Detailed Notes on VCC
Detailed Notes on VCC
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VCCs are not subjected to a mandatory requirement to hold an once-a-year standard meeting (AGM) and also have the choice to dispense with holding an yearly normal meeting by supplying no less than sixty days’ see to its shareholders.
VCCs could also utilize Singapore’s intensive network of double taxation treaties. To take advantage of the double taxation treaties, the VCC will have to receive a certificate of residence from IRAS.
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A VCC will need to have no less than 1 director who is likewise a director or certified representative with the fund management company that will be taking care of the VCC.
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A VCC have to be managed by a fund manager controlled or licenced through the MAS unless exempted. This exemption is only relevant to those fiscal establishments exempt underneath certain provisions of the SFA (securities and futures act) only.
When it comes to re-domiciliation specifications, overseas funds can shift to VCC structure in Singapore if they may have beneficial net assets, and stay creditworthy in just 12 months from your day of their VCC software.
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Cross sub-fund investments and cross SPV investments are permitted in the similar VCC. The board with the VCC shall figure out solvency just before distribution of dividend.
This framework is meant to lessen the compliance stress for little to medium-sized VCCs who may not possess the assets to comply with a lot more sophisticated needs.