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Fund Management Incentive (FMI)

The FMI provides a 5% tax concession relief for a period of up to 10 years on approved fund management companies.


S13H is a tax incentive for approved venture capital and private equity funds, while the FMI for S13H approved funds is a tax incentive for fund management companies.

S13H allows an approved fund a zero-rated tax relief for a period of up to 10 years in respect of:

  1. Gains arising from the divestment of approved portfolio holdings and;
  2. Dividend income from approved foreign portfolio companies and;
  3. Interest income arising from approved foreign convertible loan stock.

FMI allows an approved fund management company a tax relief at a concessionary rate of 5% for a period of up to 10 years in respect of:

  1. Management fees arrived from an approved venture capital fund and;
  2. Performance bonus received from the said approved venture capital fund.

To be eligible for S13H and FMI, the venture capital/private equity funds and fund management companies should minimally fulfil the following conditions:

  1. The funds should be incorporated and based in Singapore and;
  2. The fund management companies should be incorporated and based in Singapore.

They should also have obtained the necessary approvals and licenses (e.g. Capital Markets Services License, Registered Fund Management Company) from the Monetary Authority of Singapore for their proposed activities.

Interested applicants of S13H and/or FMI may contact Enterprise Singapore via SSG_Investor_S13H@enterprisesg.gov.sg.


For More Info

Fund Management Incentive (FMI)


Last Modified Date: 01 Apr 2019