Bestar’s Reply: Setting Up a VCC Inquiry
- Roger Pay
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Bestar’s Reply: Setting Up a VCC Inquiry
Subject: Inquiry: Setting Up a Variable Capital Company (VCC) – Bestar Singapore
Dear [Client Name],
Thank you for reaching out to Bestar Singapore. We are pleased to assist you in establishing your Variable Capital Company (VCC) in Singapore’s thriving fund ecosystem.
The VCC framework offers unparalleled flexibility for both traditional and alternative investment strategies. To help you get started, here is a summary of the key requirements and our setup process:
Key Requirements for VCC Setup
Permissible Fund Manager:Â The VCC must be managed by a fund manager regulated by MAS (Licensed, Registered, or Exempt).
Local Resident Director:Â At least one director must be ordinarily resident in Singapore.
Registered Office:Â A physical office address in Singapore is mandatory.
Mandatory Service Providers:Â You must appoint a Singapore-based Company Secretary, Auditor, and Fund Administrator.
Our 3-Step Onboarding Process
Step 1: Consultation & Structuring: We help you decide between a Standalone or Umbrella VCC and finalize the Constitution.
Step 2: Name Reservation & Incorporation: We handle the application with ACRA. Name approval typically takes 1–3 business days, while incorporation can take 14 to 60 days depending on agency referrals.
Step 3: Post-Incorporation Compliance:Â Bestar provides ongoing corporate secretarial support, tax filing, and audit coordination to ensure the VCC remains in good standing.
Fee Proposal: Singapore VCC Setup & Maintenance
1. One-Time Setup & Incorporation Fees
These fees cover the initial structuring, legal documentation, and regulatory filings with ACRA.
Service Item | Description | Fee (SGD) |
VCC Name Reservation | ACRA name application and reservation (120 days). | $15 |
VCC Incorporation | Statutory government registration fee for a VCC entity. | $8,000 |
Professional Setup Fee | Preparation of Constitution, KYC, and AML/CFT onboarding. | $15,000 – $25,000 |
Sub-Fund Registration | Statutory fee per sub-fund (for Umbrella structures). | $400 per sub-fund |
Bank Account Opening | Assistance with corporate account opening with Tier-1 banks. | $1,500 – $3,000 |
2. Ongoing Annual Compliance & Professional Fees
To remain in good standing with MAS and ACRA, the VCC must meet several recurring requirements.
Service Item | Description | Annual Fee (SGD) |
Corporate Secretary | Maintenance of statutory registers and annual return filing. | $1,200 – $3,000 |
Registered Office | Use of Bestar’s Business address for all official correspondence. | $500 – $1,200 |
Nominee Director | Provision of a local resident director (if required). | $4,000 – $8,000 |
Tax Compliance | Preparation of Tax Computation and Form CS/C submission. | $1,500 – $4,500 |
Annual Return Filing | ACRA statutory filing fee for VCCs. | $1,600 |
Note on Tax Incentives: If you are applying for the Section 13O or 13U Tax Incentive, Bestar offers a separate advisory package to handle the application to MAS, including drafting the business plan and managing the interview process.
3. VCC Grant Scheme (2026 Update)
The Variable Capital Companies Grant Scheme (VCCGS) may be available to co-fund up to 30% of qualifying expenses (legal, tax, and administration) paid to Singapore-based service providers, capped at S$30,000. Bestar will assist you in verifying your eligibility and preparing the grant claim post-incorporation.
Why Partner with Bestar?
Fixed Pricing: No hidden billable hours; we provide value-based, transparent quotes.
Speed to Market: We leverage digital filing via the VCC Portal for rapid turnaround.
Integrated Support: From bookkeeping to MAS regulatory reporting, we handle the "back office" so you can focus on alpha.
Checklist of the Documents needed for VCC Application
To proceed with your Singapore Variable Capital Company (VCC) application, we have compiled a comprehensive checklist of the specific documents and information required. These are categorized by the stage of application and the key stakeholders involved.
1. VCC Incorporation Documents
These documents are mandatory for submission via the VCC BizFile portal to the Accounting and Corporate Regulatory Authority (ACRA).
[ ] VCC Constitution: A certified copy of the fund’s governing document. It must include mandatory clauses regarding the valuation of shares at Net Asset Value (NAV) and the segregation of assets/liabilities.
[ ] Form VCR1: Declaration of consent from the Permissible Fund Manager to act as the manager of the VCC.
[ ] Form VCR2: Statement of Compliance with Fit and Proper Factors for each proposed director.
[ ] Form VCR6: Declaration of consent and non-disqualification for each Director.
[ ] Form VCR7: Declaration of consent from the Company Secretary.
[ ] Subscriber Consent: Signed declarations from all initial subscribers (shareholders) to the Constitution.
2. Know Your Customer (KYC) Requirements
Bestar requires these documents for AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) due diligence on all "Key Persons."
For Individual Directors, Shareholders, and Beneficial Owners:
[ ] Proof of Identity: Clear, color copy of Passport or NRIC (for Singapore residents).
[ ] Proof of Address: Utility bill, bank statement, or government letter (in English, dated within the last 3 months).
[ ] Professional Profile: Updated CV or LinkedIn profile highlighting relevant fund management or investment experience.
For Corporate Shareholders (if applicable):
[ ] Certificate of Incorporation and Constitutional Documents (e.g., M&AA).
[ ] Recent Business Profile: (e.g., ACRA BizFile or equivalent) showing current directors and shareholders.
[ ] Ultimate Beneficial Ownership (UBO) Map: A chart identifying individuals who own or control >25% of the entity.
3. Fund Manager & Service Provider Details
You must provide the following details of your appointed partners:
[ ] Permissible Fund Manager: Unique Entity Number (UEN), license status (LFMC, RFMC, or Exempt), and principal place of business.
[ ] Proposed Auditor: Name of the Singapore-based audit firm (required within 3 months of setup).
[ ] Fund Administrator: Agreement or details of the firm handling the NAV calculations and investor services.
[ ] Custodian Details: Evidence of a qualified custodian (unless the fund qualifies for the PE/VC custodian exemption).
4. Umbrella & Sub-Fund Information
If you are setting up an Umbrella VCC, the following is needed for each sub-fund:
[ ] Proposed Sub-Fund Name: Must be unique within the VCC.
[ ] Launch Date: Estimated date of sub-fund establishment.
[ ] Investment Strategy: A brief description of the sub-fund’s mandate.
Next Steps
Once you have these documents ready, the incorporation process typically takes 14 to 60 days, depending on whether the application is referred to other authorities (like MAS) for review.
We look forward to helping you launch your fund in Singapore. Please let us know if you would like to schedule a virtual consultation to discuss your specific fund structure.
Best regards,
The Bestar Singapore TeamÂ
Email: admin@bestar.asia | WhatsApp: +65 8836 4489
Bestar’s Reply: Setting Up a VCC Inquiry