Singapore MAS Extends Variable Capital Companies Grant Scheme for 2 Years Till 2025, Co-Fund 30% with Maximum S$30,000 of Qualifying Expenses to Servi
Singapore | Leading financial centre in Asia Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
Singapore MAS Extends Variable Capital Companies Grant Scheme for 2 Years Till 2025, Co-Fund 30% with Maximum S$30,000 of Qualifying Expenses to Service Providers to Incorporate or Register VCC in Singapore 14th January 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has extended the Variable Capital Companies Grant Scheme (VCCGS) for 2 years till 2025 (15/1/25), with the grant to co-fund 30% & maximum of S$30,000 of qualifying expenses to service providers (legal, tax, admin, compliance) to incorporate or register VCC in Singapore. As of 14th October 2022, there are more than 660 Variable Capital Companies (VCC) in Singapore, with 1,300 sub-funds by 420 regulated fund management companies, and supported by more than 220 fund service providers. The VCC fund strategies are Private Equity / Venture Capital (33%), EAM / MFO (28%), Hedge Fund (20%), Traditional (14%), Others (5%). The Variable Capital Company (VCC) is a new corporate structure for investment funds in Singapore. It can be formed as a single standalone fund, or as an umbrella fund with 2 or more sub-funds, each holding different assets. See below for Variable Capital Companies Grant Scheme (VCCGS) announcement | View: MAS Singapore Asset Management Survey 2021
“ Singapore MAS Extends Variable Capital Companies Grant Scheme for 2 Years Till 2025, Co-Fund 30% with Maximum S$30,000 of Qualifying Expenses to Service Providers to Incorporate or Register VCC in Singapore “
Ads & Announcements For CEOs, Entrepreneurs & Founders - Register here Join membership group, receive updates. Receive events & programs updates. Grow business, fund-raising, investor relations, succession planning, M&A, acquisition, exits & more.
Singapore MAS Extends Variable Capital Companies Grant Scheme for 2 Years Till 2025
Singapore | Leading financial centre in Asia The Variable Capital Companies Grant Scheme (“VCCGS”), first introduced on 15 January 2020 for a period of three years till 15 January 2023, has catalysed the adoption of Variable Capital Companies (“VCCs”) in Singapore. With effect from 16 January 2023, the VCCGS has been extended for a validity period of two years from 16 January 2023 to 15 January 2025 (both dates inclusive) (hereinafter referred to as the “Extended VCCGS”).
Under the Extended VCCGS, the Financial Sector Development Fund (“FSDF”) will co-fund 30% of qualifying expenses paid to Singapore-based service providers for qualifying work performed in Singapore in relation to the incorporation or registration of a VCC, up to a maximum grant cap of S$30,000 per application.
See also:
- Asset management in Singapore
- MAS and ACRA’s joint media release on launch of VCC framework
- How to incorporate/re-domicile a VCC
Applicant Eligibility – First-time Qualifying Fund Managersthat must not have previously incorporated a VCC or successfully re-domiciled a foreign corporate entity as a VCC and must not have previously applied for the VCCGS.
Project Eligibility – The Extended VCCGS is available only to First-time Qualifying Fund Managers that have incorporated a VCC or successfully re-domiciled a foreign corporate entity to Singapore as a VCC for the first time, and have obtained a Notice of Incorporation or Notice of Transfer of Registration from the Accounting and Corporate Regulatory Authority (“ACRA“) (as the case may be) which specifies a date between 16 January 2023 and 15 January 2025 (both dates inclusive). The following conditions apply:
- The set-up of the VCC cannot be simultaneously funded by other government grants/incentives with respect to the same set of qualifying costs and commitments;
- Each applicant may only apply for the Extended VCCGS for qualifying work performed in relation to one VCC that has been incorporated or successfully re-domiciled;
- Qualifying expenses must be paid to Singapore-based service providers for work done in Singapore in relation to the incorporation and registration of the VCC and its sub-fund(s) (if any);
- A Qualifying Fund Manager may not claim co-funding under the grant scheme solely for registration of sub-fund(s) (without the accompanying incorporation or transfer of registration of a VCC). However, a Qualifying Fund Manager may claim qualifying set up costs incurred for the registration of sub-fund(s) as part of the set-up of an umbrella VCC; and
- Applicants should formally submit their applications within three months from the date specified on the Notice of Incorporation issued by ACRA (for a newly incorporated VCC) or within three months from the date of ACRA’s approval of the VCC’s evidence of de-registration (for a foreign corporate entity re-domiciled to Singapore as a VCC).
