Family Offices are set up with the primary objective of “Creating Values”, “Earning sustainable Wealth”, “Preserving Assets for the transition to next-generation”. Family Offices are personal wealth management firms of the High Net-worth /ultra-rich class.
Family Office (FO) offers a multitude of activities including Investment Planning, Portfolio Management, Estate Planning & Administration, Philanthropic Planning, Income Tax Planning, etc.
The services are based on a broad range of assessments like:
- Family tree – list of members and their brief profile, business/profession.
- Family net worth (consolidated) with individual/entity-wise break-up.
- Nature of business operations and the ownership matrix in which they operate – the status of IT and GST compliance.
- The future vision of key promoters of the family group and their challenges.
- Future requirements of the family promoter to be addressed.
The services are based on a broad range of assessments like:
- Advisory Services related to will drafting, gift deeds, and assistance in registration.
- Advisory Services related to formation and Registration of Family Trust having family values and objectives at the core in a tax-efficient manner including Valuation of personal assets for assistance to the settlor for the basis of distribution at defined period.
- Documentation support and Registration formalities.
- Will execution, probate execution/ facilitation.
- Compliance services – Filing of necessary returns, representation Services under various tax laws.
- In case of death- Registration and compliance on behalf of Legal Representatives/Executors including filing assessments, returns, etc.
- Guidance on documentation to executors for wealth distribution in line with probate.
- Assistance in settlement of insurance claims, third-party recovery, etc.
Family Business Restructuring Services –
- Strategies in a tax-efficient manner (M&A, BTA, etc.) – Structuring, Valuation, Tax planning vis a vis Wealth creation, Execution, Legal drafting, and representation.
- Tax opinions on complex business and investment transactions.
- Transaction Advisory Services – Strategy, Formation, Registration, and Compliance support.
- FEMA, Company Act, or other regulatory compliance along with representation.
- Vetting of legal documents.
Family Business Management Services –
- High-value business services in global investments and operations.
- Providing specialized business-critical, financial and administrative services that assist operations in different geographic locations where Incorp has a presence directly or through trusted partners across the globe.
- Single point of contact to coordinate the day-to-day management of outsourced operations such as CFO services, financial planning, and fund syndication through Debt /Equity, account writing, HR payroll management, Tax compliance, and Advisory retainers, etc.
- Time to time consultancy on taxation, finance, and other commercial verticals.
Family settlement activities – Assistance in legal documentation, Tax Advisory, and compliance.
Services to HNI / Ultra HNI Families –
➔ Wealth Management Services-
- Board member representations for HNI/ Ultra HNI family management and assistance in the investment decision-making strategies.
- Management of Lifestyle assets.
- Personal finance and wealth management advisory on asset creation and security tailored to your specific needs.
- Assistance in Cross border Investments – RBI, FEMA compliance, Advisory on International Tax implications, documentation, and execution support.
- Investment compliance services.
- Accounting and documentation support for timely compliance.
- Risk management services for reduction/rationalization of personal liability ensuring advantages of favorable legislative regimes.
- Coordination with Tax auditors as well as banks without creating a conflict of interest in corporate governance or local regulatory restrictions.
- Tax compliance under Direct Tax, Indirect Tax.
- Formation of Family Investment holding entity like LLP, One Person Company or Private limited in line with strategic wealth creation goals and long term preservation.
- Registration and Regulatory (including Corporate Secretarial) compliance with the periodic tracker.
- Operational Support including maintenance of books, acquiring registrations, and timely intimation.
- Outsourced Accounting and Financial planning.
- Tax planning and advisory.
- Advisory services (In Selection of Various Products to choose from which not only gives best returns but is also Tax Efficient).
- Co-Ordination with Fund Managers and associates for Regularly Monitoring the Investment.
- Studying the Impact of Introduction of Various Laws which are being Introduced and how the same would affect our Investments.
- Studying the Impact of Amendments introduced in Income Tax Laws by way of Budget, Ordinance, etc.
➔ Back Office Support Services –
- Executing accounting and tax responsibilities, including reporting.
- Coordination, organization, and hosting of the board and other meetings.
- Preparation of board packs, minutes, and other reports.
- Review of financial accounts and transactions.
- Maintenance of records.
NRI Services –
- ➔ Investment Advisory for Inbound Investments keeping in mind regulatory and tax provisions.
- ➔ Immovable property management services –
- Payment of property taxes.
- Payment of monthly maintenance.
- Collection of rent (if tenanted property).
- Arranging for realtor services when needed.
- Tenancy documentation – drafting and registration of rental contracts, etc.
- Assistance for sale of the property and repatriation of funds.
- ➔ Investment Accounting and relevant documentation support.
- ➔ Regulatory compliance and reporting.
- ➔ Tax Advisory Compliance and reporting.
- Formation of Charitable Trust, Section 8 Companies for purpose of charitable activities.
- Registration under Trust Act as well as Income Tax Act for tax exemptions.
- Regulatory compliance on a periodic basis.
- Assistance in certification and reporting.
- IT / GST return filing and assessment.