RECENTLY announced tweaks to the tax incentive scheme for single family offices (SFOs) are a good nudge for greater investments in Singapore, industry watchers said, but may do little for the bulk of the players here.

Some of the new requirements are already being practised, while others may be so novel that SFOs are not prepared to embrace them just yet.

Mahesh Asrani, founder and chief executive of Collab Consultants, which works closely with several family offices, said: “The first reaction of the companies is that there are too many changes, too soon. It is becoming difficult to keep track of the changes and what applies to whom.