Singapore’s Variable Capital Company(VCC) Information Overview - 新加坡之可變資本公司信息概覽
Director 指揮 ： KEITH YUNXI ZHU 朱耘希
Supervisor 監視 ： Oliver Niles White 還特 尼爾斯 奧立佛
Co-Authors 作者 ： Oliver Dalmi, Xiaobei Chen, Martia Karim, Lili Price
EXECUTIVE SUMMARY
行政摘要
The Variable Capital Company (VCC) is a new investment fund company structure established by the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority of Singapore. It applies to the new legal entity structure of all investment funds in Singapore. As a corporation, a VCC is a separate legal entity managed and controlled by its board of directors, which can enter into contracts in its name. The VCC enjoys perpetual succession until the Companies Act winds it up. One of the key advantages of using a VCC is its flexibility, as it can be used by a range of traditional and newer investment products, such as real estate funds, hedge funds, and private equity funds.
可變資本公司（VCC）是由新加坡金融管理局和新加坡會計與企業管理局設立的一種新的投資基金公司結構。它適用於新加坡所有投資基金的新法律實體結構。作為一家公司，VCC是由其董事會管理和控制的獨立法人實體，可以以其名義簽訂合同。VCC享有永久繼承權，直到《公司法》解散。使用VCC的關鍵優勢之一是其靈活性，因為它可以用於各種傳統和新型投資產品，如房地產基金、對沖基金和私募股權基金。
1
Variable Capital Company (VCC) in Brief
可變資本公司簡介
VCC is a new investment fund company structure established by the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority of Singapore under the Variable Capital Company Law that took effect on January 14, 2020. It complements an existing investment fund structure and provides more choices for funds and wealth management. VCC was established under the VCC Act, not the Singapore Corporation Law, and is applicable to the new legal entity structure of all types of investment funds in Singapore. It can be composed of a single independent fund or an umbrella fund containing two or more sub-funds, each of which can hold different assets.
可變資本公司是由新加坡金融和新加坡會計與企業監管局在 2020 年 1 月 14 日生效的創業資本公司法下成立的一種新的投資基金公司。 結構並為基金和財富管理提供了更多的選擇。可變資本公司是根據可變資本公司條例成立，而並非根據新加坡公司條例成立，適用於新加坡所有類型投資基金的新法律實體結構。它既可以由單獨的獨立基金構成，也可以 可以為包含兩個或多個子基金的繖形基金組成，每個子基金可以持有不同的資產。
The Structure of VCC
可變資本公司的結構
As a corporation, a VCC is a separate legal entity, managed and controlled by its board of directors, which can enter into contracts in its own name. The VCC’s day to day management and control is carried out by a board of directors, which generally delegates many functions to service providers. The board of the VCC may appoint a manager (as distinct from an investment manager) but is not obliged to do so. A variety of third party service providers offer this service. Alternatively a promoter-may choose to appoint its own manager.
作為一家企業，可變資本公司是一個獨立的法律實體，由其董事會管理和控制，可以以自己的名義簽訂合同。 VCC 的日常管理和控制由董事會執行，董事會通常將許多職能委託給服務提供商。 可變資本公司董事會可以任命一名經理（不同於投資經理），但沒有義務這樣做。 各種第三方服務提供商提供此服務。 或者一個啟動子可以選擇任命自己的經理。
2
The Benefits of VCC
可變資本公司的好處
Advantages of VCC
可變資本公司的優勢
One of the key advantages of using a VCC is its flexibility: it can be used by a range of traditional and newer investment products, such as real estate funds, hedge funds and private equity funds. Moreover, it is even more flexible as the VCC model can be applied to open and closed-ended funds. This flexibility spans to external stakeholders too, as it provides flexibility for shareholders when they enter and exit the fund. Another advantage is the improved tax and operational efficiency, as there is a 10% concessionary tax rate for fee income, as well as an exemption from Goods and Service Taxes. Additionally, funds domiciled in Singapore benefit from Singapore's double-taxation treaties, thus avoiding foreign taxation on gains and income. Further, financial statements do not have to be made public. Withholding tax from VCCs approved under the SRF and ETF schemes were also approved.
