An independent reference

Variable Capital Companies in Singapore

For fund managers, founders, and advisers — kept current with every change at MAS, ACRA, and IRAS.

The Variable Capital Company (VCC) is Singapore's purpose-built fund vehicle, introduced under the VCC Act 2018. It can hold a single fund or many sub-funds in one structure, issue and redeem shares without shareholder consent, and qualify for Singapore's fund tax exemption schemes. This site explains how the regime works in practice — and tracks every change at the regulator level.

Read the foundationsBrowse all six pillars

Last reviewed 30 April 2026·Regulatory tracker launching soon

Six pillars

The shape of the regime.

Every pillar is a primary-sourced reference page with a dated review cycle. Drafts ship first; depth follows.

  1. 01Updated Apr 2026

    What is a VCC

    The legal structure, statutory basis, and how it differs from a company or unit trust.

    Open
  2. 02Draft

    Structure

    Sub-funds, share classes, segregation rules, and how managers actually configure them.

    Open
  3. 03Draft

    Tax

    Section 13O / 13U schemes, GST, withholding, and fund-level vs sub-fund-level treatment.

    Open
  4. 04Draft

    Setup

    Incorporation steps, MAS notifications, fees, timelines, and the service providers you need.

    Open
  5. 05Draft

    Compliance

    AML/CFT, financial reporting, audit, board composition, and the licensed-manager requirement.

    Open
  6. 06Draft

    Partnership Fund

    When VCCs are paired with a Singapore Limited Partnership, and the cases that drive it.

    Open

How the regime unfolded

From statute to working framework.

Major events in the Variable Capital Company regime. Every entry links to a primary source.

  1. VCC Bill passed

    Parliament passed the Variable Capital Companies Bill, creating the legal vehicle for collective investment schemes in Singapore.

    MAS — Second Reading speech

  2. Framework launched

    The VCC framework came into operation, jointly administered by MAS and ACRA. Fund managers could begin incorporating VCCs.

    MAS + ACRA media release

  3. VCC Grant Scheme launched

    MAS launched a grant co-funding 70% of qualifying VCC setup expenses, capped at S$150,000 per VCC, for an initial three-year window.

    MAS — VCC Grant Scheme

  4. Family-office criteria tightened

    MAS raised the bar for Single Family Offices applying for the Section 13O and 13U tax incentive schemes — adding a 10% or S$10M local-investment minimum and increased hiring requirements.

    MAS — Parliamentary reply

  5. Grant Scheme extended

    The Grant Scheme was extended for two years to 15 January 2025, with co-funding reduced from 70% to 30% of qualifying expenses.

    MAS — Extended VCC Grant Scheme

  6. Governance circular

    MAS issued circular IID 04/2025 setting supervisory expectations for VCC managers, following its 2024 thematic review. The circular noted approximately 1,200 VCCs incorporated as of 31 March 2025.

    MAS — IID 04/2025

Latest from MAS, ACRA, IRAS

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Each entry is summarized in plain English, dated, and linked to its primary source. First entries ship after the ingestion workflow is in place — subscribe below to receive every one.

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