SOL-015 · One Roof, Separate Rooms: the Singapore VCC

Educational Information

教育资料

For Accredited & Institutional Investors

仅供合格及机构投资者

This page explains a Singapore fund structure, the Variable Capital Company (VCC), in general, educational terms. It is not legal, tax or licensing advice, not a recommendation, and not an offer of any fund, service or product. Touchstone is a licensed fund manager, not a legal, tax or corporate-services adviser. For any decision, rely on the official MAS, ACRA and IRAS texts and on qualified professional advice.

本页就新加坡的一种基金架构，即可变资本公司（VCC）作一般性教育说明。不构成法律、税务或牌照意见，不构成建议，亦非任何基金、服务或产品的要约。拓石为持牌基金管理公司，并非法律、税务或企业服务顾问。任何具体决定，请以金管局、会计与企业管制局及国内税务局的官方文本和合格专业人士的意见为准。

The Idea

核心概念

A company built to be a fund

一家为做基金而设的公司

A Variable Capital Company is a Singapore company designed for one purpose: to be an investment fund. Investors buy shares, a licensed manager invests the money, and one VCC can hold several separate sub-funds whose assets are walled off from each other. Singapore introduced the structure in January 2020. By 1 April 2026 there were 1,338 of them, according to the Monetary Authority of Singapore (MAS).

可变资本公司（VCC）是新加坡专为一个用途设计的公司形式：做投资基金。投资者认购股份，由持牌管理人负责投资；一家VCC之下可以设立多只子基金，彼此资产相互隔离。新加坡于2020年1月推出这一架构，据新加坡金融管理局（金管局）数据，截至2026年4月1日已有1,338家。

Think of an office building with one owner and several locked floors. A fire on one floor does not reach the others, and the whole building shares one lift, one guard and one set of bills.

可以把它想成一栋写字楼：业主只有一个，楼内分成若干上锁的楼层。一层失火，烧不到别的楼层；整栋楼共用一部电梯、一名保安、一套账单。

At a Glance

一览

Four things to remember

记住四点

It is a fund

本质是基金

Investors hold shares. A manager regulated by MAS makes the investment decisions.

投资者持有股份，投资决策由受金管局监管的管理人作出。

Rooms are walled off

子基金相互隔离

A loss or a creditor claim in one sub-fund cannot reach the assets of another.

一只子基金的亏损或债务，追索不到另一只子基金的资产。

The manager must manage

管理人必须实质管理

MAS does not accept a VCC used only as a box for assets an investor already owns.

金管局不接受仅用来承接投资者现有资产的VCC。

It carries fixed costs

固定成本不低

A board, an auditor, a custodian and an administrator, every year. It suits larger or pooled money.

董事会、审计师、托管人、行政管理人，年年都要。更适合规模较大或集合的资金。

How It Is Built

架构

One company, several ring-fenced funds

一家公司，多只相互隔离的基金

A VCC can be a single fund, or an “umbrella” holding two or more sub-funds. A sub-fund is not a separate legal person; the VCC is. But the law ring-fences each sub-fund, so its creditors can claim only on that sub-fund’s assets. All sub-funds share one board of directors and one set of service providers, which is where the cost saving comes from.

VCC可以是单一基金，也可以是下设两只以上子基金的「伞形」结构。子基金本身不具独立法人资格，法人是VCC；但法律对各子基金实行隔离，子基金的债权人只能就该子基金的资产主张权利。所有子基金共用一个董事会和一套服务机构，成本节约由此而来。

Investor money sits in the VCC’s own account at a custodian bank, never in the manager’s account.投资者资金存放于VCC在托管银行开立的账户，不进入管理人的账户。

Shares can be issued and redeemed without a shareholder vote, and dividends can be paid out of capital. That is the “variable capital” in the name. The structure works for funds investors can redeem from, and for funds that lock money up, such as private equity.

发行与赎回股份无须股东表决，亦可从资本中派发股息，这正是「可变资本」的含义。无论是可随时赎回的开放式基金，还是私募股权一类设有锁定期的封闭式基金，均可采用。

The Trade-Off

得与失

What you get, and what it asks of you

得到什么，又须付出什么

What you get得到什么

Separation. Different strategies, asset types or family branches, each in its own ring-fenced sub-fund.隔离。不同策略、不同资产类别或不同家族分支，各占一只相互隔离的子基金。
Privacy. The list of shareholders is not open to the public. Authorities can ask to see it.私密。股东名册不向公众开放，监管与执法机关可依法调阅。
Access to tax exemptions. A VCC can apply for Singapore’s fund tax exemptions and use its tax treaties.税务安排。可申请新加坡的基金税务豁免，并适用新加坡的税收协定。
An onshore, supervised fund. A Singapore vehicle under a MAS-regulated manager.在岸且受监管。由受金管局监管的管理人运作的新加坡基金。

