Schemes and Initiatives
Published Date: 16 April 2020

Variable Capital Companies (VCC) Grant Scheme


The Variable Capital Company (VCC) is a new corporate structure tailored for investment funds. MAS launched a Variable Capital Companies Grant Scheme (VCCGS) under the Financial Sector Development Fund (FSDF) to co-fund qualifying expenses paid to Singapore-based service providers for work done in Singapore, in relation to the incorporation or registration of a VCC.

This scheme is valid till 15 January 2023.

Update: For a foreign corporate entity re-domiciled to Singapore as a VCC, application forms can be submitted within (3) months from the date of ACRA's approval of the VCC's evidence of de-registration.

See also:

Grant Details

   Details
Applicant Eligibility Qualifying Fund ManagersRefers 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 (Cap. 289) (“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 (Cap. 19), a merchant bank approved under the MAS Act (Cap. 186), a finance company licensed under the Finance Companies Act (Cap. 108) or a company or co-operative society licensed under the Insurance Act (Cap. 142). that have incorporated a VCC or have successfully re-domiciled a foreign corporate entity to Singapore as a VCC, and have obtained a notice of incorporation or transfer of registration from ACRA.
Project Eligibility

This grant is open to Qualifying Fund Managers that have incorporated VCCs or re-domiciled a foreign corporate entity to Singapore as a VCC. 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 VCCGS for work done in relation to a maximum of three (3) VCCs that have been successfully incorporated or 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 VCCs and their sub funds
  • A Qualifying Fund Manager may not claim co-funding under the grant scheme solely for registration of sub-funds (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-funds as part of the set up of an umbrella VCC and
  • Applicants should formally submit their applications within three (3) months from the date on the notice of incorporation or notice of transfer of registration issued by ACRA (for a newly incorportated VCC) or within three (3) 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 

70% co-funding of qualifying expenses listed below, capped at $150,000 per VCC.

  • Legal services
  • Tax services
  • Administration or regulatory compliance services

Please refer to the downloadable VCCGS factsheet for full details on qualifying expenses: VCC Grant Scheme Factsheet  (378.4 KB)

How to Apply

Interested parties may further engage MAS to discuss their proposed project ideas at fsdf@mas.gov.sg .