This page lists the official documents and other sources that the figures and rules on vccsg.com rely on, grouped by organisation, with the date of each document and what it is used for. Dates are the issue date, last-revised date or page-updated date shown by the source; where a page shows no date, the access date is given. Rules change: before acting on any figure, open the source and check that it is still current.
How this list is maintained
- Official first. Regulatory statements are taken from MAS, ACRA, IRAS, the Ministry of Finance and Singapore Statutes Online. Secondary sources (law firms, service providers) are used only where no official text was available, and are grouped separately.
- Dated. Every row has a date. Text quoted on this site was read in the source document on or before 24 October 2026.
- No unsourced numbers. Where no official source exists, for example market management-fee or performance-fee rates, service-provider prices or launch costs, pages describe the mechanism and do not give a figure.
- Versions. MAS revised SFA 04-G05 on 3 September 2025; in that version the Venture Capital Fund Manager requirements are in Appendix 4. Pages on this site cite the 2025 version. An earlier version dated 7 June 2024 is listed for reference only.
- Not advice. The list supports an educational site. It is not legal, tax or investment advice, and inclusion of a document does not mean any authority has reviewed this site.
MAS (Monetary Authority of Singapore)
| Organisation | Title | Date | Link | Used for |
|---|---|---|---|---|
| MAS | Singapore Asset Management Survey 2025 | 2026 (index page updated 2026-07-30) | 1,406 VCCs and 3,443 sub-funds as at 31 December 2025; 1,320 licensed fund managers; S$6.7 trillion AUM; VCC strategy chart; overview, compare, strategy pages | |
| MAS | Guidelines on Licensing and Conduct of Business for Fund Management Companies (SFA 04-G05) | Last revised 2025-09-03 | Independent custody (4.1.1), independent valuation and the audit (4.1.2), conflicts (4.1.3), disclosure incl. gating, side pockets, digital assets (4.1.4), termination (4.1.5), service providers (4.4), VCFM fund eligibility and requirements (Appendix 4), fee and allocation conflicts (Appendix 5); sub-fund-economics, operating-model, valuation-nav, fundraising-kyc, reporting-calendar, strategy pages | |
| MAS | Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies (SFA 04-G05), earlier version | Updated 2024-06-07 | Reference only; superseded by the 2025 revision | |
| MAS | Fund managers (types of capital market entities) | Page updated 2026-03-19 | mas.gov.sg | Retail LFMC, A/I LFMC and VCFM categories; VCFMs serve only accredited and institutional investors; private-equity-venture, compare |
| MAS | Fund management licensing | 2024-08-29 | mas.gov.sg | Review of complete applications up to 6 months; annual fee S$4,000; process, sub-fund-economics, reporting-calendar |
| MAS | FAQs on the Repeal of the Registered Fund Management Company Regime | 2024-04-25 | RFMC regime repealed 1 August 2024; overview, faq | |
| MAS | Offers of Collective Investment Schemes | Page updated 2026-10-05 | mas.gov.sg | Authorised and recognised schemes; restricted schemes (s305, S$200,000 per transaction, CISNet, information memorandum, 12-month declaration); fundraising-kyc, process, reporting-calendar |
| MAS | Notice SFA 13-N02: Annual Declaration for Notifications of Restricted Schemes | Issued 2009-09-15; last revised 2018-10-05 (effective 2018-10-08) | Notice page · PDF | First anniversary date 12 months from entry on MAS's list; lodging from one month before; moving the anniversary date earlier; fundraising-kyc, reporting-calendar |
| MAS | FAQs on the Definition of Accredited Investor and Opt-In Process | 2019-02-04 | Opt-in regime from 8 January 2019; fundraising-kyc, glossary | |
| MAS | Guide on the Tokenisation of Capital Markets Products | Last revised 2025-11-14 | PDF · page | Same SFA Part 13 regime for tokenised CMPs; offer exemptions (S$5 million small offers, 50-person private placements); custody and organised-market points; tokenised-funds |
| MAS | Media release: MAS Announces Plans to Support Commercialisation of Asset Tokenisation | 2024-11-04 | mas.gov.sg | Project Guardian and the Guardian Funds Framework as industry best-practice recommendations; tokenised-funds |
