What's a single family office?

Single Family Offices and wealth planning in Asia. - Pexels

PETALING JAYA: The Special Financial Zone or SFZ in Forest City, Johor, is offering a 0% tax rate for family offices as an incentive.

The first location in Malaysia to offer such an incentive, the single family office (SFO) scheme will be operational by the first quarter of next year or 2025, announced Finance Minister II Datuk Seri Amir Hamzah Azizan on Friday (Sept 20).

This is on top of a concessionary corporate tax rate of between zero and 5%, and a special individual income tax rate of 15% for knowledge workers and Malaysians who choose to work there.

But what's a family office anyway? Here's brief explanation.

Single Family Offices by candy