultation with the SC, prospective applicants must ensure the establishment of the Single Family Office Vehicle (SFOV) and the Single Family Office Management Company (SFO MC). Details on the establishment process can be found here.

The conditional approval process allows the SC to review the relevant documents on the establishment of the SFOV and SFO MC and ensure that the SFOV and SFO MC fulfil the specified conditions. However, SC’s conditional approval does not automatically entitle the SFOV to the tax incentives under the SFO Incentive Scheme.
SUBMISSION FOR CONDITIONAL APPROVAL

Post-consultation, prospective applicants will be required to submit the Conditional Approval application forms together with all necessary supporting documents.

The application process for conditional approval is outlined in the Application Kit. The Application Kit and relevant forms are available here.
Applicants are required to submit the application forms and all required supporting documents in softcopy versions via email to [email protected].
SINGLE FAMILY OFFICE (SFO) INCOME TAX EXEMPTION

Upon obtaining conditional approval and subject to fulfilling all relevant conditions, the SFOV may apply for certification for the income tax exemption at the end of its financial year.

Further details on this incentive can be found here.

ONE-OFF TAX EXEMPTIONS FOR ESTABLISHMENT

The SFO Incentive Scheme offers one-off exemptions to facilitate the transfer of qualifying assets into the SFOV. These incentives are designed to reduce the cost associated with establishing the SFOV and encourage active participation in the scheme.

Beneficiary	Incentive	Key Requirements	Tax Order
Single Family Office Vehicle / Single Family Fund Company (SFOV)	One-off Stamp Duty Exemption	Exemption of stamp duty in respect of all instruments of transfer of any permitted assets and investments for the establishment of the SFOV. The instrument of transfer – is executed from 1 September 2024 to 31 December 2034; and shall be executed within one year from date of the certification letter issued by the SC.	Stamp Duty (Single Family Fund Company) (Pulau 1 of Forest City Special Financial Zone) (Exemption) Order 2025 (“P.U.(A) 352/2025”) Download PDF
A company, limited liability partnership, trust body or co-operative society where the ultimate beneficial owner consists of members of the same single family	One-off Capital Gains Tax Exemption	Exemption from income tax in respect of chargeable income from gains or profits received from the disposal of shares of a company incorporated in Malaysia which is not listed on the stock exchange to a SFOV. The disposal shall – made to a SFOV within the period of 12 months from the date the certification letter is issued by the SC; and within the period from 1 September 2024 to 31 December 2034.	Income Tax (Single Family Office Incentive Scheme) (Pulau 1 of Forest City Special Financial Zone) (Exemption) Order 2025 (“P.U.(A) 351/2025”) Download PDF

Beneficiary

Incentive

Key Requirements

Tax Order

Single Family Office Vehicle / Single Family Fund Company (SFOV)

One-off Stamp Duty Exemption

Exemption of stamp duty in respect of all instruments of transfer of any permitted assets and investments for the establishment of the SFOV.

The instrument of transfer –

is executed from 1 September 2024 to 31 December 2034; and
shall be executed within one year from date of the certification
letter issued by the SC.

Stamp Duty (Single Family Fund Company) (Pulau 1 of Forest City Special Financial Zone) (Exemption) Order 2025 (“P.U.(A) 352/2025”)

Download PDF

A company, limited liability partnership, trust body or co-operative society where the ultimate beneficial owner consists of members of the same single family

One-off Capital Gains Tax Exemption

Exemption from income tax in respect of chargeable income from gains or profits received from the disposal of shares of a company incorporated in Malaysia which is not listed on the stock exchange to a SFOV.

The disposal shall –

made to a SFOV within the period of 12 months from the date the certification letter is issued by the SC; and
within the period from 1 September 2024 to 31 December 2034.

Income Tax (Single Family Office Incentive Scheme) (Pulau 1 of Forest City Special Financial Zone) (Exemption) Order 2025
(“P.U.(A) 351/2025”)

Download PDF

Where applicable, applicants may apply for Capital Gains Tax (CGT) and Stamp Duty exemptions concurrently with the application for Conditional Approval. These incentives are available at the establishment phase of the SFOV and must be executed within the stipulated timelines.

Applicants should indicate their intention to utilise the exemptions during the consultation phase.

To support each exemption request, the SFOV will need to submit a copy of the supporting documentation for the relevant transfer. Please provide draft documents (e.g. draft agreements) that clearly set out:

The name of the transacting parties;
The purpose of the transaction;
The asset value or consideration paid by the transferee; and
Any other relevant information.

In addition, applicants are required to provide a documentation demonstrating that the transferor’s ultimate beneficial owners are members of the same single family.

The relevant forms are available here.

Please ensure all completed forms and supporting documents are submitted alongside the Conditional Approval application in softcopy versions via email to [email protected].

GETTING IN TOUCH

For consultation and enquiries, please reach out via email to [email protected].