The Parliament of Singapore has now approved the new Variable Capital Companies Bill. This means the main legislative and tax frameworks for the new regime are fully in place. The Monetary Authority of Singapore is targeting December 2019 for the new VCC framework to go live. So if you haven’t already familiarised yourself with the details, now would be a good time to start.
Speaking in Parliament, Indranee Rajah, Second Minister for Finance said “The introduction of this corporate structure… will be a game changer for Singapore’s fund management industry as it will allow us to capture value from the full fund management value chain.”
Anyone interested in the new structure is encouraged by the MAS to begin familiarising themselves with the latest updates on the benefits and applications of the VCC framework and consider how the VCC can be used as a fund structure for upcoming fund launches, as well as the re-domiciliation of existing overseas investment funds to Singapore.
For more information about the key elements of the VCC framework, read our article: VCC Regime: Singapore to become a fund manager hub.