Variable Capital Company (VCC): sourced answers
10 answers to specific questions — each with a verbatim quote from an official source and a link to it.
Every answer is checked against a verbatim quote from a stored copy of its source and has passed an independent review. This is reference information, not legal advice: rules change, and the outcome depends on your circumstances.
Fund: supplement to the legal-form questionnaire
How is the fund admitted by the regulator: registration, notification, authorisation, consent, recognition or no admission
ACRA registration
«Fees and processing time Business registration What you need to know | Details --- | --- Fees | $8,000 (non-refundable) Payment method | Credit or debit card (Visa, Mastercard, or American Express), PayPal, Apple Pay, and Google Pay Processing time | Registrations take 14 to 60 days to approve. This includes extra approval from cite16†referral authorities if needed. ## How to register a VCC Follow our cite17†step-by-step guide to incorporate a VCC ↗ (opens in new tab)†www.vcc.bizfile.gov.sg . Registration guide What you need to know | Here is what to expect --- | --- If a cite18†corporate service provider (CSP) did not register for you | All key officers and subscribers must consent to their appointment online at cite19†www.vcc.bizfile.gov.sg ↗ (opens in new tab)†www.vcc.bizfile.gov.sg within 60 days of receiving the email notification. If the registration is approved | You will receive: * Notice of successful incorporation. * UEN for the VCC. Use this to deal with government agencies. * Link to download a cite20†free copy of the VCC’s Business Profile .»
Source: acra.gov.sg · source copy as of 2026-10-02
«3.4 Variable capital company or VCC A body corporate incorporated as such under the Variable Capital Companies Act 2018 (“VCC Act”) 4. 3 The term “collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act 2001. 4 The Accounting and Corporate Regulatory Authority is responsible for the administration of the VCC Act, other than Part 7 (International obligations and prevention of money laundering, terrorism financing and other offences). Part 7 of the VCC Act is under the purview of the Monetary Authority of Singapore (“MAS”). 2 Tax Framework for VCCs 4 Background 4.1 The VCC is a new corporate structure 5 for investment funds6 that can be used across a wide range of fund strategies, and as an open-end or a closed- end fund. Besides the incorporation of new funds, the VCC framework also allows fund managers to redomicile existing overseas investment funds with structures comparable to that of a VCC 7, by transferring their registrations to Singapore as VCCs. In Budget 2018, it was announced that a tax framework will be introduced to complement the VCC framework. …»
Source: iras.gov.sg · source copy as of 2026-10-02
Must the fund's manager be located (licensed) in the fund's country
A Singapore licensed or exempt fund manager — mandatory
«4 VCCs 1 and VCC managers are subject to regulatory requirements, including the following key requirements specific to the governance and management of VCCs: a) VCC to be used as collective investment schemes (CIS). A VCC is to be one or more CIS in the form of a body corporate2. b) Appointment of MAS-regulated manager. A VCC must have a manager that is regulated by MAS to manage its property or operate the CIS that comprise the VCC3. c) Appointment of director from the VCC manager. A VCC must have at least one director who is either a director or a qualified representative of the manager of the VCC4. d) Appointment of eligible financial institution (EFI). A VCC must engage an EFI for the purposes of conducting the necessary checks and performing the measures in order for the VCC to comply with its AML/CFT requirements under MAS Notice VCC-N015. 5 In addition, a VCC manager is required to segregate the assets of the VCC and maintain them with an independent custodian. The manager must also ensure any individual who conducts fund management activity (e.g. providing inputs on the portfolio composition, marketing, etc.) for the VCC is appointed as a representative of the manager.»
