• a22162

VCC Application

Foreign Corporate Entities Application for Transfer of Registration to Singapore as a VCC


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;

• 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 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.


Minimum requirements

The minimum requirements prescribed for registration are —


(a) as at the date of the application by the foreign corporate entity for registration (called the application date) —


(i) there is no ground on which the foreign corporate entity may be found to be unable to pay its debts;


(ii) in the case of a foreign corporate entity that is a foreign umbrella fund, there is no ground on which the foreign corporate entity may be found to be unable to pay the debts of any of its collective investment schemes;


(iii) the value of the foreign corporate entity’s assets is not less than the value of its liabilities (including contingent liabilities); and


(iv) in the case of a foreign corporate entity that is a foreign umbrella fund, the value of each of its collective investment schemes’ assets is not less than the value of that collective investment scheme’s liabilities (including contingent liabilities);


(b) the foreign corporate entity —


(i) if it is intended to commence winding up of the foreign corporate entity within 12 months immediately after the application date — is able to pay its debts in full within the period of 12 months after the date of commencement of the winding up;


(ii) if it is not intended to commence winding up of the foreign corporate entity within 12 months immediately after the application date — is able to pay its debts as they fall due during the period of 12 months immediately after the application date;


(iii) if the foreign corporate entity is a foreign umbrella fund and it is intended to commence winding up of any of its collective investment schemes within 12 months immediately after the application date — the foreign corporate entity is able to pay the debts of that collective investment scheme in full within the period of 12 months after the date of commencement of the winding up; or


(iv) if the foreign corporate entity is a foreign umbrella fund and it is not intended to commence winding up of any of its collective investment schemes within 12 months immediately after the application date — the foreign corporate entity is able to pay the debts of every collective investment scheme as they fall due during the period of 12 months immediately after the application date;


How to apply


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".


Form VCR2 Statement by the foreign corporate entity as to each proposed director's compliance with the factors prescribed for the purposes of section 53(3) of the VCC Act under the Variable Capital Companies Regulations 2020


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 foreign corporate entity registered must, within 60 days after the issue of the notice of transfer of registration, or such further period as may be extended, submit to the Registrar a document evidencing that the foreign corporate entity has been de-registered in its place of incorporation.


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.


The Registrar may, on the application of the registered foreign corporate entity, extend the 60‑day period subject to such conditions as the Registrar considers fit.

Each application for Extension of Time (EOT) 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.


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.


Application fee


A non-refundable fee of $9,000 + [$400 x number of sub-funds] is payable for application for Transfer of Registration.


Each application for Extension of Time (EOT) costs $200 (non-refundable).


Contacts

For more information on Application for Transfer of Registration to Singapore to become a registered VCC, please contact Bestar.

7 views0 comments

Recent Posts

See All