Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Variable Capital Company (VCC)

Variable Capital Company (VCC) is a corporate and legal entity structure for investment funds, introduced on 14 January 2020. It was launched to make the fund management industry in Singapore more friendly and help Singapore elevate its position as a global competitive fund domicile.

Additionally, Variable Capital Company (VCC) is mostly described as the ‘Game Changer’ because the scheme was targeted at structuring and regulating undetermined and determined investment funds. However, the Variable Capital Companies Grant Scheme (VCCGS) was further established under the Financial Sector Development Fund (FSDF) to increase the efficiency of VCC in Singapore.

The VCCGS scheme is valid till 15 January 2023 but aims to cover the expense that surfaces in the incorporation or establishment of a Variable Capital Company. This could take up to 70% of a total expense of $150,000 per VCC.

Eligibility Criteria

  • Qualifying Fund Managers that have established a VCC is Singapore.
  • Qualifying Fund Managers that have transferred an incorporated foreign company to Singapore as a VCC and have the necessary legal document legalising this transfer.

Project’s Eligibility

  • The VCC incorporated by the qualifying fund manager must not have been a result of a government grant or incentive that amounts to the same set of costs and labour that the scheme seeks to cover.
  • A maximum of three (3) incorporated VCC in respect to work completed is accepted per qualifying fund manager.
  • All qualified expenses and funds must be paid to Singapore-based service providers for the VCC incorporation, registration, and sub-funds.
  • Requesting for the grant scheme to register sub-funds without adequate evidence to show incorporation of VCC is prohibited. However, the qualifying fund manager can request the grant scheme to cover the cost incurred for the registration of the sub-fund under VCC.
  • For a newly incorporated VCC, the application must be completed and submitted within three months, beginning from the date of notice of incorporation or notice of transfer of registration issued by ACRA. Whereas, for foreign companies that transfer to Singapore as VCC, application and registration should be issued within three months from the date of ACRA’s acceptance of the VCC’s proof of deregistration.

 

To apply: Interested applicants should discuss their proposal with MAS. For further info on VCC, check out this guide.