Nature of Variable Capital Companies (VCCs)

What are the corporate compliance requirements for a VCC?

  • A fund management company that is licensed or registered by MAS
  • Has at least one director who is resident in Singapore; at least one director (who may be the same person as above) who is either a director or a qualified representative of the VCC’s fund manager; and a Singapore resident company secretary
  • Subject to Anti-Money Laundering/Countering the Financing of Terrorism (“AML/CFT”) procedures, which would be supervised by MAS for compliance
  • Also subject to audit by a Singapore based auditor by which an annual return must be filed after its AGM and within seven (7) months after the end of its financial year
  • Umbrella VCC must also keep separate accounting and other records for each sub-fund that sufficiently explain the transactions and financial position of each sub-fund