The Variable Capital Company (VCC) is a natural fit for venture capital funds in Singapore. Managers raise from LPs using a familiar corporate structure, return capital efficiently via redemptions or dividends, and run multiple vintages as ring-fenced sub-funds — all onshore, regulated, and eligible for Section 13O/13U incentives.
Why VC managers choose the VCC
- LP-friendly — corporate structure LPs recognise, with flexible share classes.
- Easy returns of capital — distribute via redemptions or dividends, even from capital.
- Umbrella for multiple vintages — each fund a ring-fenced sub-fund under one entity.
- Onshore substance — a regulated Singapore vehicle with treaty access.
The key players
| Role | Function |
|---|---|
| The VCC | The fund entity; ring-fenced sub-funds per vintage or thesis |
| Licensed fund manager | Manages under a MAS CMS licence, direct or via an existing manager |
| Service providers | Administration, audit, and legal |
Launch under an existing licensed manager if you don’t hold your own licence — we partner with MAS-licensed CMS fund managers for qualified clients.
Tax incentives
Qualifying VC fund income can be exempt under Section 13O or 13U where economic-substance conditions are met. Confirm current thresholds with MAS and IRAS; see the 13O vs 13U guide.
Get started
Read the VCC structure guide, estimate costs with the calculator, then tell us about your fund.
Frequently asked questions
Is a VCC suitable for a venture capital fund?
Yes. The VCC is widely used for venture capital. It supports closed-end drawdown structures, LP-friendly share classes, and the return of capital via redemptions or dividends, within an onshore Singapore vehicle eligible for 13O/13U incentives.
Can I run multiple VC funds under one VCC?
Yes. An umbrella VCC can hold multiple ring-fenced sub-funds — for example separate vintages or thesis-specific funds — each with segregated assets and its own investors, sharing one board and service-provider stack.