使用 VCC 的主要優勢之一是其靈活性：它可以用於一系列傳統和新型投資產品，例如房地產基金、對沖基金和私募股權基金。此外，它更加靈活，因為 VCC 模型可以應用於開放式和封閉式基金。這種靈活性也適用於外部利益相關者，因為它為股東進入和退出基金提供了靈活性。另一個優勢是稅收和運營效率的提高，因為對費用收入有 10% 的優惠稅率，以及商品和服務稅的豁免。此外，位於新加坡的基金受益於新加坡的雙重徵稅條約，從而避免對收益和收入徵稅。此外，財務報表不必公開。根據 SRF 和 ETF 計劃批准的 VCC 預扣稅也獲得批准。
Administrative logistics are also far simpler under a VCC, as the fund will be treated as a single legal entity, regardless of its structure. Accordingly, only one tax return and one board of directors is required. Also, as VCCs can directly enter into contracts, it is a more efficient model than traditional trust units.
在 VCC 下，行政後勤也簡單得多，因為無論其結構如何，該基金都將被視為一個單一的法律實體。因此，只需要一份納稅申報表和一個董事會。此外，由於 VCC 可以直接簽訂合同，因此它是一種比傳統信託單位更有效的模式。VCC Structure against Existing Fund Structures Comparison
可變資本公司結構與現有基金結構的比較
| VCC 可變資本公司 |
Limitied Liability Partnership (LLP) 有限責任合夥（LLP） |
Limited Partnership (LP) 有限合夥（LP） |
Private Company Limited by Shares 私人股份有限公司 |
|
|---|---|---|---|---|
| Minimum capital requirements 最低資本要求 |
One share, No par value 一股, 無面值 |
None 無 |
None 無 |
One share, No par value SGD 1 is the lowest minimum amount 一股，無面值，SGD 1 是最低的最低金額 |
| Held by 持有 |
At least one shareholder 至少一名股東 |
At least two partners 至少兩個合夥人 |
At least one limited and one general partner 至少一名有限合夥人和一名普通合夥人。 |
At least one, but no more than 50 shareholders 至少一名，但不超過 50 名股東 |
| Type of interests held by a shareholder or partner 股東或合夥人持有的權益類型 |
Shares in the VCC VCC的股份 |
The partners are entitled to a share of the profits and an amount that is equal to his capital contribution when leaving the LLP. 合夥人在離開 LLP 時有權分享利潤，並獲得與其出資相等的金額。 |
The partners are entitled to a portion of the profits and a distribution of the partnership property upon dissolution of the partnership. This must be in accordance with the partnership agreement terms. 合夥人在合夥解散時有權獲得部分利潤和合夥財產的分配。 這必須符合合夥協議條款。 |
Shares in the company 公司股份 |
| The liability faced by shareholders or partners 股東或合夥人面臨的責任 |
The obligation is solely on the VCC in question. The liabilites of sub-fund must be met out of the sub-fund's property, not the property of the sub-fund or VCC. 該義務完全由相關的 VCC 承擔。子基金的責任必須由子基金的財產承擔，而不是子基金或VCC的財產。 |
The obligation is solely on the LLP in question and the liabilites must be met out of the LLP's property. Partners are not liable for anything unless they have committed a tort, then they will face the same liability as the LLP. 該義務僅由所涉及的 LLP 承擔，且責任必須由 LLP 的財產承擔。 合夥人不承擔任何責任，除非他們犯了侵權行為，否則他們將面臨與 LLP 相同的責任。 |
The limited partner is liable for the obligations and debts incurred by the LP, but only up to his capital contribution. The general partner is liable for the same, but there is no cap on his liability. 有限合夥人對LP產生的義務和債務承擔責任，但僅限於他的出資額。 普通合夥人對此負有責任，但其責任沒有上限。 |
The obligation is solely on the company in question and the liabilites must be met out of the company's property. Shareholders can only be liable for unpaid shares they may have. 該義務完全由相關公司承擔，並且必須從公司的財產中承擔責任。 股東只能對他們可能擁有的未付股份承擔責任。 |
| Legal status 法律地位 |
Separate legal entity that can hold property in its name, but a sub-fund of an umbrella VCC is not a separate legal entity. However, the sub-fund can sue the VCC as ifit were a separate legal entity. The rights and obligations are separate from directorsand shareholders. 可以以其名義持有財產的獨立法人實體，但屬於保護傘的子基金 VCC 不是一個獨立的法律實體。但是，子基金可以起訴 VCC，就好像它是一個獨立的法律實體。 權利和義務獨立於董事和股東。 |
A separate legal entity that can hold property in its name. The rights and obligations are separate from the partners. 可以持有財產的獨立法人實體以其名義。 權利和義務與合夥人分開。 |
Not a separate legal entity and cannot hold property in its name. 不是一個獨立的法律實體，不能持有 以其名義的財產。 |
A separate legal entity that can hold property in its name. The rights and obligations are separate from directors and shareholders. 可以以獨立法人名義持有財產。 權利和義務獨立於董事和股東。 |
| Continuity in the law 法律的連續性 |
