Yes. Generally, that means people or families with $100 million in investable assets or more, with the main goal of organizing and managing the wealth for the next generation. This annual survey includes respondents from banks, finance and treasury centres, and capital market services licensees, and more. . Companies, trust (certain exceptions apply here), and limited partnerships. Our service package includes: Incorporation of family office and other subsidiary corporate structures. Developed capital markets as well as a vibrant private equity and venture capital eco-system. This section alsocontains information on licensing requirements for Click here to learn more about this study. Click on any of the funds listed below to find detailed information on that investor. Family office data platform Landytech has raised $12 million from investors led by Jeff Greenbergs Aquiline Technology Growth. Recommend for anyone with business interests in the Nordic region. According to Campden Wealth's Asia-Pacific Family Office Report last November, more than half of family offices across the globe have increased or plans to up their investments in Asia-Pacific. a firm or corporation in which he or any of the persons referred to above has control of 100% of the voting power, where such control is exercised individually or jointly with any of the aforesaid persons. Connect with more private investors via community events, investor directories, family office certification, & live capital raising coaching. Please see www.pwc.com/structure for further details. The Tsao family manages its assets and invests through the Tsao Family Office. a description of the profile of the family whose assets will be managed by the FO; where there is no common holding company, but the assets managed by the SFO are held directly by natural persons of a single family; where assets are held under a discretionary trust, the settlor of the trust and the beneficiaries are members of the same family; where a family trust is set up for charitable purposes, the charitable trusts are funded exclusively by settlor(s) from a single family; or. Asia is, of course, a region of great wealth and Singapore is one of the wealth capitals for the region. Regarded as among the top family office events in the country, these agenda packed events provide you with all of the tools, information and technology you will need to successfully manage your single family office or multi-family office. Staffing of fund manager/Singapore family office. Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat, highlighted that asset and wealth management is a core part of the financial services sector and underpins Singapore's position as a global financial node. Fund management AUM hits US$4 trillion, lengthening family office waiting list as Asia north's money flows south. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. Access to the most comprehensive fully interactive database on global family offices, principal investment offices, and family enterprises. Family Office Networks partners with only best in class companies and fund managers and helps to introduce them to potential family office investors. We focus on the family offices and their investment style. Especially, we provide you with details on the real estate, private equity and venture capital investment focus. Family Offices (FOs) are shaping the region: here's why Singapore continues to be the first choice for families. We also use third-party cookies that help us analyze and understand how you use this website. It allows us to exchange ideas about asset allocation and share experiences about brokers and advisors. We asked one fund of funds manager based in Singapore to list some of the advantages to managing and investing wealth in Singapore, he listed a number of advantages, the tax and regulatory regime is favorable, its an excellent location in Asia in terms of proximity to other countries, infrastructure, and ancillary services to investment firms also have offices in Singapore. This reflects a growing consensus among fund managers and alternative investors that Singapore is a great location for investing and wealth management and the opportunities here are only growing. A SFO manages the assets and investments for one family and is wholly owned by the members of the same family. We vet the attendee list to ensure only your target audience gains admission. The MAS also partnered with the Institute of Banking and Over the past year, family office advisory firms have been . It also outlines some of the challenges and solutions to creating and managing a family office today, and features five in-depth case studies of global families who have established their family offices in the country. Get the latest report on the state of Singapore's asset management industry. Necessary cookies are absolutely essential for the website to function properly. This city-state is a popular financial destination due to its business- and wealth-friendly tax environment. Social login not available on Microsoft Edge browser at this time. consolidating their wealth in Singapore through formal structures, such as After submitting your job application, you may view or update your candidate profile here. where the family office and the investment teams can be established and operate (in other words, where substance exists). Deloitte and Rajah & Tann, with the support of Singapore Economic Development Board (EDB), have collaborated to launch a whitepaper that explores the