The VCC Masterclass: Skills for the New Era of Fund Management

Workshop Overview

Singapore’s revolutionary Variable Capital Companies (VCC) framework has redefined the fund management landscape, offering an unparalleled blend of flexibility and efficiency for investment funds. This essential workshop provides corporate secretarial and compliance professionals with a masterclass in navigating the VCC ecosystem, from incorporation and governance to tax optimization and regulatory compliance. Through practical case studies and expert guidance, you will gain the critical skills to overcome implementation challenges, leverage strategic advantages, and ensure seamless operations. For any professional advising on or managing funds, this session is an indispensable opportunity to master a powerful structure that is cementing Singapore's status as a leading global fund domicile.

Programme Outline

1. Introduction to VCCs & Investment Fund Structures

Overview of Singapore's VCC framework and its advantages
Comparison of legal structures: Company vs. VCC vs. Limited Partnership
Key benefits & use cases for VCCs in fund management

2. Core Features & Mechanics of a VCC

Capital structure – Flexibility in share capital & redemption rights
Umbrella structure & sub-funds – Segregation of assets & liabilities
Fund manager eligibility – Segregation of assets & liabilities

3. Setting Up a VCC: Incorporation & Compliance

Step-by-step incorporation process
Required regulatory filings & timelines
Role of MAS (Monetary Authority of Singapore) & ACRA in approvals

4. Governance & Operational Requirements

Corporate Secretary – Key duties & compliance obligations
Director Requirements – Fit & proper criteria, responsibilities
Custodian obligations – When is a custodian mandatory?

5. Tax & Financial Considerations

Tax incentives & exemptions for VCCs
GST & withholding tax implications
Fund expense structuring for optimal efficiency

6. Common Challenges & Practical Solutions

Regulatory pitfalls & how to avoid them
Case studies on real-world compliance issues
Best practices for ongoing VCC maintenance

7. Interactive Discussion & Q&A

Open forum to address participant-specific scenarios
Expert insights on emerging trends & regulatory updates

Key Takeaways

By the end of this session, you will:

✔ Master the VCC framework – Understand the legal, operational, and compliance aspects under the VCC Act.

✔ Learn best practices for incorporation, governance, and fund structuring.

✔ Gain clarity on tax benefits and financial considerations for VCCs

✔ Overcome common pitfalls – Learn from case studies on compliance challenges and solutions.

✔ Enhance professional competency in advising clients or managing VCCs within their organizations.

Who Should Attend?

This workshop is essential for:

• Corporate Secretaries & Governance Professionals handling VCC compliance

• Fund Administrators & CSPs involved in VCC setup and maintenance

• In-house Legal & Compliance Teams from fund management and wealth management firms

• Accountants & Tax Advisors looking to understand VCC-related tax incentives

• Regulatory & Risk Professionals seeking deeper insights into VCC structures

Armin Choksey is a seasoned asset management professional with over 24 years of experience in fund audits, financial reporting, and regulatory frameworks across multiple jurisdictions, including the US, Hong Kong, India, Canada, and Luxembourg. His expertise spans US GAAP, IFRS, and other international accounting standards, making him a trusted advisor on cross-border fund compliance and structuring. He has played a pivotal role in shaping Singapore's fund ecosystem, serving as the project leader for the introduction of the Singapore Variable Capital Company (VCC) and authoring the influential white paper that led to MAS's feasibility study on Openended Investment Companies (OEICs).

Beyond his regulatory contributions, Armin is a respected educator, having lectured at the National University of Singapore (NUS CAMRI), the Wealth Management Institute (WMI), and NTU's Masters in Asset and Wealth Management program. His blend of technical expertise, policy influence, and academic engagement positions him as a thought leader in fund governance, wealth management, and financial innovation.

Whether you're new to VCCs or looking to refine your expertise, this session will provide practical, actionable knowledge to elevate your professional practice.