What it asks of you须付出什么

A regulated manager. A VCC cannot manage itself.必须委任受监管的管理人。VCC不得自行管理。
Letting the manager manage. Investment decisions sit with the manager, not the investor.把投资交给管理人。投资决策权在管理人，而不在投资者。
Yearly obligations. An audit, an annual meeting and an annual return.年度义务。审计、股东周年大会、年度申报。
Recurring costs. Directors, administrator, auditor and custodian are paid every year, whatever the size.持续成本。董事、行政管理人、审计师、托管人的费用每年发生，与规模无关。

The Rule That Matters Most

最要紧的一条规则

It must be a real fund

它必须是一只真正的基金

MAS reviewed VCCs and their managers in 2024, and on 26 June 2025 wrote to every fund manager with its findings. The central message: the manager must do the investment work. A VCC is a collective investment scheme, and the manager is expected to be “actively involved in all aspects of investment and risk management”.

金管局于2024年对VCC及其管理人开展专题检查，并在2025年6月26日向全体基金管理人发出通函。核心要求只有一条：投资管理必须由管理人实质承担。VCC属于集合投资计划，管理人应当「积极参与投资与风险管理的各个环节」。

What MAS expects监管的要求

The manager builds the portfolio and does the due diligence.管理人负责组合构建与尽职调查。
The manager answers for investment performance.管理人对投资业绩负责。
Assets sit with an independent custodian.资产交由独立托管人保管。
A VCC left empty for an extended period is wound down.长期空置的VCC应予清盘。

What MAS does not accept监管不接受的做法

Moving an investor’s existing assets into a VCC “without providing investment inputs”.在「未提供投资意见」的情况下，把投资者现有资产转入VCC。
A VCC set up only to pass on funds run by other managers.设立VCC只为转售其他管理人的基金。
A manager who only does marketing.管理人只做营销。

In practice: a VCC is a poor fit for an investor who wants to make every decision himself, or who only wants a holding box for assets he already owns.

落到实处：希望每一笔投资都由自己拍板的投资者，或只想找个架构持有既有资产的投资者，并不适合VCC。

Source: MAS Circular IID 04/2025, “Governance and Management of Variable Capital Companies”, 26 June 2025. MAS told Parliament in April 2026 that 25 VCCs found holding no assets without a valid reason in 2025 were directed to de-register.资料来源：金管局通函 IID 04/2025《可变资本公司的治理与管理》，2025年6月26日。金管局2026年4月答复国会质询时表示，2025年有25家VCC被发现无正当理由而未持有任何资产，其管理人已被要求办理注销。

What It Takes

所需安排

A manager, a board, a custodian and an auditor, every year

管理人、董事会、托管人、审计师，年年如此

You need	What the rule says
A manager	Regulated by MAS: a licensed fund management company or a bank.
Directors	At least one from the manager, and at least one living in Singapore. One person can be both.
A custodian	An independent bank holds the assets. Private equity or venture capital offered only to accredited or institutional investors is the one exception.
An auditor and a secretary	The accounts are audited every year.
Investor checks	An eligible financial institution carries out the anti-money-laundering checks. The VCC and its directors stay responsible.
Yearly filings	Annual general meeting within six months of the financial year-end; annual return to ACRA within seven.

所需安排	规则要点
基金管理人	须受金管局监管，即持牌基金管理公司或银行。
董事	至少一名来自管理人，至少一名常住新加坡，可由同一人兼任。
托管人	资产由独立托管银行保管；仅面向合格或机构投资者的私募股权、风险投资基金属唯一例外。
审计师与公司秘书	账目每年审计。
投资者审查	反洗钱审查须委托合资格金融机构执行，VCC及其董事仍须承担责任。
年度申报	财政年度结束后六个月内召开股东周年大会，七个月内向会计与企业管制局提交年度申报表。

Sources: Variable Capital Companies Act 2018, sections 46 and 48; MAS Notice VCC-N01; MAS Circular IID 04/2025; Accounting and Corporate Regulatory Authority (ACRA).资料来源：《2018年可变资本公司法》第46、48条；金管局通告 VCC-N01；金管局通函 IID 04/2025；会计与企业管制局（ACRA）。

Common Questions

常见问题

Cost, tax and other practical points

成本、税务及其他实务问题

What does it cost?成本几何？

The government fees are modest: S$8,015 to register a VCC, S$400 for each sub-fund, and S$1,600 a year for the annual return. The real cost is professional fees, which are quoted case by case and recur every year: lawyers, the fund administrator, the auditor, directors, the custodian and tax advice.政府规费有限：注册一家VCC为8,015新元，每只子基金400新元，年度申报每年1,600新元。真正的成本在专业服务费，包括律师、基金行政管理人、审计师、董事、托管人及税务顾问，按个案报价，且每年发生。

