VCC Series Part 2: Types of VCCs, Requirements and Compliance 新加坡可变动资本公司系列第二章：VCC类型与合规要求

Types of VCCs
VCC类型

Standalone / Umbrella
独立基金或伞型基金

A VCC may be incorporated as either a standalone VCC or an umbrella VCC. A standalone VCC is a VCC with a single fund, while an umbrella VCC consists of two or more sub-funds.

Under an umbrella fund, you may incorporate more sub-funds under the same umbrella VCC at any time.

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。业者可以随时在同一个伞型基金下设立多个子基金。

Open-ended / Closed-end
开放式基金或封闭式基金

A standalone VCC or a sub-fund may be incorporated as an open-ended fund or closed-end fund. An open-ended fund allows investors to redeem their investments at their discretion, while a closed-end fund does not permit them to do so. Closed-end funds have a fixed number of shares and do not allow new subscriptions after the offering period is over, while open-ended funds are open to new subscriptions at any time.

独立基金或子基金可以设立为开放式基金或封闭式基金。开放式基金可以随时向投资者开放申购，并应投资者的要求赎回其持有的股份。封闭式基金的股份份额则固定不变，在发行期结束后也不得再向投资者开放申购。

Open-ended funds are typically used for mutual funds and hedge funds, while closed-end funds are typically used for venture capital funds and private capital funds.

开放式基金包括互惠基金和对冲基金，而封闭式基金则包括风险投资基金和私募投资基金。

Requirements and Compliance
合规要求

You should note that the following requirements apply to VCCs:

设立VCC的要求包括：

• Permitted use: unlike a company which may be used to carry on a business, a VCC may only be used for the purpose of establishing one or more collective investment schemes in the form of a body corporate.
  许可用途：与其他可用于开展业务的公司不同，VCC只能用作于设立集体投资计划。
• Registered office: must have a registered office in Singapore.
  注册办事处：VCC必须在新加坡设有注册办事处。
• Directors: must have at least 1 Singapore-resident director and 1 director (who may be the same person as the Singapore-resident director) who is either a qualified representative or a director of the VCC’s fund manager.
  公司董事：VCC必须有一名在新加坡常住的董事，及至少一名董事（可以与前述董事为同一人）为合格代表或VCC基金经理的董事。
• Company Secretary: must be appointed within 6 months from the date of incorporation of VCC.
  公司秘书:VCC必须在公司设立日起六个月内任命一名新加坡公司秘书。
• Auditor: must be appointed within 3 months of incorporation.
  审计师：VCC必须在设立后三个月内任命一名新加坡审计师。
• Fund manager: must appoint a qualifying fund manager. A VCC may be wound up if it does not have a licensed, registered or exempted fund manager for more than 3 months.
  基金经理：VCC必须任命一名新加坡基金经理，该基金经理必须获得新加坡许可执照、经过登记注册或豁免注册。若VCC超过三个月没能任命一名符合条件的基金经理，则可能面临清盘。
• Annual general meetings: must be held within 6 months of the end of the financial year. May be dispensed with if the VCC’s directors give written notice to shareholders in accordance with the VCC Act. However, shareholders holding at least 10% of the total voting rights in the VCC may require the VCC to hold an AGM by giving notice to the VCC.
  年度股东大会：VCC必须在财政年度截止前六个月内举行年度股东大会。若VCC董事根据VCC法向股东发出书面通知，则无须举行年度股东大会。然而，代表十分之一以上表决权的股东仍可以通过向VCC发出通知要求VCC举行年度股东大会。
• Filing of annual returns: must file annual returns with ACRA within 7 months after the end of the VCC’s financial year.
  年度申报表：VCC必须在财政年度截止后七个月内向新加坡会计与企业管理局提交年度申报表。
• Accounting: must have audited financial statements for each financial period / year which gives a true and fair view of its financial performance.
  会计：VCC必须在每个财政年度或会计期间编制经审计的财务报表，以真实、公允地反映其财务业绩。
• Anti-Money Laundering and Countering the Financing of Terrorism (“AML / CFT”): must appoint an eligible financial institution regulated and supervised by MAS (e.g. the VCC’s fund manager) to conduct the necessary checks on investors in order for the VCC to comply with MAS’ AML / CFT requirements.
  反洗钱和反恐融资：VCC必须遵从新加坡金融管理局针对反洗钱和反恐融资的要求，并任命一个受新加坡金融管理局监管的金融机构（例如VCC的基金经理）对其投资者进行必要的调查。