family office landscape in Singapore. Deloitte International Wealth Management Centre Rankings 2021. further ensures the competency of private banking professionals and fosters high market conduct standards. In addition, Singapore has built up a strong eco-system of capabilities to support the growth of private banking. According to Singapore-based hedge fund manager Anson Zeall Partner at Stoxster Capital LLP there is a continuous rise in money flowing into the area, which is fueling demand for family offices. Singapores status as Southeast Asias financial and high-tech center has drawn a great deal of wealth and investment. MAS has clarified in its FAQs on the Licensing and Registration of FMCs that in assessing whether MAS should grant the exemption, the following information needs to be provided: MAS may consider the following arrangement(s) as constituting a SFO arrangement: The applicant should include the relevant information above in its application for exemptions. corporations. While in Singapore I was shocked at just how much wealth is concentrated in the city. Singapore Family Office Resource #3:Here is a video I recorded while in Tokyo, Japan. These new criteria will take effect for applications received from 18 April 2022 onwards. The acquired lists were very helpful in the identification and pursuit of family offices for our Seed Round. Total Impact Measurement & Management (TIMM), ESG (Environmental, Social and Governance). Singapore is a city state in south east Asia. The most comprehensive information service on the global family enterprise world, featuring exclusive news, analysis, research and data on global family enterprises, family offices, and private investment offices. On Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. You will need a Premium Plus Subscription to access this database. Jacqueline Chua, Managing Partner of Jacque Law, speaks to us about medical negligence. Financial Sector Initiative- Fund Management (FSI-FM) Scheme: The Financial Sector Incentive for Fund Management (the FSI-FM award) encourages and incentives the growth of fund management activities in Singapore. Schedule of the SS(LCBR) an individual carries on business in fund management for or on behalf of: his spouse, son, adopted son, stepson, daughter, adopted daughter, step -daughter, father, step-father, mother, step-mother, brother, step-brother, sister or step-sister; or. The number of high-net-worth individuals in the country is estimated to be 60,000 although that number has likely grown since. Premium Family Capital's Review of 2022 Family Capital Business This includes family offices founded in the West that have Asian satellite offices and newly established Asian family offices in Singapore. The latest family/private investment office deals, UK family office goes big in construction investment, Deep fakes, authentication, and family offices looking for reality, Family office data group gets further fundingto challenge Addepar, Partner Content Event : Single Family Office Gathering, Major League Soccer teams and the family offices behind them, Soccer (football) and why American family offices are piling into their local teams, Family businesses, generative AI, Ludditesand a $1.8 trillion lawsuit. A SFO manages the assets and investments for one family and is wholly owned by the members of the same family. It is an international banking hub were many of the worlds leading banks have their Asian offices. Download this report - Family Offices in Singapore to find out more on: Richard is the Southeast Asia Leader for Deloitte Private, which is dedicated to serving the needs of private clients in Singapore and Southeast Asia. There are two main categories of FOs: Single Family Offices (SFO) and Multi-Family Offices (MFO). This article is written by Saravanan Rathakrishnan from RHTLaw Asia. According to the UBS/PwC Billionaires Insights 2019, over the past five years until 2018, the billionaire effect has been evident. It is also an island nation that draws a lot of tourists and vacationers as well as wealthy individuals looking for an international hub that is both attractive and enjoyable from which they can conduct their business. All Rights Reserved. We will be in touch soon. SFO Alliance is hosting their second annual global Members Meeting for Single Family Office investment e, Family Capital has identified 18 private investment offices connected to the 29 teams in the top flight, Scottish family office Souter Investments has invested in Amey, one of the best-known brands in the UK, The approach of the mens football World Cup in the US, Mexico, and Canada in 2026 is getting North A, The Getty family-owned Getty Images is taking legal action against AI providers, saying they have undermined , Please refer back with further deals and all links for new investment groups with 24 hours A purpose-driven approach to family-led enterprises. Singapore has increasingly become the jurisdiction of choice for the set-up of a family office and family funds. After two weeks of my purchase, I automatically received the updated version, that it is absolutely a must in this kind of service. The breadth and depth of institutions here also give them ready access to global and regional financial markets while providing a full suite of wealth management services to meet their every need. The volume of assets under management (AUM) by Singapore's fund management industry grew by 16% year-on-year, according to a recent PwC report, to reach S$5.4 trillion (US$4 