Is the MAS set-up grant still available?金管局的设立补贴还有吗？

No. The Variable Capital Companies Grant Scheme began in January 2020 and ended on 15 January 2025.没有了。可变资本公司补贴计划自2020年1月起实施，已于2025年1月15日截止。

Is a VCC tax-exempt?VCC可以免税吗？

Not automatically. A VCC is taxed like a company, but it can apply to MAS for Singapore’s fund tax exemptions, known by their section numbers in the Income Tax Act: 13O, from S$5 million of designated investments, and 13U, from S$50 million. Each carries conditions on local spending and investment staff.并非自动免税。VCC按公司纳税，但可向金管局申请新加坡的基金税务豁免。两项豁免以《所得税法》条文编号相称：13O自500万新元指定投资起，13U自5,000万新元起，均附带本地开支与投资专业人员方面的条件。

How is an umbrella VCC taxed?伞形VCC如何计税？

As one taxpayer, with separate sums. The umbrella files as a single company, but the income of each sub-fund is worked out on its own, and one sub-fund’s losses cannot be set against another’s income. A Singapore-resident VCC can obtain a tax residence certificate and use Singapore’s tax treaties.一个纳税主体，分别计算。伞形VCC作为一家公司报税，但各子基金的收入分别核算，一只子基金的亏损不得冲抵另一只的收入。属新加坡税务居民的VCC可申领税务居民证明，从而适用新加坡的税收协定。

Can an existing offshore fund move to Singapore?现有的离岸基金可以迁到新加坡吗？

Yes, if it has a similar corporate structure. ACRA allows such a fund to transfer its registration to Singapore as a VCC, subject to conditions, including that its home jurisdiction permits the transfer.可以，前提是其公司架构与VCC相近。会计与企业管制局允许此类基金将注册地迁至新加坡并转为VCC，但须满足若干条件，包括原注册地法律允许迁出。

Who can invest?谁可以投资？

It depends on how the fund is offered. MAS notes that the vast majority of VCCs are offered only to accredited or institutional investors.视基金的发售方式而定。金管局指出，绝大多数VCC仅向合格投资者或机构投资者发售。

Sources: ACRA fee schedule (updated 29 January 2026); MAS media release, 15 January 2020; IRAS e-Tax Guide “Tax Framework for Variable Capital Companies”, fourth edition, 22 April 2026; MAS Circular IID 04/2025.资料来源：会计与企业管制局收费表（2026年1月29日更新）；金管局2020年1月15日新闻稿；国内税务局电子税务指南《可变资本公司税务框架》第四版（2026年4月22日）；金管局通函 IID 04/2025。

Who Is Using It

谁在用

The large private banks, among others

大型私人银行已相继入场

Bank	What it did	Size and entry
DBS Private Bank	Launched its Multi Family Office Foundry VCC in 2023. Each client family has its own sub-fund.	S$1 billion and more than 25 families by September 2025. Minimum S$15 million.
Standard Chartered	Set up Standard Chartered Funds VCC in June 2024, for strategies run by outside managers.	First offered in Singapore, Hong Kong and Dubai.
Union Bancaire Privée (UBP)	Launched its first VCC fund in December 2025, investing in bonds.	S$200 million committed. Minimum US$20 million.

机构	做法	规模与门槛
星展私人银行	2023年推出多家族办公室 Foundry VCC，每个家族各设一只子基金。	至2025年9月规模达10亿新元，入驻家族逾25个；最低1,500万新元。
渣打银行	2024年6月设立 Standard Chartered Funds VCC，用于承载外部管理人运作的策略。	首批覆盖新加坡、香港、迪拜。
瑞联银行（UBP）	2025年12月推出首只VCC基金，投向债券。	认缴2亿新元；最低2,000万美元。

Source: each bank’s own announcement (DBS, 23 September 2025; Standard Chartered, 10 June 2024; UBP, 3 December 2025). Named for illustration of how the structure is used; not a comment on any product.资料来源：各行公告（星展，2025年9月23日；渣打，2024年6月10日；瑞联，2025年12月3日）。列举仅为说明该架构的实际用途，不构成对任何产品的评价。

Three Ways To Hold A Managed Portfolio

三种持有方式

The VCC is the heaviest of the three

三者之中，VCC最「重」

An investor who wants a professional manager to run his money has, broadly, three ways to hold the portfolio. They differ in where the money sits and how much structure surrounds it.