Source: mas.gov.sg · source copy as of 2026-10-02
«## Fund manager Fund managers manage the VCC's investments and operations. Every VCC must appoint one permissible fund manager. Permissible fund managers Type of permissible fund manager | Requirements --- | --- Licensed fund management company | Must hold a capital markets services licence for fund management under the cite17†Securities and Futures Act (SFA) ↗ (opens in new tab)†sso.agc.gov.sg . Registered fund management company | Must be registered under paragraph 5(1)(i) of the cite18†Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations ↗ (opens in new tab)†sso.agc.gov.sg . Exempted financial institution | Must be exempted under cite19†sections 99(1)(a), (b), (c), or (d) of the SFA ↗ (opens in new tab)†sso.agc.gov.sg from the requirement to hold a capital markets services licence to carry on business in fund management. Examples: * Banks licensed under the Banking Act 1970 * Merchant banks approved under the Monetary Authority of Singapore Act 1970 * Finance companies licensed under the Finance Companies Act 1967 * Companies or co-operative societies licensed under the Insurance Act 1966»
Source: acra.gov.sg · source copy as of 2026-10-02
Can the fund be open-ended, closed-ended or either
open- or closed-ended
«3.4 Variable capital company or VCC A body corporate incorporated as such under the Variable Capital Companies Act 2018 (“VCC Act”) 4. 3 The term “collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act 2001. 4 The Accounting and Corporate Regulatory Authority is responsible for the administration of the VCC Act, other than Part 7 (International obligations and prevention of money laundering, terrorism financing and other offences). Part 7 of the VCC Act is under the purview of the Monetary Authority of Singapore (“MAS”). 2 Tax Framework for VCCs 4 Background 4.1 The VCC is a new corporate structure 5 for investment funds6 that can be used across a wide range of fund strategies, and as an open-end or a closed- end fund. Besides the incorporation of new funds, the VCC framework also allows fund managers to redomicile existing overseas investment funds with structures comparable to that of a VCC 7, by transferring their registrations to Singapore as VCCs. In Budget 2018, it was announced that a tax framework will be introduced to complement the VCC framework. …»
Source: iras.gov.sg · source copy as of 2026-10-02
Legal form in a country
Must at least one member of the governing body be resident in the country (zone)
at least one director must be ordinarily resident in Singapore
«## Director Directors manage the VCC's affairs and make decisions in the VCC's best interests. Every VCC must have at least one director who meets the director requirements. VCCs with cite8†Authorised Schemes ↗ (opens in new tab)†sso.agc.gov.sg need at least three directors in total. One of these directors must be independent. Director requirements Requirement | Details --- | --- Personal | * 18 years or above * Mentally fit to make decisions * Not bankrupt or disqualified from being a director Local residency | * Ordinarily resident. * Singapore citizen, Singapore permanent resident, cite9†EntrePass ↗ (opens in new tab)†www.mom.gov.sg or cite10†Employment Pass (EP) ↗ (opens in new tab)†www.mom.gov.sg holder. EP holders must get a cite11†Letter of Consent ↗ (opens in new tab)†www.mom.gov.sg to become a director. * Foreign Identification Number (FIN) holders must confirm with their pass issuer (cite12†Ministry of Manpower (MOM) ↗ (opens in new tab)†www.mom.gov.sg or cite13†Immigration and Checkpoints Authority (ICA) ↗ (opens in new tab)†www.ica.gov.sg ) if they can accept a role. …»
Source: acra.gov.sg · source copy as of 2026-10-02
Is a company secretary mandatory
a company secretary who is an individual ordinarily resident in Singapore must be appointed within six months of incorporation
«## Director Directors manage the VCC's affairs and make decisions in the VCC's best interests. Every VCC must have at least one director who meets the director requirements. VCCs with cite8†Authorised Schemes ↗ (opens in new tab)†sso.agc.gov.sg need at least three directors in total. One of these directors must be independent. Director requirements Requirement | Details --- | --- Personal | * 18 years or above * Mentally fit to make decisions * Not bankrupt or disqualified from being a director Local residency | * Ordinarily resident. * Singapore citizen, Singapore permanent resident, cite9†EntrePass ↗ (opens in new tab)†www.mom.gov.sg or cite10†Employment Pass (EP) ↗ (opens in new tab)†www.mom.gov.sg holder. EP holders must get a cite11†Letter of Consent ↗ (opens in new tab)†www.mom.gov.sg to become a director. * Foreign Identification Number (FIN) holders must confirm with their pass issuer (cite12†Ministry of Manpower (MOM) ↗ (opens in new tab)†www.mom.gov.sg or cite13†Immigration and Checkpoints Authority (ICA) ↗ (opens in new tab)†www.ica.gov.sg ) if they can accept a role. …»
Source: acra.gov.sg · source copy as of 2026-10-02
Is the structure a separate legal person
A VCC is a separate legal entity designed for investment funds