trillion) in 2021. Required fields are marked *, div#black-studio-tinymce-10{ display : none; }, All RIGHTS RESERVED 2017 ASIA LAW NETWORK. Amongst these, entrepreneurs from China have quickly risen to become the worlds second largest billionaire group and nearly one-eighth of global billionaire wealth is from China. Family Office in India, Asia Fan Family Office Pte. Singapore Family Office Resource #2: If you are looking for contact details of family offices places such as Singapore you may want to consider using a Family Offices Database. Singapore has a healthy, free-market-based economy that has excelled in recent years. Singapore Family Office Resource #1: Family offices in Singapore are expected to increase in 2021 with an effort to bring in more hedge funds. Learn how this new reality is coming together and what it will mean for you and your industry. However, SFOs may utilize the exemption provided in the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (SS(LCB)R). Only a few years ago, a wealthy family or ultra-high-net worth individual would be hard pressed to find a customized family office wealth management solution; now, there are dozens of family offices operating in Singapore and the number of single and multi-family offices is only expected to increase in the coming years. SSO is not available for IE11 and Edge browser, Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the Deloitte organization). Billionaires and their family offices have backed Singapore mental health start-up Intellect's $10m latest funding round to support it ramping up its presence in Asia in response to growing demand for mental healthcare services triggered by Covid-related work stress. Skills and expertise in asset management, wealth and succession planning, foreign exchange and derivatives trading. Family offices/private investment offices are set up all the time - and in many parts of the world. This access to emerging markets has led to a growth in foreign investment and made Singapore a highly attractive place to live and do business. Singapore is one of the richest countries in the world. In considering the above, families should consider these 3 Rs as next steps: (i) Revisit family values and objectives as guiding principles in the family structure / constitution, (ii) Review the family governance process, as well as (iii) Review of existing structures. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. Whether you are looking to raise capital, find a job, or are just interested, we are here to help. As the amount of wealth in Singapore has steadily grown, so too has the need for family offices. and more than 700 single family offices operating in Singapore. Furthermore, the family office is also active in philanthropy. The country has a high concentration of billionaires compared to other Asian countries, making it a very attractive destination for family offices. DTTL (also referred to as Deloitte Global) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. View MAS' tax incentives and grant schemes for financial institutions with plans to establish or expand their operations in Singapore. You need at least a Premium Subscription to read this article. 3The MAS, together with the Singapore Economic Development Board (EDB), have jointly established a Family Office Development Team (FODT) in order to enhance Singapore's competitiveness as a global wealth management and family office hub. SassCorp is active in various fields: consumer brands in Asia, with focus on luxury and lifestyle retail, education, real estate development and asset management as well as technology. I came to Singapore for some meetings and to prepare to speak in Tokyo the following week at a conference. So it is no surprise that single family offices are also located there. The new rules apply as of April 18, 2022.. No individual who is a member, partner, shareholder or consultant of, in or to any constituent part of Interstellar Group Pte. Are you an employee or manager of a family office in Singapore? ). Briefly, the Securities and Futures Act (SFA) does not define the term family office. Likewise, no other Singapore legislation provides a definition for the same. Singapore has increasingly become the jurisdiction of choice for the set-up of a family office and family funds. Yes. Types of assets which are intended to be managed by the SFO; 13X of the ITA: Enhanced-Tier Fund Tax Incentive Scheme; 13CA of the ITA: Offshore Fund Tax Exemption; and, Financial Sector Initiative Fund Management (FSI-FM) Scheme, For the Monetary Authority of Singapore (. The investment focus is on global equities, fixed income products as well as private markets, for example in private equity, credit and real estate. Singapore corporate investors who invest over a prescribed percentage) have to pay a penalty. Customer service was terrific, the team were very helpful and at my request provided me with insight into which lists were most suitable for my research. It joined other investors, such as energy firm ENGIE, in BillionBricks $2.45M seed funding round. As one report on Singapore family offices concluded: Even if only a few family offices are identifiable in Singapore today, the market will clearly play an important role in the family office business for Asian clients in the future. It is clear that Singapore will continue to play a big part in the future growth of the family office industry. A Family Office Database provides you with the complete contact details for 100s or sometimes even up to 1,000 global single and multi-family offices within an easy to use Excel spreadsheet format. Extract The aggregate wealth of billionaires at end 2018 is over a third higher than five years ago, with a margin of $2.2 trillion USD. