News

Lawmakers mull S-Vacc as Singapore aims to be funds hub

Singapore_parliamentThe Singapore Variable Capital Company (S-Vacc), a legal structure designed to cater to investment funds, is being discussed by legislators as part of its journey into law. On September 10, the second minister for finance, Indranee Rajah, moved the Variable Capital Companies Bill for its first reading in parliament. “The introduction of the VCC structure will encourage fund managers in Singapore to establish the domicile of their investment funds in Singapore and help strengthen Singapore’s position as a full-service international fund management centre,” said a statement on the bill from the Monetary Authority of Singapore. Proponents of the S-Vacc say the structure will stimulate the city-state’s investment funds industry by making Singapore a more appealing jurisdiction in which to domicile funds. Currently, established jurisdictions such as the Cayman Islands and Luxembourg serve as domiciles for a large proportion of investment funds managed or sold in Singapore. ©2018 funds global asia

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