«3.4 Variable capital company or VCC A body corporate incorporated as such under the Variable Capital Companies Act 2018 (“VCC Act”) 4. 3 The term “collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act 2001. 4 The Accounting and Corporate Regulatory Authority is responsible for the administration of the VCC Act, other than Part 7 (International obligations and prevention of money laundering, terrorism financing and other offences). Part 7 of the VCC Act is under the purview of the Monetary Authority of Singapore (“MAS”). 2 Tax Framework for VCCs 4 Background 4.1 The VCC is a new corporate structure 5 for investment funds6 that can be used across a wide range of fund strategies, and as an open-end or a closed- end fund. Besides the incorporation of new funds, the VCC framework also allows fund managers to redomicile existing overseas investment funds with structures comparable to that of a VCC 7, by transferring their registrations to Singapore as VCCs. In Budget 2018, it was announced that a tax framework will be introduced to complement the VCC framework. …»
Source: iras.gov.sg · source copy as of 2026-10-02
«## What is a VCC A VCC is a structure that is mainly for investment funds, not businesses. You can either set up: * One single fund * One umbrella with many sub-funds Each fund is completely separate from the others. If one fund loses money, it will not affect the other funds. Unlike companies, VCCs do not need to share their member lists with the public. However, public authorities can ask to see it when needed. ## Key features of VCCs VCC key features Key features | Details --- | --- Ownership | Shareholders own the VCC through their shares. All VCCs must have at least one shareholder.There is no maximum number of shareholders. Shares | VCCs have more flexibility than regular companies: * Can issue and redeem shares without shareholder approval * Can pay dividends from the VCC's capital, not just profits Legal status | A VCC is a separate legal entity. It can sue, be sued, and own property in the VCC's name. Taxes | * VCCs are taxed at cite7†corporate tax rates ↗ (opens in new tab)†www.iras.gov.sg . * For umbrella VCCs, each sub-fund is taxed separately. …»
Source: acra.gov.sg · source copy as of 2026-10-02
It is a separate legal entity with variable capital (free share issuance and redemption)
«3.4 Variable capital company or VCC A body corporate incorporated as such under the Variable Capital Companies Act 2018 (“VCC Act”) 4. 3 The term “collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act 2001. 4 The Accounting and Corporate Regulatory Authority is responsible for the administration of the VCC Act, other than Part 7 (International obligations and prevention of money laundering, terrorism financing and other offences). Part 7 of the VCC Act is under the purview of the Monetary Authority of Singapore (“MAS”). 2 Tax Framework for VCCs 4 Background 4.1 The VCC is a new corporate structure 5 for investment funds6 that can be used across a wide range of fund strategies, and as an open-end or a closed- end fund. Besides the incorporation of new funds, the VCC framework also allows fund managers to redomicile existing overseas investment funds with structures comparable to that of a VCC 7, by transferring their registrations to Singapore as VCCs. In Budget 2018, it was announced that a tax framework will be introduced to complement the VCC framework. …»
Source: iras.gov.sg · source copy as of 2026-10-02
«## What is a VCC A VCC is a structure that is mainly for investment funds, not businesses. You can either set up: * One single fund * One umbrella with many sub-funds Each fund is completely separate from the others. If one fund loses money, it will not affect the other funds. Unlike companies, VCCs do not need to share their member lists with the public. However, public authorities can ask to see it when needed. ## Key features of VCCs VCC key features Key features | Details --- | --- Ownership | Shareholders own the VCC through their shares. All VCCs must have at least one shareholder.There is no maximum number of shareholders. Shares | VCCs have more flexibility than regular companies: * Can issue and redeem shares without shareholder approval * Can pay dividends from the VCC's capital, not just profits Legal status | A VCC is a separate legal entity. It can sue, be sued, and own property in the VCC's name. Taxes | * VCCs are taxed at cite7†corporate tax rates ↗ (opens in new tab)†www.iras.gov.sg . * For umbrella VCCs, each sub-fund is taxed separately. …»
Source: acra.gov.sg · source copy as of 2026-10-02
Does the structure need an office or registered address in the country (zone)
the registered office in Singapore must be open to the public during normal office hours
«4. Registered office address | The official address where: * ACRA and others can send legal documents and notices to your VCC. * You must keep your VCC records and cite5†registers . Requirements: * Must be open and accessible to the public during normal office hours. * Does not have to be the same place where you you run your business activities. For example, your registered office can be in Raffles Place while your factory operates in Tuas.»