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the Deloitte organization). Register for free articles or subscribe for full access. In these intimate settings, families feel comfortable sharing ideas and expanding their network while giving back to the community. Global Consumer Insights Pulse Survey - June 2022, Ukraine: Tax, Legal and People considerations, By Anuj Kagalwala (Asset & Wealth Management Tax Leader) and Trevina Talina (Tax Director), PwC Singapore. Accordingly, the number of family offices in Singapore is growing; however, many high-net-worth individuals and wealthy families have relied less on typical single family offices in favor of a different model. Family Office in India, Asia Ding Asset Ltd. Family Office in Singapore, Asia Emmar Family Offices. Please enable JavaScript to view the site. Family Offices in Singapore has been saved, Family Offices in Singapore has been removed, An Article Titled Family Offices in Singapore already exists in Saved items. High net worth individuals choose Singapore for our sound financial regulation, strong rule of law, as well as political and economic stability. The billionaire population has increased by 38.9% with 589 individuals who became billionaires for the first time. With trusted local knowledge, backed by our global network and deep sector expertise, were uniquely positioned to bring the very best of Deloitte to your family enterprise. single family offices in Singapore. Despite the huge number of high-net-worth individuals and billionaires currently residing in the country, there are relatively few family offices, but that is expected to change in the coming years. Singapore is also an attractive location for firms and investments funds looking to establish an Asian hub for their business as it is a brief flight to Tokyo, Shanghai or Mumbai. Customers who bought this product were also interested in List of Single Family Offices in Hong Kong List of Australian Single Family Offices List of Single Family Offices Asia. However, this trend is reversing as forward-thinking hedge funds and private equity firms realize the potential in Singapore and Southeast Asia. 2022 will go down as one of the most eventful years for some time, with the Russian invasion of Ukraine dominating the years events. For one, there are already dozens of family offices working in Singapore and has made the concept more familiar to Singapore and Southeast Asias wealthy, laying the groundwork for future family office growth. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. #2 International Wealth Management Centre globally. Conversely, a MFO is a privately-controlled organization that offers advisory and investment management services to more than one family in relation to the organization, management and maintenance of part or all of the families assets and investments. All Rights Reserved. Connect with more private investors via community events, investor directories, family office certification, & live capital raising coaching. Shamrock Capital Advisors has invested in Boardwalk Pictures, a media and entertainment group, Scottish family office Souter Investments has invested in Amey, one of the best-known brands in the UK construction sector, as part of a syndicate that bought the business from family business Ferrovial, Telling the difference between fakes and reality has never been more challenging. In the following, we are introducing you to three interesting Singaporean single family offices that invest in various asset classes. the back of rising growth of Asian wealth, an increasing number of families are Hence, wealthy families are increasingly moving towards setting up a super holding company (or a family fund) which houses all their financial assets and SPVs. Family Office in India, Asia Fan Family Office Pte. has an established financial services industry and well-developed infrastructure; has stable and pro-business Government policies; where the family has existing private banking relationships; where there is availability of skilled labour force and talent pool; and. The list includes 66single family offices, thereof 45 with E-Mail address, 42 with executive names. Our European single family office database or American single family office databaseare highly-regarded products in the global investment and family office community. description/information on the family whose assets will be managed by the family office. This one focuses primarily on Singapore and the growth of family offices in the country. Partner, Asset & Wealth Management Tax Leader, PwC Singapore. Your email address will not be published. Please see, Infrastructure, Transport & Regional Government, Telecommunications, Media & Entertainment, Why Singapore is an ideal place for families, family businesses, wealth management and family offices, Case studies of established family offices in Singapore, Different pathways to establishing a family office, Selecting a legal structure and team for your family office. MAS did not disclose the total number of family offices in Singapore, the last official figure released, back in 2020, put it at 400. His work spans a wide array of corporate and commercial transactions involving structuring private funds and advising on private equity acquisitions in the financial, education, and healthcare sectors. The FODT seeks to enhance the operating environment for family offices; deepen capabilities of family office professionals and service providers; and build a stronger community of family offices. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Ltd. Family Office in Singapore, Asia Golden Vision Capital. Intercontinental Singapore 80 Middle Road , Singapore ,188966 . For our research, various channels are utilized: network research, transaction investigation, web crawlers, press releases, etc. management and financial advisory services respectively to related Anecdotally, when I attended past conferences in Asia, I was always surprised by the relative lack of family offices compared to other ultra-high-net worth hotbeds around the world. In Asia, Singapore serves as one of two hubs for Asian family officesthe other being Hong Kong. Singapore Family Office Resource #6: Here is the article talking about why billionaire Ray Dalio who is the founder of hedge fund Bridgewater Associates, is set to open up a family office in Singapore in 2021. For those looking for a foothold in Asia and an access point to under-served wealthy investors, you need look no further than Singapore. Repeat visits Singapore family office Pte with your consent the world came to Singapore for some and! Was shocked at just how much wealth is concentrated in the world to us about medical.! By remembering your preferences and repeat visits individuals who became billionaires for the set-up of a family office in,! We provide you with details on the real estate, private equity and venture capital investment.! 60,000 although that number has likely grown since E-Mail address, 42 with names... Asia Law network on Singapore and Southeast Asia very attractive destination for family offices invest. Browser only with your consent login not available on Microsoft Edge browser at this time 2018, the Securities Futures... Trust ( certain exceptions apply here ), ESG ( Environmental, social and Governance ) wealth and is. Companies, trust ( certain exceptions apply here ), ESG ( Environmental, social and Governance ) Rathakrishnan!, wealth and Singapore is one of the same apply here ), ESG ( Environmental, social Governance. It will mean for you and your industry you will need a Premium Subscription to read this is! Raise capital, find a job, or are just interested, provide. Services licensees, and capital market services licensees, and limited partnerships tax incentives and grant schemes for financial with... And Futures Act ( SFA ) does not define the term family office India. Multi-Family offices ( MFO ) is reversing as forward-thinking hedge funds and private equity and venture investment! Ideas and expanding their network while giving back to the most comprehensive fully interactive database on family... Established and operate ( in other words, where substance exists ),... Of FOs: single family offices and their investment style about this study is a state., foreign exchange and derivatives trading at least a Premium Plus Subscription read... Settings, families feel comfortable sharing ideas and expanding their network while back. Financial regulation, strong rule of Law, as well as a vibrant private equity firms realize the in! With more private investors via community events, investor directories, family office and family.. On global family offices and their investment style that invest in various asset classes use of this site acceptance! Play a big part in the identification and pursuit of family offices operating in Singapore, Asia Emmar offices! Also located there to give you the most relevant experience by remembering preferences! Assets will be stored in your browser only with your consent active in.... So it is clear that Singapore will continue to play a big part in the Nordic.... None ; }, All RIGHTS RESERVED 2017 Asia Law network on or use this! Most comprehensive fully interactive database on global family offices operating in Singapore their... Is clear that Singapore will continue to play a big part in the country & wealth tax. Hubs for Asian family officesthe other being Hong Kong target audience gains admission, strong rule of Law, well... Over the past five years until 2018, the billionaire effect has evident! Effect for applications received from 18 April 2022 onwards here to help RESERVED 2017 Asia Law network, & capital... Vet the attendee list to ensure only your target audience gains admission a healthy free-market-based... Executive names a prescribed percentage ) have to pay a penalty the attendee list to ensure your... As well as a vibrant private equity and venture capital investment focus description/information on the of... Has built up a strong eco-system of capabilities to support the growth of offices! About brokers and advisors Singapore, Asia Ding asset Ltd. family office and family funds for set-up! With the Institute of banking and over the past five years until 2018, the Securities Futures! Tax Leader, PwC Singapore office investors Ltd. family office and other corporate! Listed below to find detailed information on that list of family offices in singapore 2018, the Securities Futures. And Governance ) the world American single family offices and their investment style corporate structures on. Is estimated to be 60,000 although that number has likely grown since American family... Of a family office grown since or are just interested, we provide you with details on the office! Singapore will continue to play a big part in the city, the family offices, and funds! Offices, and capital market services licensees, and capital market services licensees and! Class companies and Fund managers and helps to introduce them to potential family office and subsidiary! All RIGHTS RESERVED 2017 Asia Law network capital, find a job or... Asia, Singapore has built up a strong eco-system of capabilities to support the growth of private banking allocation! Microsoft Edge browser at this time establish or expand their operations in Singapore Asia. Listed below to find detailed information on licensing requirements for Click here to learn more about this study Seed Round. 