30 June 2022

VCC Series Part 5: Procedure for setting up a VCC 新加坡可变动资本公司系列第五章：VCC设立流程

Step 1: Complete licensing / registration as a qualified fund manager OR appoint a qualified fund manager
第一步：完成合格基金经理的许可或注册，或任命一名合格基金经理

Processing time: an application for a fund management licence / registration with MAS as a registered fund management company typically takes 4 – 6 months.

办理时间：申请基金管理许可执照或在新加坡金融管理局登记备案为基金管理公司通常需时四至六个月。

Step 2: Register the VCC’s name
第二步：登记VCC名称

The following information is required:

所需资料如下：

  1. Proposed VCC name;
    VCC的拟定名称；
  2. Type of VCC (open-ended or closed-end);
    VCC类型（开放式或封闭式）；
  3. Details of proposed director and VCC officers (address, ID type and nationality); and
    拟任董事和VCC职员的详细身份信息（住址、身份证件类型和国籍）；
  4. In-principle approval obtained from other authorities (if any).
    其他当局的原则批准（若有）。

Cost: $15
费用：十五新元

The proposed name will be reviewed by the Accounting and Regulatory Authority of Singapore (“ACRA”) to ensure that the proposed name is not identical to that of an existing business, undesirable and / or prohibited.

VCC的拟定名称将由新加坡会计与企业管理局（“ACRA”）审查，以避免拟定名称与现存企业重名，或使用不雅名称和明令禁止的名称。

After the name application is approved, the name will be reserved for 120 days.

VCC名称经批准后将被ACRA保留120天。

Step 3: Preparing the VCC’s Constitution
第三步：编制VCC公司章程

Information that is required for the preparation of the VCC’s Constitution include:

编制VCC公司章程所需资料如下：

  1. Name of the VCC;
    VCC名称；
  2. Whether the VCC will be open-ended or close-ended;
    VCC类型（开放式基金或封闭式基金）；
  3. Identity of the VCC’s management shareholders and the number of management shares he/she/it will hold;
    VCC管理层股东的身份和其持有的管理层股份数量；
  4. Name of the qualified fund manager; and
    合格基金经理的名称；
  5. Powers and duties of the directors.
    VCC董事的权力和义务。

Step 4: Incorporation
第四步：设立VCC

A VCC may be incorporated by a subscriber to the Constitution via the VCC’s portal or through a registered filing agent / corporate service provider.

VCC可由申购投资者通过ACRA网站或经登记的申报代理商/公司服务供应商注册成立。

The following information is required:

所需资料如下：

  1. Transaction number of the approved name application;
    VCC名称申请批准编号；
  2. Details of proposed director and VCC officers (address, ID number, ID type, nationality and contact information);
    拟任董事和VCC职员的详细身份信息（住址、身份证号、身份证件类型、国籍和联系方式）
  3. Details of at least 1 director who is either a director or qualified representative of the fund manager of the VCC;
    至少一名董事的详细信息，该董事必须为VCC基金经理的合格代表或董事；
  4. Details of fund manager (UEN, address, country of incorporation);
    基金经理的详细信息（公司注册编号、地址、注册国家）
  5. Details of subscribers (ID number, name of subscriber and e-mail address);
    申购投资者的详细信息（姓名、身份证号和电邮地址）；
  6. Type of VCC (open-ended / closed-end, umbrella / standalone);
    VCC类型（开放式基金或封闭式基金、伞型基金或单一基金）；
  7. Registered office address and opening hours;
    VCC公司注册办事处地址和营业时间；
  8. Copy of the VCC’s Constitution; and
    VCC公司章程复印件；
  9. The VCC’s Financial Year End.
    VCC财政年度截止日期。

Cost: $8,000
费用：八千新元

Processing Time: 14-60 days
办理时间：十四至六十天

Step 5: Preparing the VCC’s legal documents
第五步：准备VCC法律文件

The following documents need to be prepared:

所需文件如下：

  1. Fund Management Agreement;
    基金管理协议；
  2. Information Memorandum;
    资料备忘录；
  3. Supplemental Memoranda (one for each sub-fund);
    补充备忘录（每个子基金各一份）；
  4. Board Resolution; and
    董事会决议案；
  5. Subscription Agreements.
    申购协议。

The VCC’s fund manager, fund administrator, and tax adviser should be involved in reviewing and finalising the Information Memorandum, Supplemental Memoranda and Subscription Agreements.

VCC的基金经理、基金行政管理机构和税务顾问应参与审查和敲定资料备忘录、补充备忘录和申购协议。

Time: Dependent on the complexity of the fund / sub-fund(s).
办理时间：取决于基金或子基金的复杂性。

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