The VCC enjoys perpetual succession, until it is wound up in accordance with the Companies Act. If it is an umbrella VCC, the sub-funds will exist unless it or the umbrella VCC is wound up, but the sub-fund can be wound up without affecting the umbrella VCC, or other sub-funds. VCC 享有永久繼承權，直到 根據《公司法》進行清盤。如果是繖形 VCC，則子基金將存在，除非它或繖形 VCC 被清盤，但子基金可以在不影響繖形 VCC 或其他子基金的情況下清盤。 |
Perpetual succession unless it is wound up in accordance with the LLP Act. 永久繼承，除非根據 LLP 法案被取消。 |
Continues to exist unless it is dissolved by the agreement of general partners, or by bankruptcy or the death of a general partner. 繼續存在，除非被解散普通合夥人的協議，或破產或普通合夥人去世。 |
The company enjoys perpetual succession, until it is wound up in accordance with the Companies Act. 公司享有永久繼承權，除非根據公司法清盤的。 |
| Taxes 稅收 |
One set of income tax returns must be filed with the Inland Revenue Authority of Singapore. The income tax paid is the same as the current corporate tax rate (17%). Dividends paid to shareholders are not taxable. The chargeable/exempt income of an umbrella VCC is the total of each sub-fund. 一套所得稅申報表必須提交給 新加坡稅務局。繳納的所得稅與 當前的公司稅率（17%）。支付給股東的股息不是應稅。應課稅/免稅收入一個繖形 VCC 是每個子基金的總和。 |
Partners pay income tax on the profits made by the LLP. 合夥人繳納利潤所得稅。 |
Partners pay income tax on the profits made by the LP. 合夥人繳納利潤所得稅。 |
The company pays income tax at the corporate tax rate (17%). 公司稅繳納所得稅率 (17%) |
| Management 管理 |
Board of directors, with at least one director. If a VCC’s scheme has been authorised, it must have at least three directors, including one independent one. VCC’s also require at least one manager to manage property, and that manager must hold a capital market services license for fund management. 董事會，至少有一名董事。如果 VCC 的計劃已獲得授權，則它必須至少有三名董事，包括一個獨立的。 VCC 還要求至少一名經理 管理財產，並且該經理必須持有資本市場服務許可證用於資金管理。 |
Management is in accordance with the LPP agreement. 管理符合 LPP的協議。 |
General (not limited) partners bind the LP. If a limited partner assumes a management role, they will be liable for the same obligations and debts as the general partners. 一般（不限於）合夥人對LP有約束力。 如果一個 有限合夥人承擔管理職責，他們將承擔同樣的責任 作為普通合夥人的義務和債務。 |
A board of directors with at least one director that may be a shareholder. 董事會至少有一名董事 可以為股東之一。 |
| Closing the business 關閉業務 |
Can be wound up by the High Court’s orders if it fails to pay its debts, does not commence operations within a year of its incorporation, or suspends business for more than a year. It can also be wound voluntarily by shareholders. A sub-fund can also be wound up by the High Court’s orders if the umbrella VCC fails to pay the sub-fund’s debts, does not commence operations of the sub-fund within a year of its incorporation, or suspends the sub-fund’s business for more than a year. The umbrella VCC’s shareholders that have been issued shares in the sub-fund can also wind it up voluntarily. 如果它不償還債務，在一年內沒有開始運營，可以根據高等法院的命令進行清盤， 成立或停業一年以上。它也可以由股東自願取消。如果繖形 VCC 未能支付子基金的債務，也可以根據高等法院的命令將子基金清盤子基金成立後一年內運作，或暫停子基金業務一年以上。已發行子基金股份的繖形 VCC 股東也可以自願將其清盤。 |
Can be wound up by the High Court’s orders, if it fails to pay its debts, or operates for more than two years with less than two partners. It can also be dissolved voluntarily. 可以根據高等法院的命令清盤，如果不清償債務，或經營兩年以上及少於兩個合夥人。 它也可以自願溶解。 |
Dissolved by the general partners in accordance with the partnership agreement. 由普通合夥人按照規定解散與合夥協議。 |
Can be wound up by the High Court’s orders if it fails to pay its debts, does not commence operations within a year of its incorporation, or suspends business for more than a year. It can also be wound voluntarily by shareholders. 可以根據高等法院的命令清盤，如果未清償債務，或未在一年內開始經營的成立會停業一年以上。 |
3
Requirements of a VCC
可變資本公司的要求
VCC can be created with as little as one member, or many more. However, for non-authorized schemes, there must be at least 1 Singapore resident director, and at least 3 such directors for authorized schemes. The VCC must also have a registered office in Singapore and a Singapore-based company secretary. Finally, the VCC must be subject to audit by a Singapore-based auditor, with financial statments meeting guideliens as per IFRS, US GAAP, or Singapore FRS.
