Introduction

Family offices managing substantial wealth increasingly look to Singapore as a prime jurisdiction for structuring their investment vehicles. The Variable Capital Company (VCC) fund framework provides a flexible and efficient structure that aligns well with the investment strategies of family office investments. This article explores the key benefits, legal considerations, and step-by-step process for setting up a VCC for family office investments.

Why Choose a VCC for Family Office Investments?

1. Flexible Capital Structure

Unlike traditional fund structures, a VCC allows capital to be freely issued and redeemed without the need for shareholder approval, making it ideal for long-term family office investments.

2. Tax Efficiency

• Exemptions Under the Singapore Income Tax Act: VCCs can qualify for tax incentives under Singapore’s fund tax exemption schemes, such as the Enhanced Tier Fund (ETF) scheme.
• Access to Singapore’s Double Taxation Agreements (DTAs): This enables tax-efficient cross-border family office investments.

3. Segregated Sub-Funds

A VCC can have multiple sub-funds, each with ring-fenced liabilities, allowing a family office to structure family office investments across different asset classes, jurisdictions, and family members.

4. Privacy & Confidentiality

Unlike some fund structures, VCC shareholder details are not publicly disclosed, making it a preferred option for ultra-high-net-worth families who value confidentiality in their family office investments.

5. Regulatory Framework & MAS Oversight

A VCC is regulated by the Monetary Authority of Singapore (MAS), ensuring a stable and globally recognized investment structure for family office investments.

Step-by-Step Process to Set Up a VCC for Family Office Investments

Step 1: Appoint Key Service Providers

To establish a VCC, the family office must engage regulated service providers, including:

• Fund Manager: A MAS-licensed or exempt fund manager is required to manage the VCC’s family office investments. Family offices managing their own assets may qualify for an exemption.
• Company Secretary: To handle compliance filings.
• Custodian & Administrator: Required for fund operations, including asset valuation and reporting.

Step 2: Incorporate the VCC

• File incorporation documents with the Accounting and Corporate Regulatory Authority (ACRA).
• Choose whether the VCC will be standalone or have multiple sub-funds.
• Appoint a board of directors, ensuring at least one director is Singapore-resident.

Step 3: Apply for Tax Incentives

• Submit applications for the 13O (Onshore Fund) or 13U (Offshore Fund) tax exemptions under MAS.
• Engage a tax advisor to assess eligibility and optimize structuring for family office investments.

Step 4: Set Up Bank & Brokerage Accounts

• Open a corporate bank account to facilitate fund transactions.
• Establish brokerage and custodian accounts for managing diversified family office investments.

Step 5: Compliance & Ongoing Governance

• Ensure compliance with MAS regulations, including annual reporting and audits.
• Implement risk management frameworks, including AML (Anti-Money Laundering) policies.
• Conduct regular reviews to ensure alignment with the family’s investment objectives.

Common Investment Strategies for a Family Office VCC

1. Direct Investments in Private Equity & Venture Capital

A VCC allows family offices to pool capital into high-growth startups, private equity funds, or direct acquisitions, enhancing family office investments.

2. Diversified Global Asset Allocation

By structuring sub-funds, a family office can segregate family office investments across real estate, fixed income, equities, and alternative assets.

3. Philanthropy & ESG Investing

Some family offices use VCCs to create impact-driven sub-funds, focusing on ESG (Environmental, Social, and Governance) investments aligned with family values and sustainable family office investments.

Conclusion

For family office managers, setting up a Variable Capital Company (VCC) in Singapore provides a flexible, tax-efficient, and legally robust framework to manage and grow family office investments across generations. With proper legal structuring and compliance, a VCC can become a powerful tool for sustainable wealth preservation and strategic investment planning.

Need Help Setting Up a VCC?

If you’re considering setting up a VCC for your family office investments, our legal team at Singapore Legal Practice specializes in family office structuring, investment fund compliance, and tax advisory. Contact us today for a consultation!

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If you’re ready to take the next step in securing and growing your wealth, the experienced Singapore lawyer that we work with is here to help. Whether you’re exploring trust structures, succession planning, or other private wealth solutions, his team is committed to providing personalized guidance tailored to your unique needs. Start your journey today by filling out the Google Form on our website to schedule a free consultation. Let us help you navigate the complexities of private wealth management with confidence and clarity. Click here to get started!

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http://www.SingaporeLegalPractice.com is a corporate law and commercial law educational website headquartered in Singapore which aims to demystify business law and 新加坡商业法 for SME Company Owners, Startup Founders and 新加坡新移民老板。The information provided on this website does not constitute legal advice.  Please obtain specific legal advice from a lawyer before taking any legal action.  Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk.  Click here to signup for our newsletter today to be kept updated on the latest legal developments in Singapore.

