This page is the master list of sources cited on vccfund.sg. Every figure, statutory provision and regulatory statement on the site should be traceable to an original link and date in the tables below; figures without a verifiable source are not published. Sources are grouped by publisher, and each entry notes its main use on this site. The "Date" column gives the document's publication date or the last-updated date shown on the page; statute database pages show the current consolidated version and are marked with the date this site accessed them. Entries marked "secondary" are law firm, promotional body or media materials used only to understand mechanisms, and the nature of the source is stated wherever they are cited in the text.
Singapore legislation (AGC · Singapore Statutes Online and the Government Gazette)
| Publisher | Title | Date | Link | Use |
|---|---|---|---|---|
| AGC (SSO) | Variable Capital Companies Act 2018 (current version: ss 2, 15, 16, 17, 17A, 19, 21, 22, 26) | Accessed 2026-10-23 | sso.agc.gov.sg/Act/VCCA2018 | Sole object and penalties, implied provisions of the constitution, contents of the registration application (including the registered office address), members' limited liability, name ending with "VCC", restrictions on cross-holdings, definition of "registered qualified individual" |
| AGC (SSO) | Variable Capital Companies Act 2018, Part 4 (ss 27–33E) | Accessed 2026-10-24 | Link | Registration of sub-funds within 7 days, notice of change of name and dissolution, original text of s 29 on segregation of assets and liabilities, s 30 on disclosure in documents, s 31 on cross-investment, s 32 on sub-funds not being separate legal persons, s 33 on winding up under the IRDA (from 1 April 2026), ss 33A–33E on dissolution |
| AGC (SSO) | Variable Capital Companies Act 2018, Part 6 (ss 46–48, 81–82) | Accessed 2026-10-24 | Link | Current text on permissible fund managers (no longer including s 46(2)(b)), a VCC cannot be its own manager, the manager's declaration of consent, statutory description of directors, contents and inspection of the register of members |
| AGC (SSO) | Variable Capital Companies Act 2018, Part 8 (ss 97–100) | Accessed 2026-10-24 | Link | 7-month deadline for the annual return, first financial year of no more than 18 months, separate accounts for sub-funds using the same accounting standards |
| AGC (SSO) | Securities and Futures Act 2001, s 4A | Accessed 2026-10-22 | Link | Definition of and thresholds for accredited investors |
| Government Gazette (Singapore) | Variable Capital Companies (Amendment) Regulations 2026 (S 169/2026) | Gazetted 2026-03-31 | Amendments to the regulations accompanying the sub-fund winding-up provisions, in force from 1 April 2026 |
Accounting and Corporate Regulatory Authority (ACRA)
| Publisher | Title | Date | Link | Use |
|---|---|---|---|---|
| ACRA | Overview of managing a VCC (About Variable Capital Companies) | 2026-03-16 | Link | Commencement date 14 January 2020; AGM within 6 months, annual return within 7 months, 14-day changes, registration of charges, striking off and winding up |
| ACRA | Step 1: Understanding VCC features, eligibility & requirements | 2026-01-29 | Link | Main features of a VCC, non-public register, eligibility for re-domiciliation, EFI requirement; the page's statement that "each sub-fund is taxed separately" has been clarified by IRAS's Fourth Edition guide (see below) |
| ACRA | Step 2: Choosing directors & key officers | 2026-01-29 | Link | Statutory roles, resident director, 3-month deadline for appointing the auditor and 6-month deadline for the secretary, audit exemptions not applicable; the page still lists the "registered fund management company" category, which is inconsistent with the current statute on SSO; this site takes this to be an outdated page, and manager eligibility follows the current text of VCC Act s 46(2) |
| ACRA | Step 3: Reserving a variable capital company (VCC) name | 2026-02-09 | Link | Name reservation steps |
| ACRA | Step 4: Choosing a VCC type & financial year end | 2026-01-29 | Link | Definitions of umbrella and standalone VCCs, financial year end |
| ACRA | Step 5a: Registering a VCC | 2026-10-19 | Link | Information required for registration, filing through a CSP, 14–60 days for approval, sub-fund number format |
| ACRA | Step 5b: Re-domiciling into Singapore as a VCC | 2026-10-12 | Link | Re-domiciliation documents, fees, 60-day proof of deregistration and extension rules |
| ACRA | Step 6: Post-registration guide for variable capital companies (VCCs) | 2026-06-15 | Link | Post-registration matters, processing time for sub-fund registration |
| ACRA | Service and transaction fees (VCC) | 2026-01-29 | Link | Fees including name S$15, registration S$8,000, sub-fund S$400, re-domiciliation S$9,000 and annual return S$1,600 |
