# vccsg.com — vccsg.com — Launching and operating a fund in a Singapore VCC

> A handbook for fund managers and emerging GPs launching a Singapore VCC fund: strategy, licensing, fees, fundraising, KYC, NAV, reporting and Cayman moves.

- Operator: 小坡险助手 / Xiaopoxian Advisory Desk
- Content lead: Stella 武晓旭 (Stella Wu Xiaoxu), Associate Director, Everest Group — a group of financial consultants representing Great Eastern Financial Advisers Private Limited
- Contact: WhatsApp +6580670032 · Email 1006479530@qq.com · WeChat sgwealth888
- Updated: 2026-10-24

## What a VCC gives a fund manager
- [Launching a fund in a Singapore VCC: a handbook for fund managers and emerging GPs](/overview/): A Singapore VCC is an ACRA-registered fund company that a MAS-regulated manager can use for open-ended and closed-end sub-funds; this handbook covers the launch.
- [VCC set-up by strategy: private equity, venture, hedge, real estate, private credit and tokenised funds compared](/compare/): One Singapore VCC can host PE, VC, hedge, real estate, private credit and tokenised funds; what differs is liquidity, manager licence, valuation and tax rules.
- [From term sheet to first close: launching a VCC fund in nine steps](/process/): Launching a Singapore VCC fund takes nine steps, from licence checks to first close; licensing, documents and account opening usually take longer than ACRA's 14–60 days.

## Strategy-specific design, and moving from Cayman
- [Private equity and venture capital funds in a VCC: closed-end design, the VCFM route and capital calls](/private-equity-venture/): A PE or VC fund in a Singapore VCC is usually a closed-end sub-fund with capital calls; VC managers may use the VCFM regime if every fund meets MAS's tests.
- [Hedge funds in a VCC: open-ended sub-funds, dealing cycles, liquidity tools and prime brokers](/hedge-funds/): A hedge fund in a Singapore VCC is usually an open-ended sub-fund dealing at NAV, with MAS-required disclosure of gating, side pockets, leverage and custody.
- [Real estate and private credit funds in a VCC: Singapore property carve-outs, loans and committed capital](/real-estate-private-credit/): Overseas property and most loans are designated investments for 13O/13U, but Singapore property, its holding companies and loans financing it are excluded.
- [Tokenised funds in a VCC: how MAS's tokenisation guide, Project Guardian and the fund tax rules apply](/tokenised-funds/): A VCC sub-fund can issue tokenised shares under the same SFA Part 13 offer rules as conventional shares, with added disclosure and possible custody licensing.
- [Re-domiciling a Cayman fund into a Singapore VCC: the Cayman exit, ACRA entry and the 60-day rule](/cayman-redomiciliation/): A Cayman fund company can re-domicile into a Singapore VCC if Cayman allows the transfer; it must give ACRA proof of deregistration within 60 days of approval.

## Fees, costs and raising capital
- [Sub-fund economics: management fees, performance fees, fund expenses and the cost floor of a VCC](/sub-fund-economics/): A VCC sub-fund's economics combine fees on committed capital, invested capital or NAV, shared and own expenses, GST remission and 13O/13U spending floors.
- [Fundraising and investor onboarding: restricted-scheme offers, accredited investors, KYC and the 30/50 rule](/fundraising-kyc/): Most VCC sub-funds for professional investors are offered as restricted schemes notified via CISNet, with investor KYC by an eligible financial institution.

## Service providers, NAV and the yearly cycle
- [The VCC operating model: what the manager, administrator, custodian, auditor and board each do](/operating-model/): In a VCC fund the manager runs the portfolio, the administrator calculates NAV, custodians hold assets, the auditor checks and the board oversees them all.
- [Valuation and NAV in a VCC: independent valuation, hard-to-value assets, NAV cycles and the audit](/valuation-nav/): MAS expects licensed managers to have VCC assets valued independently, by an administrator or a segregated in-house team; the annual audit alone is not enough.
- [The fund manager's VCC reporting calendar: ACRA, IRAS, MAS and investor deadlines in one checklist](/reporting-calendar/): A VCC fund's recurring deadlines run from its financial year end: AGM within 6 months, annual return within 7, plus IRAS, CRS, MAS and investor dates.

## Scenarios, FAQ, glossary and sources
- [Six launch scenarios: how different fund managers might use a Singapore VCC](/scenarios/): Six hypothetical launches show how a first-time VC GP, hedge, real estate, private credit, Cayman and tokenised fund managers might each structure a Singapore VCC.
- [VCC for fund managers: frequently asked questions](/faq/): Thirty-six answers for fund managers on Singapore VCCs, from licensing and ACRA fees to restricted schemes, KYC, independent valuation and moving from Cayman.
- [VCC fund launch glossary: 45 terms in English and Chinese](/glossary/): This glossary defines 45 Singapore VCC fund terms in English and Chinese, from sub-funds and VCFM to designated investments, NAV, gating and side pockets.
- [Sources and references](/sources/): Every figure on vccsg.com traces to a dated source; this page lists the MAS, ACRA and IRAS documents used, plus labelled secondary sources on Cayman steps.

