What are the basic requirements to incorporate a new VCC (Variable Capital Company)?

The basic requirements to incorporate a VCC are as follows:

(a) The proposed VCC name, financial year end information, particulars of proposed VCC officers, registered office, constitution of the proposed VCC and the declarations/ endorsements where applicable;

(b) At least one director who is ordinarily resident in Singapore. This means that Singapore citizens, Permanent residents or holders of EntrePass/Employment Pass (subject to Ministry of Manpower’s letter of consent), with a local residential address may qualify;

(c) At least one director (who may be the same person as in 1(b) above) who is either a Qualified Representative (as defined under the Variable Capital Companies Act) or a director of the manager of the proposed VCC;

(d) A manager which is a Permissible Fund Manager must be appointed to manage the proposed VCC; and

(e) Payment of the prescribed incorporation fee.

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