| ACRA | Filing annual returns (VCC) | 2026-01-30 | Link | Late filing penalty of up to S$600, 60-day extensions at S$200 each, other enforcement consequences |
| ACRA | Deadline & requirements: VCC annual returns | 2026-01-29 | Link | Annual return filed after the AGM and within 7 months after the financial year end |
| ACRA | Penalties & enforcement action (VCC annual returns) | 2026-06-23 | Link | Late filing penalties of S$300 / S$600, composition sums from S$500, fine on conviction of up to S$10,000 |
| ACRA | Corporate Service Providers Act 2024 | 2026-04-20 | Link | In force from 9 June 2025; corporate service providers must register with ACRA |
| Ministry of Finance (published on ACRA's website) | A Note from Indranee Rajah S.C.: The VCC – A Game-Changer for Singapore's Funds Industry | 2018-10-02 | Legislative background and policy aims of the VCC |
Monetary Authority of Singapore (MAS)
| Publisher | Title | Date | Link | Use |
|---|---|---|---|---|
| MAS / ACRA | MAS and ACRA launch Variable Capital Companies framework | 2020-01-15 | Link | 18 managers and 20 VCCs on launch day; terms of the initial 2020 VCC Grant Scheme (historical) |
| MAS | IID 04/2025 Governance and Management of Variable Capital Companies | 2025-06-26 | Link | 2024 thematic review of VCCs; governance and management expectations for managers |
| MAS | Notice VCC-N01: Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies | 2025-06-30 | Page; PDF | Appointment of an EFI, customer due diligence, register of beneficial owners, categories of EFI |
| MAS | Fund management licensing and registration | 2024-08-29 | Link | Licensed fund management companies, simplified regime for venture capital fund managers, review time of about 6 months |
| MAS | Guidelines on Licensing and Conduct of Business for Fund Management Companies (SFA 04-G05) | Revised 2025-09-03 | Base capital requirements, staff experience, circumstances in paragraph 3.4 where a licence will not be granted, independent custody and independent valuation | |
| MAS | 2024 Licensing Report for Capital Markets Intermediaries | 2025 | Abolition of the registered fund management company regime on 1 August 2024 | |
| MAS | Response to Feedback Received – Repeal of Regulatory Regime for Registered Fund Management Companies | 2024-03-28 | Arrangements for existing RFMCs to become A/I licensed fund management companies | |
| MAS | FAQs on Licensing Exemption Framework for Single Family Offices | 2026 (current version) | SFO client scope, definition of family members, bank accounts, 14-day notification, 4-month annual return, transition period | |
| MAS | Revised Framework for Single Family Offices to take effect on 15 June 2026 | 2026-06-12 | Link | Effective date of the SFO class licensing exemption |
| MAS | Circular FDD Cir 05/2026: Tax Incentive Schemes for Funds | 2026-07-31 | Eligible vehicles and duration of 13D / 13O / 13OA / 13U, conditions for non-family-office and family-office funds, local business spending tiers, capital deployment requirement, IP definition, treatment of umbrella funds under an award, GST remission, 4-month annual declaration, change of manager | |
| MAS | Fund Tax Incentive Scheme for Family Offices | 2026-09-22 | Link | Overview of conditions for family-office fund tax incentives |
| MAS | FAQs on the Schemes for Single Family Offices | 2026-09-14 | Link | Q&A on family-office funds reporting changes to MAS, changing managers, asset thresholds and the capital deployment requirement |
| MAS | Written reply on SFOs | 2026-08-05 | Link | More than 2,000 SFOs with tax incentives as at end-2025 |
| MAS | Offers of Collective Investment Schemes | 2026-10-05 | Link | Authorised, recognised and restricted schemes, and CISNet notification |
| MAS | Written reply to Parliamentary Question on the review of investor definitions under SFA | 2025-02-05 | Link | Opt-in arrangements for accredited investors |
| MAS | Singapore Asset Management Survey 2025 | 2026-07 | 1,406 VCCs, 3,443 sub-funds, VCC strategy categories, S$6.7 trillion in assets under management, 1,320 licensed fund management companies | |
| MAS | Licensed trust companies | 2023-09-29 | Link | Licensing requirements for trust business, private trust company exemption and Form 8 notification |
Inland Revenue Authority of Singapore (IRAS)
| Publisher | Title | Date | Link | Use |
|---|---|---|---|---|
| IRAS | IRAS e-Tax Guide: Tax Framework for Variable Capital Companies (Fourth Edition) | 2026-04-22 (first edition 2020-08-28) | An umbrella VCC is a single entity for income tax, files one Form C, computes by sub-fund and aggregates, with no offset of losses; GST and stamp duty treat each sub-fund separately; certificates of residence; distributions are not subject to Singapore income tax in shareholders' hands (paragraph 5.5, current rules); only 13G / 13O / 13U apply; tax clearance before a sub-fund is wound up | |
