Variable Capital Company
A flexible fund vehicle introduced by MAS in 2020, designed to host investment funds with variable share capital.
The Variable Capital Company (VCC) is a Singapore corporate structure designed specifically for investment funds. Introduced by MAS in 2020, it allows funds to issue and redeem shares without shareholder approval, pay dividends out of capital, and segregate assets and liabilities across sub-funds (umbrella structure). VCCs must appoint a MAS-licensed fund manager and a Singapore-based corporate secretary, and may qualify for fund tax incentives under Section 13O or 13U of the Income Tax Act.
A family office structures a multi-asset fund as an umbrella VCC with 3 sub-funds (equities, fixed income, alternatives), each ring-fenced for liability. The VCC appoints a licensed fund manager and applies for the 13O tax incentive.
Karman handles incorporation, compliance, and ongoing corporate services for Singapore companies, family offices, and VCCs.
Talk to our team →