Variable Capital Companies (VCC) Grant Scheme
MAS Grants for Variable Capital Companies (VCCs) Registration
Summaries of MAS Grants for VCCs registration
70% Co-funding of qualifying expenses listed below, capped at S$150,000 per VCC:
1) Legal Services Fee
2) Tax Services Fee
3) Administration or regulatory compliance costs
Eligibility for the scheme
The grant is applicable for Qualifying Fund Managers that have incorporated VCCs or re-domiciled a foreign corporate entity to Singapore as a VCC. The following conditions apply:
1) 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.
2)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.
3) 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
4)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.
4)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 incorporated 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).
5) A VCC which has been awarded a grant under the VCCGS is required to remain operational for at least one year from the Registration Date.