Funding – 30% co-funding of qualifying expenses listed below, capped at S$30,000 per VCC.
- Legal services
- Tax services
- Administration or regulatory compliance services
Please refer to the downloadable Extended VCCGS Factsheet for full details on qualifying expenses: Extended VCCGS Factsheet(147.5 KB)
Minimum Operational Period – A VCC which has been awarded a grant under the Extended VCCGS is required to remain operational for at least one year from the Registration Date. This means that the VCC cannot be wound up within the first year from the Registration Date. In the event that the VCC is wound up within the first year from the Registration Date, the Qualifying Fund Manager is to inform MAS promptly and by no later than one week from the date of the application for the winding up or passing of resolution for a voluntary winding up. MAS reserves the right to claw back the grant awarded if the VCC is wound up within the first year from the Registration Date and/or if the recipient fails to inform MAS of the winding up of the VCC within one week from the date of the winding up.
- For VCCs incorporated or registered on or before 15 January 2023 as evidenced by the date specified in the Notice of Incorporation or Notice of Transfer of Registration issued by ACRA, the original VCC Grant Scheme parameters will apply. For further information, please write to [email protected].
- Refers to: (i) a licensed fund management company, i.e., a holder of a capital markets services license for fund management under section 86 of the Securities and Futures Act 2001 (“SFA”); (ii) a registered fund management company, i.e. a corporation which is exempted from holding a capital markets services licence under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations; or (iii) a financial institution exempted under sections 99(1)(a), (b), (c) or (d) of the SFA from the requirement to hold a capital markets services licence to carry on business in fund management, i.e., a bank licensed under the Banking Act 1970 (“BA”), a merchant bank licensed under the BA, a finance company licensed under the Finance Companies Act 1967 or a company or co-operative society licensed under the Insurance Act 1966. For VCCs incorporated or registered on or before 15 January 2023 as evidenced by the date specified in the Notice of Incorporation or Notice of Transfer of Registration issued by ACRA, the original VCC Grant Scheme parameters will apply. For further information, please write to [email protected].
- Registration Date refers to the date of incorporation or registration as specified on the Notice of Incorporation or Notice of Transfer of Registration issued by ACRA (as the case may be).
How to Apply
Interested parties can write to [email protected] to obtain the application form or for more information.
2021 Data Release 2020 List of Private Banks in Hong Kong2020 List of Private Banks in Singapore 2020 Top 10 Largest Family Office2020 Top 10 Largest Multi-Family Offices2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM Register Below Latest 2022 data & reports, insights & news Every Saturday & Sunday 2 pm Direct to your inbox Save 2 to 8 hours per week. Organised for success For Investors | Professionals | Executives For CEOs, Entrepreneurs & Founders - Register here Join membership group, receive updates. Receive events & programs updates. Grow business, fund-raising, investor relations, succession planning, M&A, acquisition, exits & more. New to Caproasia? Join 10,000 + Learn More | Sign Up Today Caproasia.com | Caproasia Access 2022 Events | TFC - Find Services Grow Business | Contact Us For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors Get Ahead in 60 Seconds. Join 10,000 + Save 2 to 8 hours weekly. Organised for Success. Subscribe / Sign Up / Contact Us
Sign Up:
Mailing ListFree TrialSubscriptionMembershipEvents
Interests / Events / Summits / Roundtables / Networking:
Professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights
Your Name*
Company*
Job Title*
Email 1 (Work / Personal)*
Email 2 (Work / Personal)
Contact No.
Country
Your Message (leave blank if none)
Owl Media Group takes pride in providing social-first platforms which equally benefit and facilitate engagement between businesses and consumers and creating much-needed balance to make conducting business, easier, safer, faster and better. The vision behind every platform in the Owl Media suite is to make lives better and foster a healthy environment in which parties can conduct business efficiently. Facilitating free and fair business relationships is crucial for any thriving economy and Owl Media bridges the gap and open doors for transparent and successful transacting. No advertising funds influence the functionality of our media platforms because we value authenticity and never compromise on quality no matter how lucrative the offers from advertisers may seem.