| MAS | Circular FDD Cir 05/2026: Tax Incentive Schemes for Funds | 2026-07-31 | 13O/13U conditions and local business spending tiers, with transitional rules before YA 2028 (paras 3.4, 3.6); closed-end treatment, revocation and opting in (paras 3.9–3.11); designated investments incl. property and loan carve-outs (Annex 3); GST remission, disallowed expenses and the annually published fixed recovery rate (Annex 4, paras 1–5); Singapore-based administrator (Annexes 6–7, FAQ 27); committed capital concession (Annex 7); closed-end treatment (Annex 8A); 30/50 rule and penalty; tokenised DI (FAQ 9); review before 31 December 2029; most pages | |
| MAS | MAS Notice VCC-N01 (AML/CFT for VCCs) | Last revised 2025-06-30 | Eligible financial institution classes; register of beneficial owners; fundraising-kyc, operating-model, reporting-calendar | |
| MAS | Guidelines on Outsourcing (Financial Institutions other than Banks) | Effective 2024-12-11; page last revised 2025-01-24 | mas.gov.sg | Applies to licensed fund management companies and VCFM companies; replaced the 2016 Guidelines on Outsourcing; operating-model, reporting-calendar |
| MAS and ACRA | Joint Media Release: MAS and ACRA Launch Variable Capital Companies Framework | 2020-01-15 | Framework launch; VCC must appoint a fund manager regulated by MAS; overview, operating-model |
ACRA (Accounting and Corporate Regulatory Authority)
| Organisation | Title | Date | Link | Used for |
|---|---|---|---|---|
| ACRA | Step 1: Understanding VCC features, eligibility & requirements | 2026-01-29 | acra.gov.sg | Variable capital, distributions from capital, register of members not public, re-domiciliation eligibility; set-up fee S$8,015 (S$15 name plus S$8,000 incorporation) and S$400 per sub-fund; overview, process, sub-fund-economics, fundraising-kyc, cayman-redomiciliation |
| ACRA | Step 2: Choosing directors & key officers for a VCC | 2026-01-29 | acra.gov.sg | Director rules (three directors, one independent, for VCCs with authorised schemes), permissible fund manager types, company secretary within 6 months, auditor within 3 months, no audit exemption; faq, glossary, operating-model, valuation-nav, reporting-calendar |
| ACRA | Step 5a: Registering a variable capital company (VCC) | 2026-10-19 | acra.gov.sg | S$8,000 incorporation fee, 14 to 60 days to approve, constitution not public; process |
| ACRA | Step 5b: Re-domiciling into Singapore as a VCC | 2026-10-12 | acra.gov.sg | S$9,000 plus S$400 per sub-fund; 60-day deregistration proof; S$200 extension; cayman-redomiciliation |
| ACRA | Step 6: Post-registration guide for VCCs | 2026-06-15 | acra.gov.sg | Sub-fund registration within 7 days; officer changes within 14 days; segregation of sub-fund assets; reporting-calendar, operating-model, valuation-nav, sub-fund-economics |
| ACRA | Due date & requirements for VCC AGMs | 2026-01-29 | acra.gov.sg | AGM within 6 months of FYE; financial statements 14 days before AGM or within 5 months if no AGM; reporting-calendar, valuation-nav |
| ACRA | Deadline & requirements: VCC annual returns | 2026-01-29 | acra.gov.sg | Annual return within 7 months of FYE; S$200 extension; reporting-calendar |
IRAS (Inland Revenue Authority of Singapore)
| Organisation | Title | Date | Link | Used for |
|---|---|---|---|---|
| IRAS | e-Tax Guide: Tax Framework for Variable Capital Companies (Fourth Edition) | 2026-04-22 | Tax schemes available to VCCs (s13G, s13O, s13U); single entity and one set of returns; ECI and Form C; residence and COR; distributions; GST remission claims; stamp duty at sub-fund level; tax clearance before winding up a sub-fund; most pages | |
| IRAS | Guidance on filing Form C-S/ Form C-S (Lite)/ Form C | Page updated 2026-08-10 | iras.gov.sg | Form C due 30 November each year; reporting-calendar |
| IRAS | Common Reporting Standard (CRS) | Page updated 2026-09-09 | iras.gov.sg | Register as Reporting SGFI by 31 March; returns by 31 May; fundraising-kyc, reporting-calendar |
| IRAS | Foreign Account Tax Compliance Act (FATCA) | Page updated 2026-08-11 | iras.gov.sg | FATCA returns or nil returns by 31 May; fundraising-kyc, reporting-calendar |
| IRAS | Quick Guide to CRS Registration (registration information sheet) | 2019-03-06 | Umbrella-level CRS registration; a 2019 document, check current IRAS guidance; fundraising-kyc | |
| IRAS | Additional Buyer's Stamp Duty (ABSD) | Page updated 2026-08-27 | iras.gov.sg) | 65% ABSD for entities and trustees buying residential property from 27 April 2023; real-estate-private-credit, compare |
Ministry of Finance and Singapore Statutes
These two sources give the policy background and the statutory definition of an accredited investor. The site does not quote section numbers of the VCC Act itself; statements about who may manage a VCC are taken from ACRA's Step 2 page and MAS's documents, which summarise the statutory position.
