Non-SFO Funds Section 13O and 13U. The table below is the economic criteria for non-SFO funds 1 January 2025 onwards for Section 13O and 13U tax incentive:

Section 13O

Criteria	Before 1 January 2025	1 January 2025 and after
Minimum AUM	Not Applicable	S$5 million in DI at the end of every FY
Minimum IPs	Not Applicable	Minimum 2 IPs
Minimum spending	Total local business S$200,000	Local business spending that corresponds to AUM in DI at the end of each FY as follows: AUM in DI at the end of FY (S$) Minimum LBS (S$) AUM < 250 million 200,000 250 million ≤ AUM < S$2 billion 300,000 AUM ≥ S$2 billion 500,000
Minimum Capital Deployment	NA	NA