The Singapore Variable Capital Company.
An independent reference for fund managers, family offices and their advisers — covering the VCC structure, the 13O and 13U tax incentives, setup and costs. Interactive tools, and introductions to MAS-licensed specialists where appropriate.
Who uses a VCC
The VCC is used by fund managers, family offices and the advisers who act for them.
External Asset Managers
Run client portfolios on a VCC sub-fund platform, with or without your own licence.
EAM sub-fund platforms →Family Offices
Single and multi-family structures using the 13O and 13U incentives.
Family offices →Fund Managers & GPs
Hedge, private equity, venture, credit and real-estate strategies in a regulated Singapore vehicle.
How to start a fund →Advisers & Introducers
Lawyers, accountants and advisers acting for UHNW clients.
Refer a client →What is a Variable Capital Company?
A Variable Capital Company (VCC) is Singapore’s purpose-built corporate structure for investment funds. Introduced in 2020 and supervised by the Monetary Authority of Singapore (MAS) with incorporation through ACRA, it lets a single legal entity hold multiple ring-fenced sub-funds — each with its own assets, liabilities, strategy and investors.
Capital moves freely: shares are issued and redeemed at net asset value without the capital-maintenance friction of an ordinary company. That makes the VCC a natural fit for open-ended and closed-ended strategies alike, and a credible onshore alternative to Cayman and other offshore vehicles.
Read the full structure guide →
Why managers choose the VCC
The features that make it a credible onshore alternative to offshore fund vehicles.
Umbrella & ring-fencing
Many sub-funds under one entity, each legally insulated from the others’ liabilities.
13O & 13U tax incentives
Qualifying funds can access Singapore’s fund tax-exemption schemes administered by MAS.
Variable capital
Issue and redeem shares at NAV without capital-maintenance constraints — built for funds.
Confidential register
The register of members is not public — privacy that HNW and institutional investors expect.
Re-domicile from Cayman
Existing offshore funds can migrate inward and continue with the same legal identity.
One regulated entity
A single MAS-supervised, ACRA-incorporated vehicle — recognised, substance-friendly, onshore.
Interactive tools
Estimate eligibility, cost and timeline for your structure. No registration required.
13O / 13U Eligibility Checker
Answer a few questions to see which incentive scheme fits your fund.
Check eligibility → Most usedVCC Cost Calculator
Estimate setup and annual running costs for your structure in seconds.
Calculate costs →VCC vs Cayman Comparator
Weigh onshore Singapore against an offshore SPC side by side.
Compare structures →Fund Setup Timeline
See a realistic week-by-week path from scoping to launch.
Estimate timeline →Setting up a VCC
Three decisions shape most VCC setups.
Scope the fund & platform
Define strategy, investors and whether you stand up a standalone VCC or join an umbrella platform.
Appoint a permissible manager
Every VCC needs an MAS-licensed or exempt fund manager. Use an existing licence, or run under a partner platform.
Incorporate, launch & comply
Documentation, ACRA incorporation, account opening, then ongoing governance and tax filing.
Explore the guides
In-depth guides across six topics, written for practitioners and kept current.
Frequently asked questions
What is a VCC in Singapore?
A Variable Capital Company (VCC) is a Singapore corporate structure built specifically for investment funds. It supports umbrella and sub-fund architectures, flexible share issuance and redemption at NAV, and tailored share classes — all within a single legal entity incorporated with ACRA and supervised by MAS.
Can a VCC use the 13O or 13U tax incentives?
Yes. A VCC can be approved as an incentivised fund under Section 13O or Section 13U if it meets the eligibility criteria — covering the fund manager, local business spending and investment-professional requirements. Our eligibility checker walks you through which scheme fits.
Can foreign managers and family offices use a VCC?
Yes. The VCC is open to global managers and family offices. It requires a permissible Singapore-based fund manager and at least one locally resident director, but ownership and investors can be international.
Do I need my own fund management licence?
Not necessarily. Every VCC needs a permissible fund manager, but you can run sub-funds under a partner platform’s licence rather than obtaining your own. See launching a VCC under a licensed manager.
How long does it take and what does it cost?
Straightforward structures often go from scoping to launch in roughly three to four months. Costs vary with complexity and providers — estimate yours with the cost calculator and timeline estimator.
Speak with a specialist
Tell us about your mandate and we’ll point you to the appropriate structure, with an introduction to an MAS-licensed specialist where it fits.
VCC Singapore is an independent educational resource. Content is general information current for YA 2026 and not legal, tax or financial advice; verify against MAS, IRAS and ACRA or a qualified adviser before acting.