Summary
Foreign corporate entities may apply to transfer their registration to Singapore (inward re-domiciliation). A foreign corporate entity that re-domiciles to Singapore to become a registered VCC, is required to comply with the VCC Act. Re-domiciliation will not affect the obligations, liabilities, properties or rights of the foreign corporate entity.
Requirements
Solvency criteria:
• All the directors of the foreign corporate entity have formed the opinion that the foreign corporate entity meets the minimum requirements mentioned in regulation 9(1)(a)and (b) of the Variable Capital Companies (Transfer of Registration) Regulations 2020
• The foreign corporate entity is authorised to transfer its incorporation under the law of its place of incorporation;
• The foreign corporate entity has complied with the requirements of the law of its place of incorporation in relation to the transfer of its incorporation;
• The application for registration under section 134(1) of the VCC Act is —
a. not intended to defraud existing creditors of the foreign corporate entity; and
b. made in good faith;
• There are other minimum requirements such as the foreign corporate entity is not under judicial management, not in liquidation or being wound up etc.
How to apply
Please check if your proposed name is available by conducting a name search at VCC Portal (www.vcc.bizfile.gov.sg) using the search directory before you submit your application. A non-refundable fee of $9,000 + [$400 x number of sub-funds] is payable for application for Transfer of Registration. You may include sub-funds in the application for Transfer of Registration if the foreign corporate entity consists of two or more collective investment schemes (CIS).
You can proceed to submit your application using "Application for Transfer of Registration" via the VCC Portal (www.vcc.bizfile.gov.sg).
Processing time for Transfer of Registration
It may take 14 to 60 days from the date of submission of all required documentation, to process the transfer of registration application. This includes the time required for referral to another government agency for approval or review, if necessary. For more information on Referral Authorities, please click here
After Registration
The applicant will be notified of the outcome of the application by email. Upon approval, the foreign corporate entity will be registered as a VCC in Singapore. After registration, a pending task will appear in the applicant’s dashboard for submission of document evidencing that the foreign corporate entity has been de-registered in its place of incorporation.
A document evidencing the de-registration of the foreign corporate entity in its place of incorporation must be submitted within 60 days after the date of registration or within the last extension period, where applicable.
Application for Extension of Time to submit de-registration document
If the VCC requires more time to provide the document, it may apply for an extension of time via > EServices > Application for Extension of Time under Section 135(7) of the VCC Act.
Each application for Extension of Time (EOT) costs $200 (non-refundable) and is valid for 60 days. The application must be submitted within 60 days from the date of registration or within the last extension period, where applicable.
The Registrar may revoke the registration of the VCC if the document is not submitted within 60 days after the date of registration, or within such longer period as the Registrar has approved.