Variable Capital Company or VCC is a new corporate structure which may be set up as a single fund structure (“non-umbrella VCC”) or an umbrella fund (“umbrella VCC”) that consists of, or is to consist of, two or more sub-funds.
A VCC is treated as a company for tax purposes. For an umbrella VCC, the sub-funds are treated as separate persons for stamp duty purposes such that stamp duty is levied at the sub-fund level. This is in line with the principle that sub-funds have segregated assets and liabilities.
When dutiable instruments are executed by any person including a VCC, stamp duties are payable within 14 days after the date of execution in Singapore or, if the instrument is executed overseas, within 30 days after the date of receipt of the instrument in Singapore.