| IRAS | Corporate Income Tax Rate, Rebates & Tax Exemption Schemes | 2026-08-07 | Link | Corporate income tax rate of 17% |
| IRAS | IRAS e-Tax Guide: Common Reporting Standard (Fifth Edition) | 2026-08-11 | Collective investment schemes are investment entities, the scheme reports on investors on its register, specified insurance companies | |
| IRAS | Estimated Chargeable Income (ECI) Filing | 2026-08-10 | Link | ECI filed within 3 months after the financial year end, and waiver conditions |
| IRAS | Corporate Income Tax Filing Season 2026 | 2026-09-30 | Link | YA 2026 corporate income tax filing deadline of 30 November 2026 |
| IRAS | Calculating Trust Income Tax | 2026-02-02 | Link | General rules on taxing trusts through the trustee and beneficiaries respectively (background reference) |
Other Singapore bodies
| Publisher | Title | Date | Link | Use |
|---|---|---|---|---|
| LIA Singapore | Your Guide to Nomination of Insurance Nominees (YGTNIN Mar 2026 v1.0) | 2026-03 | The person making a nomination must be the life assured under the policy and aged 18 or above; a company (including a VCC) cannot be a life assured, so a policy held by a company cannot carry a nomination (this site's inference) | |
| EDB | Global Investor Programme Factsheet | 2025-05-05 | The family-office option under the Global Investor Programme (cited in one sentence only; see hnwi.sg for details) |
Cayman Islands and Luxembourg: regulator statistics and references
| Publisher | Title | Date | Link | Use |
|---|---|---|---|---|
| CIMA (Cayman Islands Monetary Authority) | Investment Funds – Statistics | Q3 2026 data (accessed 2026-10-23) | Link | 13,187 mutual funds in total, 18,360 private funds; CIMA does not report SPCs separately |
| CIMA | Annual Report 2020 | 2021 | The Private Funds Act 2020 came into force on 7 February 2020, and existing private funds had to register by 7 August 2020 | |
| CIMA | Private Funds Act (2025 Revision) | 2025 | A private fund required to register may not accept capital contributions from investors before registration | |
| Conyers (Cayman law firm, secondary) | Segregated Portfolio Companies (Cayman Islands) | 2025-11 | An SPC is a single legal entity, its portfolios lack separate legal personality, naming requirements, conversion to an SPC requires CIMA consent | |
| CSSF (Commission de Surveillance du Secteur Financier, Luxembourg) | Main updated figures regarding the financial centre (Newsletter No 308) | 2026-09-17 | 2,824 supervised UCIs with net assets of EUR 6,686.57 bn as at 31 July 2026 | |
| CMS (Luxembourg law firm, secondary) | The Reserved Alternative Investment Fund (RAIF) | Updated 2024-07 | Link | RAIFs are not directly supervised by the CSSF, must appoint an authorised AIFM, "well-informed investor" status and the EUR 100,000 threshold |
| Elvinger Hoss Prussen (law firm, published on Mondaq, secondary) | The RAIF regime update – February 2024 | 2024-03-08 | Link | The SIF law is the law of 13 February 2007; SIFs require CSSF approval and are subject to its supervision, whereas RAIFs are neither approved nor supervised by the CSSF |
| Dechert (law firm, secondary) | Ring-fencing for partnerships – Luxembourg bill envisages compartments for SCS/SCSp | 2026-08 | Link | The Luxembourg principle of segregated compartments, progress of Bill No 8814 |
| Luxembourg for Finance (promotional body, secondary) | Investment Funds | Undated page (accessed 2026-10-23) | Link | Promotional figures for reference; this site uses CSSF data in preference |
Other secondary references (law firm commentary)
| Publisher | Title | Date | Link | Use |
|---|---|---|---|---|
| Allen & Gledhill (secondary) | MAS issues circular on governance and management of variable capital companies | 2025-07-29 | Link | Summary of IID 04/2025: independent custody, directors registered as representatives, clearing out dormant VCCs, substantive fund management, AML/CFT training |
| Allen & Gledhill (secondary) | MAS extends Variable Capital Companies Grant Scheme | 2023-02-07 | Link | Application period of the extended VCC Grant Scheme (ACRA notification date from 16 January 2023 to 15 January 2025, both inclusive), grant rate of 30%, cap of S$30,000 and eligibility limited to first-time fund managers; MAS's original scheme page can no longer be opened, so this site relies on this article and the MAS / ACRA media release of 15 January 2020 |
Statistical bases and materials not yet obtained
How to use these sources
- Statute database and page updates: SSO shows the current consolidated version, so this site records the date accessed; for ACRA, MAS and IRAS pages, the last-updated date shown on the page is recorded. Where a page is later updated, the authority's latest version prevails.
