Singapore fund structures & regulation

Variable Capital Company (VCC)

A Variable Capital Company (VCC) is a Singapore corporate fund structure, available since January 2020, that can hold a single fund or an umbrella of ring-fenced sub-funds. It issues and redeems shares at net asset value without a capital-reduction process, and must be managed by an MAS-regulated fund manager.

Section 13O and 13U Tax Incentives

Sections 13O and 13U of the Singapore Income Tax Act are tax incentive schemes that exempt qualifying income of a fund managed from Singapore. 13O is the onshore scheme, usually for single family offices from S$20M AUM; 13U is the enhanced tier for larger or multi-vehicle structures from S$50M AUM.