The details of the proposed VCC director and company officers, including the address, ID type, ID number, contact information, and nationality. The transaction number of your VCC name application mentioned above. When applying for a VCC incorporation, you will need the following: Listed below are the key benefits of incorporating as a VCC: The main difference is that the VCC has a requirement for at least one director or a qualified representative of the fund management company on the Board of the VCC. The VCC is largely similar to other fund centres in terms of governance. This was in response to the EU's decision in February 2020 to add the Cayman Islands to its blacklist of non-cooperative tax jurisdictions. The Singapore government created this new corporate structure to attract hedge funds and family offices that have their assets registered in low-tax jurisdictions such as the Cayman Islands. A VCC could be used as an alternative or traditional investment fund, which at the same time allows for both open and closed-end strategies. This sought to introduce Singapore fund structures that are common across established global fund centres such as Hong Kong, the United Kingdom, Ireland and Luxembourg. The VCC corporate structure was launched in January 2020. Overview of a Variable Capital Company (VCC)
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To find information on standard company setup in Singapore, see our detailed company registration guide here. Important Note: This article is a guide to setting up a specialized company variation known as a Variable Capital Company. There are certain benefits to investors under this structure not to be missed. We'll also add flavour from what we see on the ground for Singapore to be a leading wealth management centre. This article will discuss the VCC fund structure more, from features, benefits, tax incentives and setup costs. The new legal framework has similarities with existing fund vehicles in Singapore in the form of a trust, limited partnership, or a standard private company, but the differences could be quite difficult to unravel. As of the time of writing, there are more than 500 family offices in operations in Singapore, with another 700 applications currently under review by the Monetary Authority of Singapore (MAS).
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The Variable Capital Companies Act officially came into effect on 14 January 2020. The goal was to enhance Singapore's global fund management sector competitiveness. Over the last decade, the government has taken the necessary steps to develop the country's growing fund management industry. Singapore has long been recognized as one of the best fund management hubs in the world.