一個 VCC 可以由一個或更多的成員創建。 但是，對於非授權計劃，必須至少有 1 名新加坡居民董事，對於授權計劃，必須至少有 3 名此類董事。 VCC 還必須在新加坡設有註冊辦事處和新加坡公司秘書。 最後，VCC 必須接受新加坡審計師的審計，財務報表符合 IFRS、US GAAP 或新加坡 FRS 的指導方針。
Every VCC must have a manager to manage its assets or to operate the collective investments of the VCC which they manage. When creating a VCC, it is required that the fund manager must be one of the following:
每個 VCC 都必須有一名經理來管理其資產或運營他們管理的 VCC 的集體投資。 創建 VCC 時，基金管理人必須是以下之一：
A holder of a capital markets services licence for fund management;
持有基金管理資本市場服務許可證；
A Registered Fund Management Company;
註冊基金管理公司；
Certain financial institutions exempt from holding a capital markets services license under the Securities and Futures Act.
根據證券和期貨法，某些金融機構免於持有資本市場服務許可證。
It is important to ensure that the capital of a VCC will never deviate from its net assets, in order to provide flexibility in the distribution of capital. Additionally, VCCs must make sure to comply with the Securities and Futures Act.
重要的是要確保 VCC 的資本永遠不會偏離其淨資產，以提供資本分配的靈活性。 此外，VCC 必須確保遵守《證券和期貨法》。
Also note: According to the "Variable Capital Company Law", VCC requires at least one director as a director or qualified representative of the fund manager. And at least one of the VCC directors must be a Singapore resident (this person must be a Singapore citizen, permanent resident or Employment Pass holder, and have a residential address in Singapore); If the VCC structure is an umbrella fund, each sub-fund must be registered with ACRA through a special form, and each sub-fund is not considered an independent legal entity.
另請注意：根據《可變資本公司法》，VCC 要求至少有一個董事作為基金管理人的董事或合資格代表。 並且至少其中之一VCC 董事必須是新加坡居民（此人必須是新加坡公民，永久居民或就業准證持有人，並在新加坡有居住地址）；如果 VCC 結構是繖形基金，則每個子基金必須通過以下方式在 ACRA 註冊一種特殊形式，每個子基金不被視為獨立的法人實體。
Finally, here are some additional things to remember when registering your VCC. First, only Singpass registrants and corporate service providers can submit VCC corporate registration applications. The processing time for the application form generally does not exceed 14 days (calculated from the date of submission of all required documents); VCC subjects need to pay an application fee of S$8,000. The appointed fund personnel will receive an email from the relevant agency seeking approval. All appointed directors, company secretaries and participants must confirm the authenticity of their appointments on the government website within 60 days.
最後，以下是註冊 VCC 時要記住的一些其他事項。首先，只有Singpass註冊人和企業服務提供商可以提交VCC企業註冊申請。申請表的處理時間一般不超過14天（計算從提交所有必需文件之日起）。VCC科目需要支付S$8,000的申請費，指定的基金人員將收到相關機構的電子郵件，尋求批准。所有被任命的董事、公司秘書和參與者必須確認其真實性。他們在 60 天內在政府網站上的任命。
VCC Compliance Requirements
可變資本公司合規性要求
For Umbrella VCCs, accounting and other records of each sub-fund that explain transactions and the financial position of each sub-fund must be kept separate. Registering consecutive sub-funds requires complete registration with ACRA, including the filing of a unique name, and registration number within seven (7) days after the establishment of the sub-fund. VCCs property is measured on a fair value basis. The actual value of paid-up capital is always equal to the net asset value of the company. Shares of the VCC are issued, redeemed, or repurchased at a price equal to the proportion of fees and charges.