## 中文摘要版
- [开曼基金迁入新加坡 VCC：开曼退出、ACRA 迁入与 60 天规则](/zh/cayman-redomiciliation/): 开曼基金公司如获开曼法律允许转移，可迁入新加坡成为 VCC；须在获批后 60 天内向 ACRA 提交原辖区注销证明。
- [按策略搭建 VCC：私募股权、风投、对冲、房地产、私募信贷与代币化基金对比](/zh/compare/): 同一个新加坡 VCC 可承载私募股权、风投、对冲、房地产、私募信贷与代币化基金；差异在于流动性安排、管理人牌照、估值方式与税务规则。
- [基金经理的新加坡 VCC 常见问题（中文摘要）](/zh/faq/): 本页以中文回答基金经理发行新加坡 VCC 基金的常见问题（截至 2026-10），包括管理人牌照与 VCFM、ACRA 费用与时间、受限计划、认可投资者、30/50 规则、独立估值与开曼迁入。
- [募资与投资者准入：受限计划发售、认可投资者、KYC 与 30/50 规则](/zh/fundraising-kyc/): 面向专业投资者的 VCC 子基金多以受限计划（restricted scheme）发售，须经 CISNet 通知 MAS，并由合资格金融机构执行投资者 KYC。
- [VCC 基金发行术语表：45 个中英对照术语](/zh/glossary/): 本术语表以中英对照方式定义 45 个新加坡 VCC 基金术语，涵盖子基金、VCFM、指定投资、NAV、赎回闸门与侧袋等。
- [VCC 中的对冲基金：开放式子基金、申赎周期、流动性工具与主经纪商](/zh/hedge-funds/): 新加坡 VCC 中的对冲基金通常是按 NAV 申赎的开放式子基金，须按 MAS 要求披露赎回闸门、侧袋、杠杆与托管安排。
- [VCC 运营模式：管理人、行政管理人、托管人、审计师与董事会各做什么](/zh/operating-model/): 在 VCC 基金中，管理人负责投资组合，行政管理人计算 NAV，托管人保管资产，审计师负责核查，董事会对各方进行监督。
- [基金经理的新加坡 VCC 发行与运营手册（中文摘要）](/zh/): vccsg.com 中文摘要（截至 2026-10）：新加坡可变资本公司（VCC）是在 ACRA 注册、由受 MAS 监管的管理人管理的公司型基金载体；本页概述基金经理发行与运营 VCC 基金的牌照、结构、募集、估值与报告要点。
- [VCC 中的私募股权与风投基金：封闭式设计、VCFM 路径与出资通知](/zh/private-equity-venture/): 新加坡 VCC 中的私募股权或风投基金通常是按出资通知提款的封闭式子基金；风投管理人如每支基金都符合 MAS 条件，可使用 VCFM 制度。
- [从条款书到首次交割：VCC 基金发行九步走](/zh/process/): 新加坡 VCC 基金发行分九步，从牌照确认到首次交割；牌照、文件与开户通常比 ACRA 的 14–60 天审批更耗时。
- [VCC 中的房地产与私募信贷基金：新加坡物业排除项、贷款与承诺资本](/zh/real-estate-private-credit/): 就 13O/13U 而言，海外物业与多数贷款属于指定投资，但新加坡物业、其控股公司以及为其融资的贷款被排除在外。
- [基金经理的 VCC 报告日历：ACRA、IRAS、MAS 与投资者期限一览清单](/zh/reporting-calendar/): VCC 基金的循环期限从财政年度结束日起算：6 个月内召开 AGM，7 个月内提交年度申报表，另有 IRAS、CRS、MAS 与投资者层面的日期。
- [六个发行场景：不同基金经理可以怎样使用新加坡 VCC](/zh/scenarios/): 六个假设性发行场景，说明首次募资的风投 GP、对冲、房地产、私募信贷、开曼迁入与代币化基金管理人可以怎样搭建新加坡 VCC。
- [资料来源与参考文件](/zh/sources/): vccsg.com 的每个数字都可追溯到注明日期的来源；本页列出所用的 MAS、ACRA 与 IRAS 文件，以及标注为二手来源的开曼迁出步骤资料。
- [子基金经济账：VCC 的管理费、业绩费、基金费用与成本下限](/zh/sub-fund-economics/): VCC 子基金的经济账由按承诺资本、已投资本或 NAV 计算的费用、共担与自担的开支、GST 减免以及 13O/13U 支出门槛共同构成。
- [VCC 中的代币化基金：MAS 代币化指南、Project Guardian 与基金税务规则如何适用](/zh/tokenised-funds/): VCC 子基金可发行代币化股份，与传统股份适用同样的 SFA 第 13 部分发售规则，另须额外披露，并可能涉及托管牌照。
- [VCC 的估值与 NAV：独立估值、难估值资产、NAV 周期与审计](/zh/valuation-nav/): MAS 期望持牌管理人对 VCC 资产进行独立估值，可由行政管理人或相互隔离的内部团队执行；仅靠年度审计并不足够。

