Singapore VCC regulatory updates
Dated changes that affect a VCC's formation, management or closure. An announced commencement date is distinguished from a rule already in force.
2026
20 October 2026 — strike-off and restoration changes commence
ACRA announced on 6 October that changes to strike-off and restoration processes for companies, LLPs, VCCs and sub-funds commence on 20 October. Gazette notices may be issued earlier, but the statutory 60-day public objection period remains. The amendment also clarifies the date and time of dissolution or restoration and adds refusal grounds for restoration. ACRA has not promised a new completion time for an individual VCC. Assess the closure routes →
1 April 2026 — new VCC winding-up framework
For a VCC winding up or receivership beginning on or after 1 April, ACRA says the Insolvency, Restructuring and Dissolution Act 2018 framework applies. A process begun earlier follows the previous modified Companies Act regime. The start date matters when planning a closure.
2025
26 June 2025 — MAS Circular IID 04/2025 on VCC governance
Following a thematic review, MAS set out expectations on custody, substantive fund management, regulated activity by VCC directors and AML/CFT oversight. It also expects managers to assess and wind down VCCs that hold no assets and/or investors and remain unviable and dormant for an extended period. Read the governance analysis →
15 January 2025 — VCC Grant Scheme closed
MAS stopped accepting new applications. Its original terms co-funded up to 70% of eligible incorporation costs, capped at S$150,000; the 2023–2025 extension used 30% and S$30,000. Do not include the expired grant in a current launch budget. Grant history →
1 January 2025 — fund tax incentive conditions changed
For Section 13O, distinguish the commercial fund track from the single-family-office track: their designated-investment thresholds and annual tests differ. Section 13U has its own conditions. Subsequent 2026 revisions and award-vintage rules matter; a 2025 snapshot alone is not a current eligibility test. Check the current track-by-track guide →
2024
1 August 2024 — RFMC regime repealed
The Registered Fund Management Company regime ended. A fund manager considering a VCC now needs to identify an eligible licence or exemption under the current framework; an SFO's general related-corporation exemption does not by itself make it a permissible VCC manager. RFMC transition →
2020
14 January 2020 — VCC framework launched
The Variable Capital Companies Act 2018 commenced, establishing Singapore's corporate fund vehicle and umbrella sub-fund framework. Current structure guide →
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