對於 Umbrella VCC，解釋交易的每個子基金的會計和其他記錄以及每個子基金的財務狀況必須分開保存。 連續註冊子基金需要在 ACRA 完成註冊，包括在子基金成立後七 (7) 天內提交唯一名稱和註冊號。 VCC 的財產按公允價值計量。 實收資本的實際價值始終等於公司的資產淨值。 VCC 的股份以等於費用和收費比例的價格發行、贖回或回購。
A VCC must also comply with Anti-Money Laundering/Countering the Financing of Terrorism ("AML/CFT") procedures outlined by MAS. VCCs are required to conduct customer due diligence measures and keep records of all transactions and information collected during the course of the due diligence measures. AML/CFT responsibilities can be delegated to a regulated financial institution, such as a bank acting as a fund distributor. The financial institution can then outsource the operations to another entity (such as a fund administrator), regardless of whether that entity is subject to MAS AML/CFT regulations. The final obligations rest on the VCC independent of delegations along the process.
VCC 還必須遵守 MAS 規定的反洗錢/打擊恐怖主義融資（“AML/CFT”）程序。 VCC 必須執行客戶盡職調查措施，並保留在盡職調查措施過程中收集的所有交易和信息的記錄。 AML/CFT 的職責可以委託給受監管的金融機構，例如充當基金分銷商的銀行。 然後，金融機構可以將業務外包給另一個實體（例如基金管理人），無論該實體是否受 MAS AML/CFT 法規的約束。 最終義務由 VCC 承擔，獨立於流程中的代表團。
4
VCC Grant Scheme (VCCGS)
可變資本公司資助計劃
The VCC Grant Scheme (VCCGS) by the Monetary Authority of Singapore (MAS) under the Financial Sector Development Fund (FSDF) co-funds qualifying expenses paid to Singapore-based service providers for work done in Singapore, in relation to the incorporation or registration of a VCC. The scope of the VCCGS includes corporate services such as legal affairs, taxation, and administrative compliance up to 70 percent of qualified expenses and is capped at S$150,000. This scheme is valid till 15 January 2023.
新加坡金融管理局 (MAS) 在金融部門發展基金 (FSDF) 下的 VCC 贈款計劃 (VCCGS) 共同資助支付給新加坡服務提供商在新加坡完成的與公司註冊或註冊有關的工作的合格費用 VCC 的。 VCCGS 的範圍包括公司服務，例如法律事務、稅務和行政合規，最高可達合格費用的 70%，上限為 150,000 新元。 該計劃有效期至 2023 年 1 月 15 日。
A VCC that has been given a grant under the VCCGS should operate for at least one year after the Registration Date. If the VCC is dissolved within the first year, the Qualifying Fund Manager must inform MAS promptly and no later by the end of one week from the date of the application to dissolve the VCC or passing of a resolution to voluntarily dissolve. Failure to meet the deadlines or operational requirements may result in MAS using their right to claw back the grant awarded.
根據 VCCGS 獲得資助的 VCC 應在註冊日期後至少運營一年。 如果 VCC 在第一年內解散，合格基金管理人必須立即通知金管局，最遲在申請解散 VCC 或通過自願解散決議之日起一周結束。 未能滿足截止日期或運營要求可能會導致 MAS 使用其收回授予的贈款的權利。
Legal Services
法律服務
Items qualified for funding:
符合資助條件的項目Fees charged by law firms for legal work concerning the incorporation or registration of a VCC, including but not limited to, drafting of legal documents such as the VCC constitution, offering memorandum (or equivalent), subscription agreements, investment management agreements, excluding statutory fees including all filing fees;
律師事務所就 VCC 成立或註冊相關的法律工作收取的費用，包括但不限於起草 VCC 章程、發行備忘錄（或同等文件）、認購協議、投資管理協議等法律文件，不包括法定費用 包括所有申請費；Work done concerning the authorisation or notification of the VCC's prospectus with MAS. Note that work done concerning the licensing of the Qualifying Fund Manager is not covered.
與 MAS 授權或通知 VCC 的招股說明書有關的工作。 請注意，與合格基金經理的許可有關的工作不包括在內。
Tax Services
稅務服務Items qualified for funding:
符合資助條件的項目Fees charged by tax advisors, fund administrators, corporate secretaries, law firms, or other Singapore-based service providers for tax advice connected with the incorporation or registration of a VCC, including but not limited to tax opinions on the incorporation or registration of a VCC as well relating to any tax incentive applications.
