The Variable Capital Company (VCC) is a popular fund structure introduced in Singapore to enhance the city-state’s position as a fund management hub.
Inspired by other jurisdictions’ successful vehicles such as Societes d’Investissement a Capital Variable (SICAVs) and Protected Cells Companies (PCCs), VCCs have a corporate structure, a separate legal personality, and a variable capital.
They can adopt an umbrella structure where each sub-fund is treated as a separate entity with its own assets and liabilities. VCCs are generally treated as companies for tax purposes in Singapore and generally qualify for a set of tax exemptions.
They are suitable for both liquid and illiquid strategies.
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