投资者若希望由专业管理人打理资金，大体有三种持有方式，差别在于资金存放在哪里、外面套了多少层架构。

	Managed account	Actively managed certificate	VCC sub-fund
Where the money sits	The investor’s own account at a bank	With the bank that issues the certificate	The VCC’s own account at a custodian
What the investor owns	The shares and bonds, directly	A note issued by a bank, carrying that bank’s credit risk	Shares in a Singapore fund
Set-up	Lightest: an account and a mandate	Moderate: issuer terms and a term sheet	Heaviest: a company, board, auditor, administrator
Running cost	Lowest	Moderate	Highest
Broadly suits	One investor, a tailored portfolio	One strategy held by several investors	Larger or pooled money, several strategies

	专户管理	主动管理型凭证（AMC）	VCC子基金
资金存放	投资者本人在银行的账户	发行该凭证的银行	VCC在托管银行的账户
投资者持有	直接持有股票与债券	银行发行的票据，须承担发行行的信用风险	新加坡基金的股份
设立	最轻：开户并签署委托书	居中：与发行行议定条款	最重：公司、董事会、审计师、行政管理人
运营成本	最低	居中	最高
大致适合	单一投资者，量身定制的组合	一套策略，多位投资者持有	规模较大或集合的资金，多套策略

A general comparison, not a recommendation; the terms of any actual arrangement depend on the bank, the issuer and the documents. For actively managed certificates, see SOL-006.此为一般性比较，不构成建议；任何实际安排的条款取决于银行、发行人及相关文件。主动管理型凭证详见SOL-006。

Is It Right For You?

是否适合

Where a VCC fits, and where it does not

VCC适合谁，又不适合谁

More likely to fit较为适合

A family that wants an onshore Singapore fund under a regulated manager.希望设立新加坡在岸基金、并交由受监管管理人运作的家族。
Several strategies or family branches that need to be kept apart.有多套策略或多个家族分支需要分开管理。
Private equity deals with co-investors.有共同投资人参与的私募股权项目。
An offshore corporate fund moving to Singapore.拟迁册至新加坡的离岸公司型基金。

Less likely to fit不太适合

A single account of modest size. A managed account is simpler.单一且规模有限的账户，专户管理更为简便。
An investor who wants to decide every trade himself.希望每笔交易都自行决定的投资者。
A holding box for assets the investor already owns.只想找个架构持有既有资产。
Anyone the fund cannot lawfully be offered to.依法不得向其发售该基金的人士。

Words Used On This Page

名词解释

A short glossary

简明词汇表

Sub-fund子基金

One ring-fenced pool inside an umbrella VCC, with its own assets and investors.伞形VCC之下一个相互隔离的资金池，有自己的资产和投资者。

Custodian托管银行

The bank that holds the fund’s assets for safekeeping.负责保管基金资产的银行。

Fund administrator基金行政管理人

The firm that keeps the books and works out what each share is worth.负责记账并计算每股净值的机构。

MAS · ACRA · IRAS金管局、会计与企业管制局、国内税务局

Singapore’s financial regulator, its company registry and its tax authority.分别为新加坡的金融监管机构、公司注册机构和税务机关。

Accredited investor合格投资者

An investor who meets the wealth or income test in Singapore law and has opted in.符合新加坡法定财富或收入标准、并已选择加入的投资者。

13O and 13U13O 与 13U

Sections of the Income Tax Act that exempt a qualifying fund’s specified investment income.《所得税法》中对合资格基金的特定投资收入给予豁免的条款。

Re-domicile迁册

Moving an existing foreign fund’s registration to Singapore.将现有境外基金的注册地迁至新加坡。

Where Touchstone Fits

拓石的角色

The investment manager, not the architect

我们是投资管理人，不是架构设计者

Let us be precise about our lane. Touchstone is a MAS-licensed fund manager (CMS101936). We are not a law firm, a tax adviser or a corporate-services provider. We do not incorporate vehicles, draft constitutions or give opinions on tax exemptions; that is the work of qualified professionals.

先把我们的定位讲清楚。拓石是金管局持牌基金管理公司（CMS101936），并非律师事务所、税务顾问或企业服务机构。我们不代办公司设立、不起草章程、不就税务豁免出具意见，这些是合格专业人士的工作。

Where we do fit is the part every structure still needs: managing the money. Whether a family holds its portfolio in its own bank account, through a certificate or inside a fund, someone has to build the portfolio, watch the risk and answer for the result. For most investors the simplest structure that does the job is the right one, and a conversation about investment aims should come before any conversation about vehicles.

我们真正契合之处，是任何架构都绕不开的那一部分：管理资金。无论家族的资产放在本人银行账户、凭证还是基金之中，总要有人构建组合、盯住风险、对结果负责。对多数投资者而言，够用且最简单的架构就是合适的架构；先谈投资目标，再谈载体。

The structure is the building.
The investing is what happens inside it.

架构只是房子，
投资才是房子里发生的事。

One Roof, Separate RoomsUnderstanding the Singapore Variable Capital Company

一个屋檐，各自成间读懂新加坡可变资本公司（VCC）