Regulatory tracker
VCC regulatory updates
Every material development in Singapore's Variable Capital Company regime since the 2018 Bill — summarized in plain English, dated, and linked to its primary source at MAS, ACRA, IRAS, or Singapore Statutes Online.
2026
- IRAS
IRAS fourth edition of the VCC tax guide covers foreign-sourced income
The current edition, published 22 April 2026, adds guidance on the foreign-sourced income exemption for sub-funds and reflects Budget 2026 changes.
- MAS
1,338 VCCs as at 1 April 2026; 25 dormant VCCs directed to de-register
A MAS parliamentary reply of 8 April 2026 counted 1,338 VCCs and disclosed the first enforcement outcome under Circular IID 04/2025's expectations.
2025
- ACRA
Corporate and Accounting Laws (Amendment) Act 2025 amends the VCC Act
Parliament passed the omnibus amendment Act on 5 November 2025, amending the VCC Act 2018; the first tranche of provisions commences 6 May 2026.
- IRAS
IRAS third edition of the VCC tax guide adds Section 13W and control rules
The 30 September 2025 revision added Budget 2025's Section 13W enhancements and new guidance on determining control for VCCs and their sub-funds.
- MAS
MAS amends AML/CFT Notice VCC-N01, effective 1 July 2025
MAS issued an amendment to Notice VCC-N01 on 30 June 2025, the first substantive revision of the VCC AML/CFT requirements since March 2022.
- MAS
MAS Circular IID 04/2025 sets supervisory expectations for VCC managers
MAS's 26 June 2025 circular is the current supervisory baseline for VCC governance: custody, director licensing, dormant VCCs, and substantive management.
- SSO
VCC filing rules updated for the new corporate service provider regime
Amendment regulations gazetted 8 May 2025 require VCC filings and re-domiciliations to go through corporate service providers registered under the CSP Act.
- MAS
The Extended VCC Grant Scheme expires
The Extended VCCGS ended on 15 January 2025 with no successor announced. New VCCs now bear full setup costs; final claims closed on 15 April 2025.
2024
- ACRA
ACRA launches new Bizfile portal, replacing the dedicated VCC portal
ACRA's new Bizfile portal went live 9 December 2024, consolidating VCC incorporations, annual returns, and lodgements into a single filing portal.
- IRAS
IRAS revises the VCC tax guide: reverse charge and Budget 2024 changes
The second edition of the IRAS VCC tax guide, 31 May 2024, added GST reverse charge registration liability and updated non-deductible expense guidance.
2023
- MAS
MAS survey: 969 VCCs and 1,995 sub-funds established in Singapore
MAS's Asset Management Survey 2022 counted 969 VCCs and 1,995 sub-funds as of 2 October 2023, managed by 544 regulated fund management companies.
- MAS
Revised Section 13O and 13U conditions; philanthropy incentive introduced
From 5 July 2023, single family office funds face SGD 20m (13O) and SGD 50m (13U) minimums throughout the incentive period, plus expanded deployment rules.
- ACRA
VCC Act amended to permit fully virtual general meetings
Parliament passed the Miscellaneous Amendments Act on 9 May 2023, giving VCCs a permanent statutory option for virtual and hybrid general meetings.
- MAS
ACRA, MOF and MAS consult on permanent virtual meetings for VCCs
A joint consultation opened 9 February 2023 proposed amending the VCC Act to permanently allow general meetings to be held by electronic means.
- MAS
VCC Grant Scheme extended two years as the Extended VCCGS
MAS extended the VCC Grant Scheme to 15 January 2025 on reduced terms: 30% co-funding of qualifying setup costs, capped at SGD 30,000 per application.
2022
- MAS
Stricter Section 13O and 13U conditions for single family office funds
From 18 April 2022, MAS tightened Section 13O/13U incentive conditions for single family office funds: minimum AUM, headcount, and local investment rules.
- MAS
MAS Notice VCC-N01 (Amendment) 2022 takes effect
The first amendment to the VCC AML/CFT notice took effect on 1 March 2022, updating the obligations VCCs discharge via their appointed financial institution.
2021
- MAS
MAS reports over 260 VCCs and launches the Singapore Funds Industry Group
Announcing the Singapore Funds Industry Group on 27 April 2021, MAS confirmed more than 260 VCCs had been established since the January 2020 launch.
2020
- IRAS
IRAS publishes e-Tax Guide on the tax framework for VCCs
IRAS's e-Tax Guide of 28 August 2020 set out VCC tax treatment: one income tax return per umbrella, GST at sub-fund level, and stamp duty per sub-fund.
- SSO
VCCs permitted to report under IFRS and US GAAP
From 16 March 2020, the Prescribed Accounting Standards Regulations let VCCs prepare financial statements under IFRS or US GAAP, not only Singapore standards.
- MAS
MAS and ACRA launch the VCC framework with 20 funds on day one
MAS and ACRA launched the VCC framework on 15 January 2020. Eighteen managers from the pilot programme set up 20 funds as VCCs on launch day.
- MAS
VCC Grant Scheme launched under the Financial Sector Development Fund
The VCC Grant Scheme took effect 15 January 2020, co-funding up to 70% of qualifying VCC setup costs, capped at SGD 150,000 per application.
- MAS
MAS issues AML/CFT Notice VCC-N01 for variable capital companies
MAS Notice VCC-N01, effective 14 January 2020, imposes anti-money laundering obligations directly on VCCs, discharged via an appointed financial institution.
- SSO
VCC Act 2018 and VCC Regulations 2020 come into operation
The Variable Capital Companies Act 2018 and its principal Regulations took effect on 14 January 2020, making the VCC available as a fund vehicle.
2019
- MAS
VCC (Miscellaneous Amendments) Bill passed, establishing VCC tax treatment
Parliament passed the VCC (Miscellaneous Amendments) Bill on 3 September 2019, treating an umbrella VCC as a single entity for income tax purposes.
- MAS
MAS consults on VCC insolvency and winding-up rules (Framework Part 3)
MAS consultation P014-2019, opened 24 July 2019, proposed the insolvency and winding-up rules for VCCs and their ring-fenced sub-funds.
- MAS
MAS consults on VCC subsidiary legislation (Framework Part 2)
MAS opened a consultation on 30 April 2019 covering the proposed subsidiary legislation for the VCC framework, including AML/CFT and operational rules.
2018
- SSO
Variable Capital Companies Act 2018 receives presidential assent
The President assented to the Variable Capital Companies Act 2018 (Act 44 of 2018) on 31 October 2018, enacting the statutory foundation of every VCC.
- MAS
Parliament passes the Variable Capital Companies Bill
Parliament passed the VCC Bill on 1 October 2018 after a Second Reading speech calling the structure a game-changer for Singapore's fund management industry.
- MAS
VCC Bill introduced in Parliament as MAS finalises the fund framework
MAS published its response to the 2017 VCC consultation and the Variable Capital Companies Bill received its First Reading in Parliament on 10 September 2018.