Understanding the Singapore Variable Capital Company (VCC)

Watch our on-demand webcast: Singapore Variable Capital Company (VCC) - The game changer

The Variable Capital Companies Act ('VCC') is said to be a game-changer for Singapore's asset and wealth management industry, cementing Singapore's role in the region. Join the Monetary Authority of Singapore (MAS) and our subject matter experts in our latest on-demand webcast as we share the following:

  • The now and the future of VCC
  • VCC as a retail fund
  • Top ten use cases of VCC
  • How to redomicile a VCC
Featured speakers
  • Elean Chin, Deputy Director, Financial Markets Development Team, Monetary Authority of Singapore
  • Armin Choksey, Asian Investment Fund Centre Leader, PwC Singapore
  • Anuj Kagalwala, Asset and Wealth Management Tax leader, PwC Singapore
  • Rachel Eng, Managing Director, Eng and Co. LLC

All you need to know about the VCC

We have published a comprehensive book that covers:

  • Salient features of a VCC
  • Comparative of a VCC with other fund domicile fund structures
  • Taxation elements of a VCC, including tax incentives and their applicability to VCCs
  • Redomiciliation of funds to Singapore
  • Value proposition of Singapore as an asset and wealth management jurisdiction of choice
  • Fund manager regime in Singapore

Read the full document

What is VCC?

VCC is a new legal entity form / structure for all types of investment funds in Singapore. It can be formed as a single standalone fund, or as an umbrella fund with two or more sub-funds, each holding different assets.

Here, we highlight some of the key aspects of the VCC and how it will elevate Singapore’s position in becoming a globally competitive fund domicile.

For more information, please visit the Singapore Government webpage containing the full VCC legislation released by Monetary Authority of Singapore’s (MAS).

What can VCC be used for?

  • For traditional and alternative fund strategies (both open-ended and close-ended)
  • To list funds as information listing and trading purpose
  • As a pooling and investing vehicle, thereby dispensing multi-tiered fund structures

What are the benefits?

The benefits of VCC include greater flexibility and improved operational and tax efficiency, thereby facilitating investment fund operations and addressing global investment funds' needs. It helps to reap more economies of scale, achieve cost efficiency and promote foreign funds re-domiciliation.

How PwC can help you

Our dedicated team brings together senior and experienced subject matter experts and trusted specialists who can support you at every step of the way to achieve a successful outcome with the VCC launch.

  • Incorporating your VCC
  • Drafting your legal documents
  • Provide Day One Compliance Assistance
  • Serve as your Company Secretary
  • Serve as your Registered Filing Agent
  • Serve as your Registered office
  • CISnet application for your VCC
  • Assist in licensing your fund management company (V/R/LFMC)
  • Provide market intelligence for Market Entry
  • Determine tax structure for your VCC (Tax advisory)
  • Tax review of VCC fund documents
  • Tax Compliance of your VCC
  • Assist with FATCA compliance
  • Audit your VCC
  • Assist in licensing your fund management company (V/R/LFMC)
An analysis of comparative structure

An analysis of comparative structures

With the introduction of the VCC in the asset management market, Singapore is elevating its position as a prominent funds hub. The VCC has its own legal framework, enabling it to be used for alternative and traditional investment fund across either closed- or open-ended strategies. In this publication, we compare the VCC with various corporate form investment fund structures in other prominent fund domiciles.

Read more

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Contact us

Justin Ong

Asset and Wealth Managed Services Leader, PwC Singapore

Tel: +65 9731 3758

Anuj Kagalwala

Asset and Wealth Management Tax Leader, PwC Singapore

Tel: +65 9671 0613

Tan Hui Cheng

Partner, Asset & Wealth Management Tax, PwC Singapore

Tel: +65 8338 5182

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