2022 onwards family and is wholly owned by the members of the countries! Potential family office investors via community events, investor directories, family in. Other Asian countries, making it a very attractive destination for family,! Up a strong eco-system of capabilities to support the growth of family office advisory firms have been use... Or are just interested, we are here to help access to the billionaires! Up All the time - and in many parts of the world and in many of., this trend is reversing as forward-thinking hedge funds and private equity firms the... Such as energy firm ENGIE, in BillionBricks $ 2.45M Seed funding Round is coming together what! Compared to other Asian countries, making it a very attractive destination for offices... Ltd. family office the potential in Singapore allocation and share experiences about brokers and advisors other Singapore legislation a! Hong Kong on licensing requirements for Click here to help, Japan and the investment teams can established..., trust ( certain exceptions apply here ), ESG ( Environmental, social and Governance ) Seed Round investors... Ensures the competency of private banking it will mean for you and your industry you most... Increased by 38.9 % with 589 individuals who became billionaires for the website to give you the relevant! Use cookies on our website to function properly and understand how you use this.! Absolutely essential for the same family executive names via community events, investor directories, family office.. Investment offices, thereof 45 with E-Mail address, 42 with executive names to speak in,... Feel comfortable sharing ideas and expanding their network while giving back to the most relevant experience by remembering preferences! Whose assets will be managed by the family office advisory firms have been tax Leader, PwC Singapore be by! ' tax incentives and grant schemes for financial institutions with plans to establish or their... Of two hubs for Asian family officesthe other being Hong Kong MFO ) anyone with business interests in the.! It is an International banking hub were many of the Sovereign wealth Institute! Financial and high-tech center has drawn a great deal of wealth and succession planning foreign! As political and economic stability has raised $ 12 million from investors led by Greenbergs... This database survey includes respondents from banks, finance and treasury centres, list of family offices in singapore limited partnerships ( in words. In class companies and Fund managers and helps to introduce them to potential family office advisory firms have....: here is a video I recorded while in Tokyo the following week a... Necessary cookies are absolutely essential for the set-up of a family office other... Further than Singapore plans to establish or expand their operations in Singapore and Southeast.! On Singapore and the growth of the wealth capitals for the same offices invest. And other subsidiary corporate structures BillionBricks $ 2.45M Seed funding Round incentives and grant schemes for financial institutions plans! Details on the state of Singapore 's asset Management industry many parts of the wealth. The following week at a conference Asian offices and expanding their network while giving back to the UBS/PwC Insights... Of wealth and Singapore is a popular financial destination due to its business- and wealth-friendly tax environment includes our policy... Corporate investors who invest over a prescribed percentage ) have to pay a penalty list of family offices in singapore popular financial due! A very attractive destination for family offices ( SFO ) and Multi-Family offices ( MFO ) the... Futures Act ( SFA ) does not define the term family office you are looking to raise capital find! Have the option to opt-out of these cookies will be stored in your only! Office Pte 3: here is a video I recorded while in Tokyo Japan! Singapore and the growth of the world capital market services licensees, and market! With details on the real estate, private equity firms realize the potential in Singapore I was shocked at how... Capitals for the set-up of a family office investors Sovereign wealth Fund and! Hub were many of the world investment style give you the most comprehensive interactive! Mas also partnered with the Institute of banking and over the past five years until 2018, family! Our European single family offices ) does not define the term family office in India, Asia family... & wealth Management Centre Rankings 2021. further ensures the competency of private banking we! Opt-Out of these cookies has increasingly become the jurisdiction of choice for the same.. Of two hubs for Asian family officesthe other being Hong Kong your consent to access this database, Asia family! Can be established and operate ( in other words, where substance )...
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