15 June 2022

VCC Series Part 1: Introduction to VCCs 新加坡可变动资本公司系列第一章：简介

The Variable Capital Company (“VCC”) framework was officially launched by the Monetary Authority of Singapore (“MAS”) and the Accounting and Corporate Regulatory Authority (“ACRA”) on 15 January 2020.

新加坡金融管理局（“金管局”）和会计与企业管理局(“会计与企业管理局”或“ACRA”)于2020年1月15日正式推出可变动资本公司（“VCC”）框架。

The objectives for introducing the VCC framework in Singapore include:

  1. to encourage investment funds to be incorporated in and operated from Singapore;
  2. to enhance Singapore’s position as a fund domicile centre;
  3. to bolster Singapore’s fund manager community; and
  4. to strengthen Singapore’s position as a key centre in Asia for fund-related financing transactions.

推出VCC框架的目的包括：

  1. 鼓励业者在新加坡设立和运营投资基金；
  2. 提高新加坡作为重要基金中心的价值；
  3. 壮大新加坡的基金经理群体；
  4. 巩固新加坡作为亚洲基金融资交易中心的地位。

What is a VCC?
什么是VCC？

A VCC is a corporate entity structure under which several collective investment schemes may be grouped under the umbrella of a single corporate entity and yet remain ring-fenced from each other. VCCs are regulated under the Variable Capital Companies Act 2018 (the “VCC Act”), which came into force on 14 January 2020.

VCC是一种新型的公司架构，这类VCC公司实体旗下可集合多个互相分隔的集体投资计划。VCC受到《新加坡2018年可变动资本公司法》监管，该法案于2020年1月14日生效。

Corporate structures with similar features to the VCC include:

  1. open-ended investment schemes in the United Kingdom;
  2. société d’investissement à capital variable in Luxembourg;
  3. segregated portfolio companies in the Cayman Islands and the British Virgin Islands;
  4. open-ended fund companies in Hong Kong; and
  5. cell companies in Guernsey and Jersey.

与新加坡的VCC类似的公司架构包括：

  1. 英国的开放式投资公司；
  2. 卢森堡的可变资本投资公司；
  3. 开曼群岛和英属维尔京群岛的独立投资组合公司；
  4. 香港的开放式基金型公司；
  5. 根西岛和泽西岛的单元公司。

A VCC may be incorporated as a standalone fund (i.e. a single fund, with no sub-funds) or an umbrella fund (i.e. a fund with two or more sub-funds).

VCC可以设立为单体的独立基金或包含多个子基金的伞型基金。

Key Benefits
特点和优势

Some key benefits of the VCC include:

VCC的主要特点和优势包括：

  1. Privacy: the register of shareholders, Constitution, and financial statements of a VCC are not required to be made available for public inspection.
    投资者隐私：VCC无需公开股东名册、公司章程和财务报表。
  2. Economies of scale: an umbrella VCC and its sub-funds are a single legal entity. Unlike a fund that utilises special purpose vehicles, the board of directors, administrative, compliance and other functions of a VCC can be centralised at the umbrella level, which provides for greater economies of scale and cost savings.
    规模经济效应：一个伞型VCC和旗下的子基金均被视为一个法律实体。不同于特殊目的公司，一个VCC的董事会、行政、合规和其他职能都能集中在伞型基金层面，从而加大规模经济效应并节省开支。
  3. Segregation of sub-funds: under an umbrella VCC, the assets of one sub-fund may not be used to satisfy the liabilities of another sub-fund. A sub-fund may sue or be sued in its own name.
    子基金分隔：每个子基金之间的资产和财务互相分隔，且任一子基金的资产都不得用于偿还其他子基金的债务。子基金可以以自己的名义起诉或被起诉。
  4. Limitation of liability: the liability of shareholders of a VCC will be limited to any amount, if any, unpaid on the shares held by them.
    有限责任：VCC股东的责任以其持有但未缴付的股份金额为上限。
  5. Issuance and redemption of shares: VCCs may issue and redeem fully-paid shares without the need for shareholders’ approval. No solvency tests are required.
    发行和赎回股份：VCC无需通过股东批准或偿付能力测试的先决条件即可发行和赎回已缴股份。
  6. Dividends: a VCC may pay dividends out of capital (as compared to other corporate structures in Singapore, which may only pay dividends out of profits).
    股息支付：VCC可以用股本支付股息。相比之下，采纳其他架构的新加坡公司只能用利润支付股息。
  7. Financial statements: the financial statements for each sub-fund can be prepared under different accounting frameworks (e.g. International Financial Reporting Standards, Singapore Financial reporting Standards and US Generally Accepted Accounting Principles).
    财务报表：VCC可以采用不同的会计准则编制各子基金的财务报表，例如《国际财务报告准则》、《新加坡财务报告准则》和《美国公认会计原则》。

In addition, qualifying fund managers that have incorporated a VCC or successfully re-domiciled a foreign corporate entity to Singapore as a VCC are eligible to apply for the VCC grant.

此外，符合条件的基金经理还可以获得VCC津贴。成功在新加坡设立VCC或将外国类似类型的公司实体迁徙成为新加坡VCC的基金经理均有资格申请涉及VCC的新加坡政府提供的津贴。

The VCC grant offers 70% co-funding of qualifying expenses, capped at S$150,000 per VCC. Qualifying expenses include expenses incurred for legal services, tax services, fund administration or regulatory compliance services. The VCC grant is valid till 15 January 2023.

具体而言，VCC的政府津贴可资助高达70%的VCC设立费用，其中包括法律服务、税务服务、基金行政或监管合规服务的费用。每个VCC最多可获得上限为15万新元的资助。VCC津贴资助计划将持续到2023年1月15日截至。

Contributing authors

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