The Variable Capital Companies (VCC) Grant Scheme in Singapore isn't just a programme; it's a guiding light for both fund managers and businesses. Representing the nation’s dedication to fostering innovation and nurturing financial growth, this scheme significantly reshapes the asset management industry. Through the provision of financial support and incentives, the scheme encourages businesses to engage in the flourishing domestic financial ecosystem. In this article, we dive into the key aspects of this initiative.
What is the Variable Capital Companies (VCC) Grant Scheme?
The VCC Grant Scheme serves as a catalyst for growth and innovation within the VCC landscape. It aims to bolster the competitiveness of VCCs by providing them with financial assistance and incentives. Companies can leverage this scheme to access funding for a spectrum of activities, including research and development, adoption of technology, market expansion, and talent development.
The VCC Grant Scheme is designed to encourage the establishment and growth of Variable Capital Companies in Singapore.
Companies applying for the grant must be registered as VCCs under the Variable Capital Companies Act.
The VCC Grant Scheme covers a portion of the eligible expenses incurred during the establishment of a VCC.
The grant amount is determined based on the nature and scale of the proposed activities.
The VCC Grant Scheme is an ongoing initiative and applicants are encouraged to check for specific submission deadlines and review cycles.
1. Understanding the Objectives
The VCC Grant Scheme embodies Singapore's vision to become the preferred fund domicile by actively encouraging the establishment of VCCs within the country. This initiative not only enhances Singapore's global standing in asset management but also boosts innovation. Moreover, the coexistence of diverse VCCs fosters healthy competition. Inspiring businesses to improve their services can ultimately enrich the spectrum of choices available to investors. With a commitment to foster continuous growth, a dynamic and prosperous future becomes attainable for all stakeholders, including businesses and investors.
2. Navigating the Eligibility Criteria
To truly understand what the VCC Grant Scheme is, one of the most important aspects is to comprehend its eligibility criteria. Navigating these requirements demands attention to detail, beyond being dedicated to meeting the highest standards of professionalism.
3. Benefits That Propel Progress
The VCC Grant Scheme serves as a valuable resource for fund managers aiming to develop or re-domicile their funds. Beyond rendering financial assistance, the scheme acts as a gateway to a vast and influential network within Singapore's financial ecosystem. The network is mainly made up of key industry players, regulatory bodies, and experienced professionals who can offer guidance, mentorship, and collaborative opportunities. Fund managers participating in the VCC Grant Scheme gain access to more than just funding; they become part of a supportive community that promotes knowledge exchange, paving the way for notable growth.
4. Straightforward Grant Application
The grant application for a newly-minted VCC, can in fact be a simple process. First-Time Qualifying Fund Managers who meet the eligibility criteria, are required to maintain a record of all the qualifying incidental costs incurred during incorporation, including legal, tax, administration, or regulatory compliance services, for submission to the Monetary Authority of Singapore within the first three months of incorporation.
Upon exploring the extensive benefits of the VCC Grant Scheme, fund managers can turn their innovative visions into tangible realities. This transformational process also leads to the creation of new businesses, job opportunities, and economic growth, opening up opportunities for a more progressive financial landscape.
VCC.SG is committed to enriching the collective understanding and dialogue within the VCC fund community, ensuring this invaluable resource is available to everyone.
Get in touch with us today to learn more about how we can support your variable capital company establishment.
FAQs about VCC Grant Scheme
What is the VCC Grant Scheme?
What expenses are covered under the VCC Grant Scheme?
When does the VCC grant scheme end?
Can foreign-owned VCCs apply for the grant?