Legal Update: MAS Looks to allow Single Family Offices to Manage VCCs
The Monetary Authority of Singapore has revealed in its response to the Business Times on 7 December 2020, that it is looking into possibly “widening the scope of permissible fund managers to allow Single Family Offices to manage Variable Capital Companies (“VCCs”).”
In this update, we take the opportunity to:
- highlight why this is relevant to high-net worth/ultra high net worth individuals and families looking to set up a fund to manage their own monies; and
- provide details on the VCC and the VCC Grant Scheme.
- share insights from the Asset Management Tax team of KPMG in Singapore on the potential tax incentives which VCC and other fund structures can rely on to significantly improve tax efficiency.
Please click on the attachment for more details.
For further information contact:
Partner & Head, Corporate and Financial Services
+65 6361 9845
+65 6361 9363
Contributors from KPMG in Singapore
Teo Wee Hwee
Partner, Head of Real Estate & Asset Management, Tax, KPMG in Singapore
Director, Real Estate & Asset Management, Tax, KPMG in Singapore