Source: acra.gov.sg · source copy as of 2026-10-02
Which authority registers the structure and keeps its register
ACRA registration
«Fees and processing time Business registration What you need to know | Details --- | --- Fees | $8,000 (non-refundable) Payment method | Credit or debit card (Visa, Mastercard, or American Express), PayPal, Apple Pay, and Google Pay Processing time | Registrations take 14 to 60 days to approve. This includes extra approval from cite16†referral authorities if needed. ## How to register a VCC Follow our cite17†step-by-step guide to incorporate a VCC ↗ (opens in new tab)†www.vcc.bizfile.gov.sg . Registration guide What you need to know | Here is what to expect --- | --- If a cite18†corporate service provider (CSP) did not register for you | All key officers and subscribers must consent to their appointment online at cite19†www.vcc.bizfile.gov.sg ↗ (opens in new tab)†www.vcc.bizfile.gov.sg within 60 days of receiving the email notification. If the registration is approved | You will receive: * Notice of successful incorporation. * UEN for the VCC. Use this to deal with government agencies. * Link to download a cite20†free copy of the VCC’s Business Profile .»
Source: acra.gov.sg · source copy as of 2026-10-02
«3.4 Variable capital company or VCC A body corporate incorporated as such under the Variable Capital Companies Act 2018 (“VCC Act”) 4. 3 The term “collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act 2001. 4 The Accounting and Corporate Regulatory Authority is responsible for the administration of the VCC Act, other than Part 7 (International obligations and prevention of money laundering, terrorism financing and other offences). Part 7 of the VCC Act is under the purview of the Monetary Authority of Singapore (“MAS”). 2 Tax Framework for VCCs 4 Background 4.1 The VCC is a new corporate structure 5 for investment funds6 that can be used across a wide range of fund strategies, and as an open-end or a closed- end fund. Besides the incorporation of new funds, the VCC framework also allows fund managers to redomicile existing overseas investment funds with structures comparable to that of a VCC 7, by transferring their registrations to Singapore as VCCs. In Budget 2018, it was announced that a tax framework will be introduced to complement the VCC framework. …»
Source: iras.gov.sg · source copy as of 2026-10-02
At what rate is tax withheld on payments from the structure to a recipient of the given category (where the form or regime has its own rate)
Applies when: dividends and profit distributions
no WHT on dividends
«5.1 VCCs incorporated under the VCC Act are treated as companies incorporated under the Companies Act 1967 for income tax purposes. Accordingly, and subject to modifications where applicable, a reference to a company in the Income Tax Act 1947 (“ITA”) and the subsidiary legislation made under it includes a VCC 11. Tax Residence of VCCs 5.2 A VCC is considered a tax resident in Singapore for a calendar year if the control and management of the VCC’s business is exercised in Singapore for that year. In determining where the control and management is exercised, the location where the board of directors of the VCC meet to make strategic decisions is often a key factor. 5.3 The tax residence of a sub-fund follows that of its umbrella VCC. This means that a sub-fund is a resident in Singapore if its umbrella VCC is a resident in Singapore. Conversely, a sub-fund is a non-resident if its umbrella VCC is a non-resident. 5.4 A VCC can apply for a Certificate of Residence (“COR”) to support its claims for tax benefits under the Avoidance of Double Taxation Agreements concluded by Singapore with our treaty partners. …»
Source: iras.gov.sg · source copy as of 2026-10-02
«There is no need to withhold tax on dividend payments, even if there are withholding tax rates ascribed to dividends in some of our Avoidance of Double Taxation Agreements (DTAs). Singapore currently does not impose withholding tax on dividends.»
Source: iras.gov.sg · source copy as of 2026-10-02
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