VCC Grant Scheme: closure and funding considerations
The scheme closed to new applications on 15 January 2025. This page records its purpose and distinguishes incorporation support from ongoing fund tax incentives.
The VCC Grant Scheme has expired. It was a Monetary Authority of Singapore (MAS) co-funding grant that helped offset the cost of incorporating a Variable Capital Company (VCC) — and it closed to new applications on 15 January 2025. Many guides and AI answers still describe it as live; they are out of date. If you are budgeting for a VCC today, do not count on the grant.
This page is part of the Singapore fund tax incentives hub. The ongoing fiscal benefits — the 13O, 13U and 13D exemptions — remain available and are the more meaningful saving over a fund's life.
What was the VCC Grant Scheme?
The original VCC Grant Scheme (2020–2023) co-funded 70% of eligible expenses, capped at S$150,000 per VCC. The extension from 16 January 2023 to 15 January 2025 offered 30%, capped at S$30,000. The scheme is closed to new applications and no grant is included in a current setup budget.
Closure of the scheme
The scheme reached the end of its term and closed to new applications on 15 January 2025. With well over 1,000 VCCs established since the framework launched, the grant had largely done its job of seeding adoption, and MAS did not extend it. Applications submitted before the cut-off were handled under the closing rules; no new applications are accepted.
Is there a replacement?
There is no like-for-like incorporation co-funding grant replacing it. The case for a Singapore VCC now rests on the structure and the tax exemptions rather than a setup subsidy:
- The 13O and 13U exemptions, which save tax every year the fund qualifies;
- The flexibility of the VCC umbrella and sub-fund structure; and
- Singapore's treaty network and reputation, which matter for family offices and institutional investors.
What does a VCC cost now without the grant?
Setup cost depends on structure, number of sub-funds and service providers, and is now borne in full rather than partly subsidised. The ongoing tax exemption usually dwarfs the one-off incorporation cost, which is why most managers still proceed. To compare your situation, see the 13O vs 13U comparison and how to apply via MAS.
Discuss your VCC formation budget
Outline the proposed structure and service requirements. We can introduce a fund services specialist to assess formation costs and the tax questions requiring advice.
Discuss your requirements →Frequently asked questions
Is the VCC Grant Scheme still available?
No. The VCC Grant Scheme closed to new applications on 15 January 2025.
How much did the VCC Grant Scheme cover?
The original VCC Grant Scheme (2020–2023) co-funded 70% of eligible expenses, capped at S$150,000 per VCC. The extension from 16 January 2023 to 15 January 2025 offered 30%, capped at S$30,000. The scheme is closed to new applications and no grant is included in a current setup budget.
What replaced the VCC Grant Scheme?
Nothing directly replaced it as a like-for-like incorporation co-funding grant. The 13O, 13U and 13D tax exemptions remain the main ongoing fiscal benefit of running a fund in Singapore.
VCC Singapore is an independent informational resource and is not a regulator, law firm or tax adviser. Tax thresholds and conditions are set by MAS/IRAS and change periodically — confirm the current figures before acting. This page is general information, not legal, tax or financial advice.