How to Start a Fund in Singapore: The 2026 End-to-End Guide
Vehicle, MAS-licensed manager, ACRA incorporation, tax incentive, timeline and costs — every step from idea to first close, in order.
Starting a fund in Singapore means assembling four things: a fund vehicle (most new funds use a Variable Capital Company, or VCC), a MAS-licensed fund manager to run it, a set of service providers (administrator, custodian, auditor, corporate secretary), and — optionally — a tax exemption under Section 13O or 13U. The single most important decision is the manager: every fund in Singapore must be managed by an entity that is licensed or regulated by the Monetary Authority of Singapore (MAS), but that entity does not have to be you.
This page is the hub for Pillar 3. It walks the whole process end to end and links down to the detailed pages on fund management licensing, setting up your own asset manager, the VCFM regime, timeline, steps and costs, and service providers and ACRA incorporation.
What does it actually mean to "start a fund" in Singapore?
A fund is a pooled investment vehicle that takes money from investors and deploys it under a strategy. In Singapore that vehicle is wrapped in a legal structure — today, overwhelmingly a VCC, but historically a private limited company, a unit trust, or a limited partnership. The vehicle holds the assets; a separate, MAS-regulated fund manager makes the investment decisions. Investors subscribe for shares (or units), the manager invests, and gains flow back to investors at net asset value. Getting from idea to that first subscription — the "first close" — is what this guide covers.
Step 1 — Choose your fund vehicle
For most new funds the answer is a VCC. It was purpose-built for funds: it can be a single standalone vehicle or an umbrella holding multiple ring-fenced sub-funds, it issues and redeems shares at NAV, and it can pay dividends out of capital. A VCC is also the cleanest fit for the 13O/13U tax incentives. The main alternatives — a private limited company, a Singapore limited partnership, or a unit trust — still exist, and the VCC-vs-Pte-Ltd trade-off is covered in VCC vs private limited company.
Step 2 — Sort out the manager (the make-or-break decision)
This is where most founders over-spend and over-wait. Singapore law requires every fund to be managed by a MAS-licensed or MAS-regulated manager — for a VCC, this is the Permissible Fund Manager. You have two routes:
- Get your own licence. Apply to MAS for a Capital Markets Services (CMS) licence as a Licensed Fund Management Company (LFMC), or — for venture capital — register as a Venture Capital Fund Manager (VCFM). This gives you full control but costs at least S$250k of base capital, two Singapore-based professionals, an ongoing compliance function, and roughly six months of MAS review.
- Launch under an existing licensed manager. Appoint an established MAS-licensed Permissible Fund Manager to be the regulated manager of record. You keep day-to-day investment input, skip the capital lock-up, and skip the multi-month licensing wait. This is how a large share of new VCCs actually get to market — and it is covered in full on can you run a VCC without your own licence?
If you are weighing the two, read the decision matrix on running a VCC without your own licence before you commit capital to a licence application.
Step 3 — Incorporate the vehicle with ACRA
A VCC is incorporated through the Accounting and Corporate Regulatory Authority (ACRA), but unlike an ordinary company you must file via a registered corporate services provider — you cannot self-file a VCC. You will need a name, a registered Singapore office, at least one Singapore-resident director, and the appointment of your Permissible Fund Manager. The mechanics, required appointments and timing are detailed on service providers & ACRA incorporation and the setting up a VCC process page.
Step 4 — Appoint the service providers
A live fund needs a fund administrator (NAV, registers, investor servicing), a custodian for the assets, an auditor (VCCs cannot claim audit exemption), and a corporate secretary. Statutory deadlines apply: a secretary within six months of incorporation, an auditor within three months, and the annual general meeting and return within six and seven months of the financial year-end. See service providers & ACRA incorporation for the full provider stack and how to choose.
Step 5 — Apply for a tax incentive (optional but usual)
Most serious funds pair the vehicle with a tax exemption. Section 13O suits smaller onshore funds and single-family offices; Section 13U (the Enhanced Tier) suits larger and institutional funds. The full map — AUM, investment-professional and local-spending thresholds, and which one you qualify for — is in the Singapore fund tax incentives hub. The tax application runs in parallel with setup, not after it.
How long does the whole thing take?
It depends almost entirely on the manager route. Under an existing licensed Permissible Fund Manager, a VCC can be incorporated in a few weeks and the fund can take subscriptions shortly after the providers are in place. If you apply for your own LFMC, add roughly six months for MAS review (about four months for a VCFM) before the manager is live. The tax application adds further lead time but overlaps with the rest. The full breakdown — stage by stage, with cost ranges — is on fund setup timeline, steps & costs.
The end-to-end checklist
| Stage | What happens | Typical lead time |
|---|---|---|
| Vehicle decision | Choose VCC (standalone or umbrella) vs LP/Pte Ltd | Days |
| Manager route | Own LFMC/VCFM vs existing Permissible Fund Manager | Weeks (existing) · ~6 mo (own LFMC) |
| ACRA incorporation | File VCC via corporate services provider | 1–3 weeks |
| Provider appointments | Admin, custodian, auditor, secretary, director | 2–6 weeks (overlaps) |
| Bank & custody accounts | Operating account + custody onboarding | 4–12 weeks |
| Tax incentive | 13O/13U application to MAS/IRAS | Months (parallel) |
| First close | Take first subscriptions | Weeks to months total |
Want the fastest route to first close?
We partner with MAS-licensed CMS fund managers who can act as your VCC’s Permissible Fund Manager. Tell us your strategy and we'll map your setup.
Get matched to a fund manager →How the pieces connect
A fund is the sum of its parts: a VCC vehicle, a MAS-licensed manager (your own or borrowed), the provider stack, and a tax incentive. Family offices run the same playbook — see the VCC as a family office vehicle. External asset managers often consolidate clients onto a single VCC platform — see how an EAM launches its own VCC sub-fund platform.
Frequently asked questions
What are the steps to start a fund in Singapore?
In broad order: choose a fund vehicle (usually a VCC), appoint a MAS-licensed Permissible Fund Manager (your own or an existing one), incorporate the vehicle with ACRA via a corporate services provider, appoint a director, secretary, auditor, administrator and custodian, open bank and custody accounts, and — if relevant — apply to MAS/IRAS for a 13O or 13U tax exemption. Start to first close typically runs a few weeks to a few months.
Do I need a fund management licence to start a fund in Singapore?
A fund needs a MAS-licensed or MAS-regulated fund manager, but that manager does not have to be you. You can get your own CMS licence as a Licensed Fund Management Company, or launch under an existing licensed Permissible Fund Manager and skip the capital lock-up and roughly six-month MAS review entirely.
How long does it take to start a fund in Singapore?
If you launch under an existing MAS-licensed manager and use a VCC, the vehicle can be incorporated in a few weeks. Getting your own LFMC licence adds roughly six months for MAS review (about four months for a VCFM). A 13O/13U tax application adds further time and runs in parallel.
How much does it cost to start a fund in Singapore?
Setup costs vary by structure, but a VCC under an existing manager typically runs from the low tens of thousands of Singapore dollars in first-year setup plus ongoing administration, audit and manager fees. Getting your own LFMC adds at least S$250k of base regulatory capital plus compliance build-out.
VCC Singapore is an independent informational resource and is not a regulator, law firm or tax adviser. Licensing requirements, thresholds and timelines are set by MAS, ACRA and IRAS and change periodically — confirm the current position before acting. This page is general information, not legal, tax or financial advice.