Regulatory changelog

Singapore VCC & fund regulation: what changed, and when

A dated log of the MAS and ACRA changes that actually move the needle for VCCs, fund managers and family offices — newest first, with the official circular numbers and a link to the detail.

KLReviewed by Katrin Lindqvist, Tax & Incentives Editor · Updated June 2026

Maintained by the VCC Singapore editorial team and updated as MAS and ACRA publish. Each entry links to a fuller explainer; confirm the current position with MAS, ACRA or your adviser before acting.

2025

26 June 2025 — MAS Circular IID 04/2025: governance & management of VCCs

After a 2024 thematic review of roughly 1,200 VCCs, MAS set supervisory expectations on independent custody, substantive fund management (no asset-parking conduits), licensing of directors who do regulated work, and AML/CFT ownership. Read the full breakdown →

15 January 2025 — VCC Grant Scheme closed

The MAS VCC Grant Scheme stopped accepting new applications. It had co-funded up to 70% of incorporation costs (capped S$150k) originally, then 30% (capped S$30k) under its 2023–2025 extension. What cost support exists now →

1 January 2025 — 13O/13U economic-substance updates

Section 13O carries a hard S$5 million designated-investments minimum tested at each financial year-end; Section 13U sits at S$50 million, with tiered local business spending of S$200k–S$500k. The current 13O/13U rules →

2024

1 August 2024 — RFMC regime repealed

MAS repealed the Registered Fund Management Company (RFMC) regime; existing RFMCs transitioned to Accredited/Institutional Licensed Fund Management Company (A/I LFMC) status. New managers now register as an A/I LFMC, Retail LFMC or VCFM. What changed and why →

2020

14 January 2020 — VCC framework launched

The Variable Capital Companies Act 2018 came into force, giving Singapore an onshore corporate fund vehicle with sub-fund ring-fencing, redemptions at net asset value and dividends out of capital. The VCC structure explained →

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Primary sources