VCC Series Part 4: A Comparison of Singapore’s Variable Capital Company (“VCC”) and Cayman Islands’ Segregated Portfolio Company (“SPC”) 新加坡可变动资本公司系列第四章：新加坡VCC与开曼群岛SPC的对比
The Cayman Islands’ SPC
开曼群岛独立投资组合公司（“SPC”）
The Cayman Islands’ SPC used to be a popular choice for fund managers looking to structure investment funds, given its tax benefits and low incorporation costs. However, the introduction of legislative amendments has dampened the appeal of incorporating or registering an investment fund in the Cayman Islands.
鉴于税收优惠和较低的设立成本，开曼群岛SPC曾是基金经理们寻求构建投资基金的热门选择。然而，立法修正案的出台削弱了在开曼群岛设立或注册投资基金的吸引力。
With the introduction of the Private Funds Law and the Mutual Funds (Amendment) Law, investment funds in the Cayman Islands are now subject to stricter requirements and heftier fees.
随着《私募基金法》和《共同基金（修订）法》的实施，开曼群岛的投资基金目前正面临着更严格的要求和更高的费用。
Such requirements for private funds include:
针对开曼私募基金的要求包括：
- filing of annual financial statement and annual return with the Cayman Islands Monetary Authority (“CIMA”);
向开曼群岛金融管理局（“CIMA”）提交年度财务报表和年度申报表； - conducting a yearly valuation of assets;
每年进行资产估值； - maintaining a record of the identification codes of the securities that the fund trades and holds;
备存基金所交易及持有的证劵的识别码记录； - appointing a custodian for the safekeeping of assets, unless the CIMA is notified that it is neither practical nor proportionate to do so given the nature of the fund and the asset it holds;
任命一个托管机构保管基金资产。若基金的性质以及基金所持的资产类型不适合或无法实际聘请托管机构，基金可以通知CIMA并获豁免任命托管机构； - appointing an administrator to monitor cashflows; and
任命一名行政管理人对基金的现金流进行监控； - establishing and maintaining a Net Asset Values Calculation Policy in accordance with the CIMA Net Asset Values Rule.
根据CIMA资产净值规则制定并维护一套资产净值计算政策。
Private funds and mutual funds also have to conduct yearly audit of financial statement by a CIMA-approved auditor.
私募基金和共同基金还必须由经CIMA批准的审计师对其财务报表进行年度审计。
Recently, the International Tax Co-operation (Economic Substance) Law (the “ES Law”) was also introduced in the Cayman Islands to address the harmful tax practice of base erosion and profit shifting. Under the ES Law, entities incorporated or registered in the Cayman Islands must demonstrate that they have sufficient “economic substance” in the Cayman Islands to show that they should not be taxed elsewhere.
开曼群岛近年还推出了《国际税务合作（经济实质）法》（简称“《ES法》”），以打击税基侵蚀和利润转移。根据《ES法》，在开曼群岛成立或注册的实体必须证明其在开曼群岛拥有足够的“经济实质”，从而避免双重征税。
Pursuant to the requirements under the ES Law, an entity must:
根据《ES法》的要求，一个实体必须：
- conduct core income generating activities in the Cayman Islands in relation to that relevant activity;
在开曼群岛开展与相关活动有关的核心创收活动； - be directed and managed in an appropriate manner in the Cayman Islands in relation to that relevant activity; and
在开曼群岛以适当的方式指导并管理该相关活动； - have an adequate amount of operating expenditure, physical presence and number of full-time employees or other personnel with appropriate qualifications in the Cayman Islands.
在开曼群岛拥有足够的运营支出、办工场所及全职员工或其他具备相应资历的人员。
Comparison Table – VCC vs SPC
VCC与SPC对比表
| KEY FEATURES AND REQUIREMENTS OF VCC AND SPC VCC和SPC的主要特点与要求 | ||
| Singapore’s VCC 新加坡VCC | Cayman Islands’ SPC 开曼群岛SPC | |
| Instruments that can be issued 可发行的工具 | Shares, debentures 股票、债劵 | Shares, debts 股票、债务 |
| Foreign ownership 能否有外籍董事？ | Yes, but must have at least 1 Singapore-resident director 能，但必须有一名在新加坡常住的董事 | Yes 能 |
| Financial statements publicly available? 财务报表是否对外公开？ | No 否 | No 否 |
| List of shareholders publicly available? 股东名单是否对外公开？ | No 否 | No 否 |
| Access to tax treaties 双重征税协定 | 96 double tax treaties 可利用96个避免双重征税协定 | No 无 |
| Timeline 设立时间 | Up to 14 days 14天(上限) | 5 – 10 business days (Note: does not include registration under Private Funds Law / Mutual Funds Law) 五到十个工作日（不包括根据《私募基金法》或《共同基金（修订）法》进行注册的时间） |
| Grant 政府津贴 | Up to 70% co-funding of qualifying expenses (capped at S$150,000 per VCC) 新加坡政府津贴可资助高达70%的合格费用（每个VCC最多可获得上限为15万新元的资助） | No 无 |
