Singapore Variable Capital Company (VCC) Guide

The Singapore Variable Capital Company (VCC) is a new corporate structure for investment funds constituted under the Variable Capital Companies Act, which took effect in January 2020. It is the first fund-specific entity to be launched in Singapore and it is intended to strengthen Singapore’s position as a leading Asian fund management centre.

Over the past 20+ months the CMS Singapore funds team have taken the time to understand the legal and operational practicalities of launching, closing and operating a VCC fund, which go far beyond the VCC Act itself. As such, this guide reflects our team’s collective hands-on experience of the VCC gained over multiple VCC fund formation mandates.

The purpose of this guide is therefore to provide an overview of the VCC and its key features, as well as of the VCC establishment process. It also addresses some of the VCC questions that have been frequently asked of us by both managers and investors alike.