- Primary and secondary: apart from the law firm and promotional body materials marked "secondary", every entry here is primary material published by an authority or statutory body; secondary materials are used only to understand mechanisms, and the nature of the source is stated wherever they are cited in the text.
- Figures on different bases are not compared: MAS's VCC figure is a cumulative count of incorporations or re-domiciliations; CIMA's is a count of funds registered by regulatory category; the CSSF's is a count of collective investment schemes under its supervision. This site presents them side by side without ranking.
- Marking inferences: wherever content is not stated verbatim in official documents but is derived by this site from the provisions (for example, "a VCC is a collective investment scheme and therefore a CRS investment entity" or "whether a single family office can act directly as a VCC's manager"), the text says "inference" or "subject to legal advice".
- Where ACRA pages differ from the statute: the current statute on SSO and the latest IRAS and MAS documents prevail; for example, manager eligibility follows s 46(2), and the taxation of umbrella VCCs follows IRAS's Fourth Edition guide.
Materials whose original text has not yet been obtained (the text describes only the related mechanisms and does not quote provision details or figures):
- the original text of the Variable Capital Companies Regulations 2020 (VCC Regulations 2020), including the detailed rules on cross-investment under s 31, the list of "prescribed persons" under s 46(2)(d), the list of other accounting standards prescribed under s 100(8), and the full text of the financial requirements in regulation 9(1) cited on ACRA's re-domiciliation page (the text says only "the financial requirements listed in the regulations");
- the number and commencement date of the amending Act that deleted s 46(2)(b) and amended s 97, as recorded in the SSO marginal notes (the SSO page cannot be retrieved automatically for a second source, so the text says only "the current text no longer includes this item");
- MAS's current official page for the VCC Grant Scheme (the original scheme URL no longer works), and any MAS announcement of arrangements after the extension ended;
- whether MAS has issued any explicit statement on "whether a single family office can act as a VCC's manager";
- the original provisions of the Cayman Islands Companies Act on segregated portfolio companies and on companies transferring out by way of continuation, and the full text of the Mutual Funds Act;
- the original provisions of the Luxembourg RAIF law of 23 July 2016 and the UCI law of 17 December 2010, and the statutory procedure for a Luxembourg company to transfer out;
- the mapping between the percentages and the legend in the VCC strategy chart of MAS's Singapore Asset Management Survey 2025 (PDF text extraction cannot match them reliably, so no percentages are quoted until the original chart has been checked).
These will be added to this list, and the relevant pages updated, once the original texts are obtained. If you find a broken link or an updated date, please let us know through the contact details on this site.
Sources and dates
- Variable Capital Companies Act 2018 — AGC (Singapore Statutes Online) · 2026-10-24 (accessed)
- IRAS e-Tax Guide: Tax Framework for Variable Capital Companies (Fourth Edition) — IRAS · 2026-04-22
- Circular FDD Cir 05/2026: Tax Incentive Schemes for Funds — MAS · 2026-07-31
- Service and transaction fees (VCC) — ACRA · 2026-01-29
- Singapore Asset Management Survey 2025 — MAS · 2026-07