## About and disclosures
- [About](/about/)
- [Contact](/contact/)
- [Disclosures](/disclosures/)
- [Network](/network/): Directory of the 33-site Xiaopoxian network

## Network
- [iul.sg](https://iul.sg/): iul.sg — Singapore IUL comparison platform
- [iul.com.sg](https://iul.com.sg/): IUL Academy — how indexed universal life works
- [vul.sg](https://vul.sg/): vul.sg — Variable Universal Life in Singapore
- [vul.com.sg](https://vul.com.sg/): VUL Singapore — the variable universal life guide
- [vul.hk](https://vul.hk/): vul.hk — VUL in Hong Kong vs Singapore
- [term.com.sg](https://term.com.sg/): Term Life Insurance in Singapore
- [term.hk](https://term.hk/): term.hk — Term life in Hong Kong vs Singapore
- [wholelife.com.sg](https://wholelife.com.sg/): Whole Life Insurance in Singapore
- [wholelife.hk](https://wholelife.hk/): wholelife.hk — Whole life in Hong Kong vs Singapore
- [ppli.com.sg](https://ppli.com.sg/): Private Placement Life Insurance (PPLI) Singapore
- [ilp.com.sg](https://ilp.com.sg/): Investment-linked Policies (ILP) in Singapore
- [saving.sg](https://saving.sg/): saving.sg — Savings insurance in Singapore
- [saving.com.sg](https://saving.com.sg/): Savings Plans Singapore
- [savings.sg](https://savings.sg/): savings.sg — Saving and cash management in Singapore
- [xiaopoxian.sg](https://xiaopoxian.sg/): Xiaopoxian — Singapore insurance & wealth knowledge network
- [xiaopoxian.com.sg](https://xiaopoxian.com.sg/): Xiaopoxian Encyclopaedia — Singapore insurance explained
- [vccfund.sg](https://vccfund.sg/): vccfund.sg — Singapore Variable Capital Company guide
- [vccfund.com.sg](https://vccfund.com.sg/): VCC Fund Singapore
- [hnw.sg](https://hnw.sg/): hnw.sg — HNW wealth planning in Singapore
- [hnwi.sg](https://hnwi.sg/): hnwi.sg — The HNWI landing handbook for Singapore
- [hnwsolution.sg](https://hnwsolution.sg/): hnwsolution.sg — HNW solutions: insurance, family office, private banking, wealth
- [hnwsolution.com.sg](https://hnwsolution.com.sg/): HNW Solutions Singapore
- [privatebanking.hk](https://privatebanking.hk/): privatebanking.hk — Private banking guide, Hong Kong × Singapore
- [bankaccount.sg](https://bankaccount.sg/): bankaccount.sg — Opening a bank account in Singapore
- [bankaccount.com.sg](https://bankaccount.com.sg/): Singapore Bank Account Guide
- [vccfund.si](https://vccfund.si/): vccfund.si — Singapore VCC vs global fund vehicles
- [sgvcc.com](https://sgvcc.com/): sgvcc.com — Singapore VCC for family offices and founders
- [xiaopoxian.si](https://xiaopoxian.si/): Xiaopoxian Q&A — 200 questions on Singapore insurance and wealth
- [insurancesg.si](https://insurancesg.si/): insurancesg.si — The expat guide to insurance in Singapore
- [insurancehk.si](https://insurancehk.si/): insurancehk.si — The Hong Kong insurance landscape
- [ppli.si](https://ppli.si/): ppli.si — Private placement life insurance around the world
- [xiaopoxian.com](https://xiaopoxian.com/): Xiaopoxian Knowledge Network — a map of Singapore and Hong Kong insurance and wealth knowledge

## Data and boundaries
- Every page cites sources and dates; nothing is inferred where sources are silent; guaranteed and non-guaranteed items are labelled separately; illustrations and past performance do not indicate future results.
- This site is operated by the Xiaopoxian content team to provide general education, comparison and reference material, and to register enquiries. It is not an insurer, bank, licensed financial adviser or insurance broker; its content has not been reviewed, approved or endorsed by the Monetary Authority of Singapore (MAS). Personalised advice, official quotations, account opening and application services are provided by the actual licensed or exempt institutions and their appointed representatives.