Statute Details
- Title: Variable Capital Companies (Transfer of Registration) Regulations 2020
- Full Title: Variable Capital Companies (Transfer of Registration) Regulations 2020
- Act Code: VCCA2018-S27-2020
- Type: Subsidiary Legislation
- Commencement Date: 14 January 2020
- Parts: Part 1: PRELIMINARY, Part 2: APPLICATION FOR REGISTRATION, Part 3: REGISTRATION, Part 4: MINIMUM REQUIREMENTS FOR REGISTRATION, Part 5: APPLICATION OF ACT TO REGISTERED FOREIGN CORPORATE ENTITIES
- Key Sections: Section 2: Definitions, Section 3: Forms
- Related Legislation: Companies Act 1967, Variable Capital Companies Act 2018
What Is This Legislation About?
The Variable Capital Companies (Transfer of Registration) Regulations 2020 provide the legal framework for foreign corporate entities to transfer their registration and become registered as Variable Capital Companies (VCCs) in Singapore. VCCs are a new corporate structure introduced in Singapore to facilitate the establishment and operation of investment funds. These Regulations set out the requirements and procedures for foreign entities to apply for and complete the transfer of their registration to become VCCs in Singapore.
What Are the Key Provisions?
The key provisions of the Regulations are as follows:
Definitions (Section 2): The Regulations define important terms such as "date of registration", "disqualification order", "foreign corporate entity", "place of incorporation", and "registration".
Forms (Section 3): The Regulations specify that the forms to be used for the purposes of the Regulations are those set out on the Accounting and Corporate Regulatory Authority (ACRA) website. They also allow for the use of similar forms with any necessary variations.
Application for Registration (Part 2): Part 2 covers the requirements for a foreign corporate entity to apply for registration as a VCC in Singapore. This includes the prescribed form to be used under Section 134(2)(a) of the Variable Capital Companies Act 2018, the certification of documents required under Section 134(2)(b)(i), and the prescribed documents required under Section 134(2)(b)(iv).
Registration (Part 3): Part 3 addresses the process of registration, including the notice of transfer of registration to be issued by the Registrar under Section 135(3) of the Act, and the form of application to be used by a foreign corporate entity under Section 135(7) of the Act.
Minimum Requirements for Registration (Part 4): Part 4 sets out the minimum requirements that a foreign corporate entity must meet in order to be registered as a VCC in Singapore.
Application of the Act to Registered Foreign Corporate Entities (Part 5): Part 5 covers the modifications to certain sections of the Variable Capital Companies Act 2018 and the Companies Act 1967 as they apply to foreign corporate entities that have been registered as VCCs.
How Is This Legislation Structured?
The Variable Capital Companies (Transfer of Registration) Regulations 2020 are divided into five parts:
- Part 1: PRELIMINARY - This part covers the citation, commencement, and definitions of key terms used in the Regulations.
- Part 2: APPLICATION FOR REGISTRATION - This part sets out the requirements for a foreign corporate entity to apply for registration as a VCC in Singapore.
- Part 3: REGISTRATION - This part addresses the process of registration, including the notice of transfer of registration and the form of application to be used.
- Part 4: MINIMUM REQUIREMENTS FOR REGISTRATION - This part specifies the minimum requirements that a foreign corporate entity must meet in order to be registered as a VCC.
- Part 5: APPLICATION OF ACT TO REGISTERED FOREIGN CORPORATE ENTITIES - This part covers the modifications to certain sections of the Variable Capital Companies Act 2018 and the Companies Act 1967 as they apply to foreign corporate entities that have been registered as VCCs.
Who Does This Legislation Apply To?
The Variable Capital Companies (Transfer of Registration) Regulations 2020 apply to foreign corporate entities that wish to transfer their registration and become registered as Variable Capital Companies (VCCs) in Singapore. A "foreign corporate entity" is defined in the Regulations as a body corporate that is incorporated outside of Singapore and that comprises one or more collective investment schemes.
The Regulations set out the specific requirements and procedures that these foreign corporate entities must follow in order to apply for and complete the transfer of their registration to become VCCs in Singapore.
Why Is This Legislation Important?
The Variable Capital Companies (Transfer of Registration) Regulations 2020 are an important piece of legislation that supports the broader Variable Capital Companies Act 2018. The VCC framework was introduced in Singapore to provide a new corporate structure that is tailored for investment funds and collective investment schemes.
By allowing foreign corporate entities to transfer their registration and become VCCs in Singapore, the Regulations help to enhance Singapore's position as a leading global hub for fund management and investment activities. This can attract more foreign investment funds to establish a presence in Singapore, which can in turn boost the country's financial services sector and economic growth.
The Regulations also provide clarity and certainty on the requirements and procedures for foreign entities to become VCCs, which can help to streamline the registration process and make Singapore a more attractive destination for fund managers and investors.
Ultimately, the Variable Capital Companies (Transfer of Registration) Regulations 2020 play a crucial role in supporting the development of Singapore's VCC framework and strengthening the country's position as a leading international financial center.
Related Legislation
- Companies Act 1967
- Variable Capital Companies Act 2018
Source Documents
This article provides an overview of the Variable Capital Companies (Transfer of Registration) Regulations 2020 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.