| Organisation | Title | Date | Link | Used for |
|---|---|---|---|---|
| Ministry of Finance | Note by Second Minister for Finance on the Variable Capital Companies Bill | 2018-10-02 | Policy intent; open-ended and closed-end use; accounting standards (Singapore standards, IFRS, US GAAP); a 2018 policy note, check current rules; overview, valuation-nav | |
| Singapore Statutes Online (AGC) | Securities and Futures Act 2001, section 4A (accredited investor) | Accessed 2026-10-22 | sso.agc.gov.sg | Individual accredited investor tests; fundraising-kyc, glossary |
Readers who need the statutory text, for example the VCC Act provisions on permissible fund managers, segregation of sub-fund assets or re-domiciliation, should read the current consolidated version on Singapore Statutes Online and check the amendment history shown there, since ACRA and MAS pages summarise rather than reproduce the law.
Cayman Islands and other secondary sources
These sources are not issued by a regulator. They are used only for the Cayman side of a re-domiciliation, where no Cayman government text was read for this site. Pages that use them say so, describe the steps in general terms and recommend that Cayman counsel confirm current requirements, fees and CIMA procedures before a fund relies on them. Where the two sources differ in detail, for example on how secured creditors are dealt with, pages follow the more specific wording of the law-firm article: an undertaking that secured creditors will be notified of the transfer within 21 days.
| Organisation | Title | Date | Link | Used for |
|---|---|---|---|---|
| Collas Crill (law firm) | Collas Crill explains… Continuing a company out of the Cayman Islands | 2026-03-01 (first published 2021-10-12) | collascrill.com | Cayman Companies Act Part XII continuation steps: directors' affidavit, fee of three times the annual fee, regulator consent, certificate of de-registration; cayman-redomiciliation |
| Waystone (fund service provider) | CIMA issues new regulatory procedures for the deregistration of Cayman Islands investment funds | 2022-09-06 | waystone.com | CIMA cancellation rule: notice within 21 days, final audit or audit waiver, good standing; cayman-redomiciliation |
Points that remain open
The following questions could not be settled from an official source by 24 October 2026. Pages on this site handle them as described and do not state a conclusion.
| Question | How the site handles it |
|---|---|
| Singapore tax treatment of carried interest and performance fees | No conclusion given; readers are directed to Singapore tax advice |
| Market ranges for management fees, performance fees and service-provider fees | No figures given; mechanisms and illustrative formulas only |
| How a VCFM maps to the VCC Act's fund manager requirement in a specific case | Described as a point to confirm with counsel |
| The current text of CIMA's deregistration rule and fees | Secondary sources only; Cayman counsel to confirm |
| Application of specific valuation guidelines (such as industry valuation standards) to a VCC | Pages refer only to the fair-value principles of the accounting framework the VCC adopts |
| Whether Cayman exempted limited partnerships or unit trusts can reach a VCC through a prior restructuring | Pages repeat ACRA's "similar corporate structure" test and refer the rest to counsel |
| ACRA's Step 2 page still lists registered fund management companies as permissible managers, although MAS repealed that regime on 1 August 2024 | Pages note both facts and refer readers to the current VCC Act text; no date for any amendment to the Act is given |
If you notice a source on this page that has been updated or withdrawn, you can tell us through the contact options on this site.
Sources and dates
- Guidelines on Licensing and Conduct of Business for Fund Management Companies (SFA 04-G05) — Monetary Authority of Singapore · 2025-09-03
- Circular FDD Cir 05/2026: Tax Incentive Schemes for Funds — Monetary Authority of Singapore · 2026-07-31
- Step 5a: Registering a variable capital company (VCC) — ACRA · 2026-10-19
- e-Tax Guide: Tax Framework for Variable Capital Companies (Fourth Edition) — Inland Revenue Authority of Singapore · 2026-04-22