Variable Capital Companies

Variable Capital Companies

Maximize your investment potential with our expert Variable Capital Companies (VCC) setup services. Our seasoned fund administration and corporate secretarial team is ready to deliver on-the-ground support for the incorporation and ongoing maintenance of your VCC. 

Benefit from tax transparency and flexible structures adapted to your fund’s requirements, ensuring smooth integration and regulatory compliance. Trust us to manage the complexity of VCC setup with ease, allowing you to focus on maximizing your profits. 

FAQ

A Variable Capital Company (VCC) is a corporate structure in Singapore designed for investment funds, offering flexibility in capital management and distribution. 

Benefits include flexibility in capital management, segregation of assets, tax efficiency, ease of distribution, and compliance with international standards. 

VCCs can serve as an efficient vehicle for managing family wealth, providing flexibility in investment strategies, succession planning, and privacy. 

Regulatory requirements include compliance with the Variable Capital Companies Act, appointment of directors and key officeholders, and obtaining approval from the Monetary Authority of Singapore (MAS). 

VCCs in general are considered as companies which enjoy tax exemptions on certain income and gains, making them an attractive option for wealth management activities in Singapore. 

It depends on factors such as your investment objectives, asset size, regulatory requirements, and tax considerations. Consult with us to assess the suitability of a VCC for your specific circumstances.

Watershore provides comprehensive services for setting up a VCC in Singapore, including regulatory compliance, legal documentation, tax planning, and ongoing support to ensure a smooth establishment and operation. 

We bring the best solutions that meets your requirements

Knowledge & Expertise

In-depth local knowledge spanning over 15 years ensures regulatory compliance & risk-minimized processes.

Proactive & Timely

We take a proactive approach in managing regulatory deadlines and tax submissions to always ensure compliance.

Customized Solutions

There is no one-size-fits-all solution. We strive to understand & address individual needs with customized solutions to help clients achieve specific goals.

Strategic Advisory Services

Beyond compliance, we provide strategic guidance to optimize business structures, reduce tax liabilities, & navigate complicated regulatory environments.

Regular Updates

Clients can expect regular updates on business environment developments & other pertinent information. Our proactive communication empowers you to make the best-informed decisions.

Quality Assurance

Clients can count on us to maintain the highest standards & meticulous attention to detail in every aspect of our work, from financial reporting to legal documents.

Accessibility & Responsiveness

Being readily available & responding promptly to queries are critical aspects of our commitment to client satisfaction.

Continual Education

Continuous training for staff ensures ongoing improvement to deliver high-quality services with integrity & professionalism.

Family Office

Family Office

Build, preserve, and grow your wealth – Recognizing the uniqueness of every family, we begin by understanding your goals and needs, tailoring our approach to suit each client. 

Our professional team is dedicated to guiding you through every step of forming and maintaining your family office. This includes close collaboration with stakeholders (i.e. bankers, lawyers, fund managers, advisors, and trustees) and seamless coordination with regulatory bodies, ensuring strict tax compliance and efficiency throughout the process. 

With our expertise and personalized service, we empower you to navigate the complexities of wealth management confidently, enabling you to achieve your long-term financial prosperity. 

FAQ

Establishing a family office in Singapore offers benefits such as strategic location, political stability, robust legal framework, favourable tax regime, access to global markets, and a well-developed financial ecosystem. 

Family offices can be classified as single-family offices (serving one wealthy family) or multi-family offices (serving multiple families). They can also be structured as virtual family offices, outsourcing certain functions to external providers. 

Whether a family office is right for your family depends on factors such as the size of your wealth, complexity of financial affairs, desire for personalized services, and long-term financial objectives. Consulting with wealth management professionals can help determine suitability. 

Family offices typically offer a range of services including investment management, financial planning, tax planning, estate planning, philanthropic advisory, risk management, and family governance. 

The costs of setting up a family office in Singapore can vary depending on factors such as the size and complexity of the family’s wealth, scope of services required, and whether services are provided internally or outsourced. 

Yes, you can set up a SFO in Singapore without necessarily participating in GIP.


  1. Can the Investor still get PR if he sets up an SFO without GIP? Yes, but via other options:
    1. Professional, Technical Personnel, and Skilled Workers Scheme
    2. Spouse of a Singapore Citizen or Permanent Resident
    3. Aged Parents of a Singapore Citizen
    4. Investment in Singapore – While not part of the GIP, if the investor makes significant investments in Singapore that contribute to the country’s economy, he/she may still be considered favourably for PR under certain circumstances.