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为家族办公室投资设立VCC：家族办公室经理指南

介绍

管理大量财富的家族办公室越来越倾向于选择新加坡作为其投资工具的主要管辖区。可变资本公司（VCC）框架提供了一种灵活且高效的结构，非常适合家族办公室投资的策略。本文将探讨设立家族办公室投资VCC的主要优势、法律考量及具体步骤。

为什么选择VCC进行家族办公室投资？

1. 灵活的资本结构

与传统基金结构不同，VCC允许资本自由发行和赎回，无需股东批准，使其非常适合长期家族办公室投资。

2. 税收优惠

• 符合新加坡所得税法的豁免政策：VCC可符合新加坡基金税收优惠计划，如增强型基金（ETF）计划。
• 享受新加坡双重征税协定（DTA）：可实现跨境家族办公室投资的税收优化。

3. 分离的子基金结构

VCC可设立多个子基金，每个子基金负债相互独立，允许家族办公室在不同资产类别、司法管辖区和家族成员之间结构化家族办公室投资。

4. 隐私与保密性

与其他基金结构不同，VCC股东信息不对外公开，这使其成为超高净值家族的优选，以确保家族办公室投资的隐私性。

5. MAS监管框架

VCC受新加坡金融管理局（MAS）监管，确保了一个稳定且全球认可的家族办公室投资结构。

设立家族办公室VCC的步骤

步骤1：聘请关键服务提供商

家族办公室需聘请受监管的服务提供商，包括：

• 基金管理人：必须由MAS持牌或豁免的基金管理公司管理VCC的家族办公室投资。部分家族办公室可申请豁免。
• 公司秘书：负责合规备案。
• 托管及行政管理人：管理基金运营，包括资产估值和报告。

步骤2：注册VCC

• 向**新加坡会计与企业管理局（ACRA）**提交注册文件。
• 决定VCC是独立基金还是包含多个子基金。
• 指定董事会成员，至少一名董事需为新加坡居民。

步骤3：申请税收优惠

• 申请MAS下的13O（本地基金）或13U（离岸基金）税收豁免。
• 聘请税务顾问评估合规性，并优化家族办公室投资架构。

步骤4：开设银行及经纪账户

• 开设企业银行账户，便于资金交易。
• 建立经纪和托管账户，以管理多元化的家族办公室投资。

步骤5：合规管理与持续治理

• 确保遵守MAS法规，包括年度报告和审计。
• 实施风险管理框架，包括反洗钱（AML）政策。
• 定期审查，以确保与家族投资目标保持一致。

家族办公室VCC的常见投资策略

1. 私募股权和风险投资的直接投资

VCC允许家族办公室将资本集中于高增长初创企业、私募股权基金或直接收购，提升家族办公室投资的多元化。

2. 全球资产配置的多元化

通过子基金结构，家族办公室可将家族办公室投资分配到房地产、固定收益、股票及另类资产。

3. 慈善及ESG投资

部分家族办公室使用VCC创建影响力投资子基金，专注于符合家族价值观和可持续发展的ESG（环境、社会和治理）投资，以实现长期家族办公室投资。

结论

对于家族办公室管理人而言，在新加坡设立可变资本公司（VCC）提供了灵活、税收高效且法律稳健的架构，以管理并拓展家族办公室投资，实现跨代财富管理目标。通过合适的法律架构和合规管理，VCC可以成为财富保值和战略投资规划的强大工具。

需要帮助设立VCC？

如果您正在考虑设立家族办公室投资VCC，新加坡法律事务所（Singapore Legal Practice）的法律团队专注于家族办公室架构、投资基金合规及税务咨询。立即联系我们，获取专业咨询！

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If you’re ready to take the next step in securing and growing your wealth, the experienced Singapore lawyer that we work with is here to help. Whether you’re exploring trust structures, succession planning, or other private wealth solutions, his team is committed to providing personalized guidance tailored to your unique needs. Start your journey today by filling out the Google Form on our website to schedule a free consultation. Let us help you navigate the complexities of private wealth management with confidence and clarity. Click here to get started!

==================================================================================================

http://www.SingaporeLegalPractice.com is a corporate law and commercial law educational website headquartered in Singapore which aims to demystify business law and 新加坡商业法 for SME Company Owners, Startup Founders and 新加坡新移民老板。The information provided on this website does not constitute legal advice.  Please obtain specific legal advice from a lawyer before taking any legal action.  Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk.  Click here to signup for our newsletter today to be kept updated on the latest legal developments in Singapore. ==================================================================================================