稅務顧問、基金管理人、公司秘書、律師事務所或其他新加坡服務提供商就與 VCC 成立或註冊相關的稅務建議收取的費用，包括但不限於關於 VCC 成立或註冊的稅務意見 以及與任何稅收優惠申請有關。Tax compliance issues, as well as any opinions on the VCC's eligibility for Singapore double tax treaties with other jurisdictions, as well as Goods and Services Tax (GST) remission, may be covered by the tax advice. Fees for interacting with the Inland Revenue Authority of Singapore (IRAS) or MAS on tax matters regarding the incorporation or registration of a VCC is also eligible.
稅務建議可能涵蓋稅務合規問題，以及關於 VCC 與其他司法管轄區的新加坡雙重徵稅條約的資格以及商品和服務稅 (GST) 減免的任何意見。 與新加坡稅務局 (IRAS) 或 MAS 就有關 VCC 成立或註冊的稅務事宜進行互動的費用也符合條件。
Administrative Compliance
行政合規
Items qualified for funding:
符合資助條件的項目Fees charged by fund administrators, corporate service providers, or company secretaries for work done including for incorporation or registration services concerning the set up of a VCC, the appointment of directors, and all filings necessary for the incorporation or registration of the VCC;
基金管理人、公司服務提供商或公司秘書為完成的工作收取的費用，包括與 VCC 的設立、董事的任命以及 VCC 的成立或註冊所需的所有文件相關的註冊或註冊服務；Fees charged for work done by regulatory consultants concerning the authorisation or registration of the VCC with MAS or setting up a compliance framework or any services listed above are also included. This further includes work done concerning reviewing the existing compliance framework of the Qualifying Fund Manager to accommodate/make adjustments for the management of the VCC by the Qualifying Fund Manager.
監管顧問就在 MAS 授權或註冊 VCC 或建立合規框架或上述任何服務而收取的工作費用也包括在內。 這進一步包括關於審查合格基金管理人的現有合規框架以適應/調整合格基金管理人對 VCC 的管理所做的工作。
Eligibility
合格指標
Eligible applicants are Qualifying Fund Managers that have incorporated a VCC or have successfully re-domiciled a foreign corporate entity to Singapore as a VCC and have obtained a notice of incorporation or transfer of registration from the Accounting and Corporate Regulatory Authority (ACRA). Further, the following conditions apply:
符合條件的申請人是已註冊 VCC 或成功將外國公司實體重新註冊到新加坡作為 VCC 並已從會計和企業監管局 (ACRA) 獲得註冊成立或註冊轉移通知的合格基金經理。 此外，以下條件適用：The setup of the VCC cannot be simultaneously funded by other government grants/incentives with respect to the same set of qualifying costs and commitments;
VCC 的設立不能同時由其他政府補助/獎勵針對同一組符合條件的成本和承諾提供資金；A maximum of three (3) VCCs that have been successfully incorporated or re-domiciled may be applied for under the VCCGS by each applicant;
每個申請人最多可以根據 VCCGS 申請三 (3) 個已成功註冊或重新註冊的 VCC；Qualifying expenses must be paid to Singapore-based service providers for work done in Singapore regarding the establishment and registration of VCCs and their sub funds;
必須向新加坡服務提供商支付在新加坡開展的有關 VCC 及其子基金的建立和註冊工作的合格費用；A Qualifying Fund Manager may not use the grant scheme to seek co-funding solely for the registration of sub-funds (without the accompanying incorporation or transfer of registration of a VCC). Qualifying set up expenditures incurred for the registration of sub-funds as part of the setup of an umbrella VCC, on the other hand, may claim co-funding;
合資格的基金管理人不得使用資助計劃尋求共同資助，僅用於子基金的註冊（沒有隨附的 VCC 註冊成立或轉讓）。另一方面，作為設立繖形可變資本公司的一部分，為註冊子基金而產生的合格設立支出可以要求共同資助Applicants should formally submit their applications within three (3) months from the date on the notice of incorporation or notice of transfer of registration issued by ACRA (for a newly incorporated VCC) or within three (3) months from the date of ACRA's approval of the VCC's evidence of de-registration (for a foreign corporate entity re-domiciled to Singapore as a VCC).
合資格的基金管理人不得使用資助計劃尋求共同資助，僅用於子基金的註冊（沒有隨附的 VCC 註冊成立或轉讓）。另一方面，作為設立繖形可變資本公司的一部分，為註冊子基金而產生的合格設立支出可以要求共同資助；
