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VARIABLE CAPITAL COMPANY (VCC)
The VCC open Asia’s gateway for Singapore as a global domicile for fund managers and investors by growing the opportunities for both domiciliation and operation of funds and leveraging Singapore’s position as a financial hub.
On 15 January 2020, The Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) launched the Variable Capital Companies (VCC) framework.The VCC is a new corporate structure that can be used for a wide range of investment funds and provides fund managers greater operational flexibility and cost savings. It will encourage more funds to be domiciled in Singapore and enhance our value as an international fund management centre.
A VCC can be set up as a single standalone fund or an umbrella fund with two or more sub-funds, each holding a portfolio of segregated assets and liabilities. For fund managers that structure their funds as umbrella VCCs, there may be cost efficiencies from using common service providers across the umbrella and its sub-funds.
VCC Grant Scheme to Accelerate Industry Adoption
- The grant scheme will help defray costs involved in incorporating or registering a VCC by co-funding up to 70% of eligible expenses paid to Singapore-based service providers. The grant is capped at S$150,000 for each application, with a maximum of three VCCs per fund manager.
- The grant scheme will be funded by the Financial Sector Development Fund (FSDF) administered by MAS and take effect today for a period of up to three years.
- Applications for the grant are to be made directly by the fund manager to MAS.
- The scheme will run from 16 January 2020 to 15 January 2023.
ASCENT as Independent Global Fund Administrator provides one stop solution for all VCC related wide range of offerings like,
- Incorporation of VCC
- Corporate Solution (Corporate Secretarial, GST filing, Corporate Accounting, Tax filing, etc)
- NAV Calculation and Portfolio accounting
- Investor services include AML and eKYC
- FATCA and CRS full services
- Financial statement preparations
- US Tax (K1) if required.
Our team of experts in fund administration and corporate secretarial teams are ready to support your VCC incorporation, ongoing corporate secretarial and complete fund administration.