  2. Can the family members obtain PR/ EP without GIP? Yes, but via other options:
    1. Family Ties Scheme: Spouses and unmarried children (below 21 years old) of Singapore citizens or PRs may apply.
    2. Employment Pass: Family members who qualify for employment in Singapore based on their professional skills and qualifications.

  3. Are there limitation to number of EP under non-GIP SFO? The number of EP that a SFO can obtain is not specifically limited. However, the number of EPs that an SFO can obtain may be subject to other regulations and considerations, such as:
    1. Employment Pass Eligibility Criteria: Each EP application is assessed based on the individual’s qualifications, experience, and the employing company’s credibility.
    2. Company Size and Operations: Larger SFOs with more substantial operations may be able to obtain more EPs compared to smaller ones.
    3. Workforce Planning and Justification: When applying for EPs, SFOs need to demonstrate a genuine need for foreign talent and justify why local talent may not be suitable for the roles in question.
    4. Fair Consideration Framework (FCF): The Fair Consideration Framework requires employers in Singapore to consider Singaporeans fairly before hiring EP holders.

The investor’s track record includes various factors such as his/her educational background, professional experience, his/her roles and responsibilities and achievements (eg. AUM, investment returns).

It is alright for the NAV to drop below S$50mil. However, upon renewal of the PR, the SFO must employ at least 5 incremental Family Office professionals (with at least 3 Singapore Citizens) and maintain the S$50 million AUM across any of the 4 investment categories.

The SFO can invest in a Singapore-based operating company owned by the investor or a related party. The investment portfolio of the family office should be balanced, and it will be assessed during the GIP interview.

At the point of Re-Entry Permit (REP) renewal, the applicant should meet the minimum REP renewal criteria. The applicant will also have to submit a declaration form 1 year after the date of receiving Final Approval of his/her PR status, which includes the breakdown of the S$50 million deployed across the 4 specified investment categories. Failure to meet the minimum criteria could lead to a non-renewal of the applicant’s REP.

The Investor applies for PR under the GIP and includes their eligible family members (spouse and unmarried children under 21 years old) in the application. Upon main applicant’s GIP approval, he/she is granted PR status, eligible family members included in the application are typically granted PR status as well. The Investor can establish SFO and employ their family members under EPs if they meet the eligibility requirements, such as relevant skillset and experience, set by the MOM.

  1. Can the spouse apply for PR under GIP together? Or is the spouse only granted?
    • The spouse is typically included in the main applicant’s GIP application as a dependent, and if the main applicant’s GIP application is approved and they are granted PR status, the spouse is usually granted PR status as well.

  2. If the GIP-PR is cancelled due to failed renewal, does it affect the spouse’s PR?
    • If the spouse obtained PR status as a dependent of the main applicant under the GIP, the cancellation of the main applicant’s PR status may result in the review or cancellation of the spouse’s PR.

  3. Can the Investor obtain PR again via GIP if he failed the renewal criteria?
    • Yes, Investor may reapply for PR through the GIP again. However, the fact that the investor’s PR status was cancelled due to failure to meet renewal criteria may be taken into consideration during the reapplication process. It’s essential to address any issues or concerns that led to the cancellation and demonstrate the investor’s continued commitment.

We bring the best solutions that meets your requirements

Knowledge & Expertise

In-depth local knowledge spanning over 15 years ensures regulatory compliance & risk-minimized processes.

Proactive & Timely

We take a proactive approach in managing regulatory deadlines and tax submissions to always ensure compliance.

Customized Solutions

There is no one-size-fits-all solution. We strive to understand & address individual needs with customized solutions to help clients achieve specific goals.

Strategic Advisory Services

Beyond compliance, we provide strategic guidance to optimize business structures, reduce tax liabilities, & navigate complicated regulatory environments.

Regular Updates

Clients can expect regular updates on business environment developments & other pertinent information. Our proactive communication empowers you to make the best-informed decisions.

Quality Assurance

Clients can count on us to maintain the highest standards & meticulous attention to detail in every aspect of our work, from financial reporting to legal documents.

Accessibility & Responsiveness

Being readily available & responding promptly to queries are critical aspects of our commitment to client satisfaction.

Continual Education

Continuous training for staff ensures ongoing improvement to deliver high-quality services with integrity & professionalism.