VCC Grant Scheme (VCCGS) — 30% co-funding mechanics — Timeline and processing benchmarks

The Variable Capital Company Grant Scheme (VCCGS) was a Monetary Authority of Singapore initiative that co-funded up to 70% of eligible set-up expenses for incorporating or registering a VCC, capped per VCC and per qualifying entity. It was designed to offset professional fees on early VCC formation; sponsors should confirm the scheme’s current status and any successor before relying on it.

Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.

What the VCCGS was designed to do

When the VCC framework launched, MAS introduced the VCC Grant Scheme to accelerate adoption by defraying the professional cost of setting up the new structure. The grant co-funded a share of the eligible expenses paid to Singapore-based service providers, legal, tax, administration and regulatory-compliance work, incurred in incorporating a new VCC or registering an existing foreign corporate fund as a VCC. Because the early cost stack deterred smaller sponsors, the co-funding was intended to tip the economics in favour of Singapore domicile.

Who it was for

The scheme targeted fund managers and sponsors incorporating or re-domiciling funds as VCCs in Singapore. It was particularly useful to first-time VCC sponsors and boutique managers for whom the set-up professional fees were most material. Sponsors weighing the grant against the total cost typically read our cross-site incorporation-cost analysis and our VCC restricted-scheme notification controls guide for the regulatory steps, and the market-access side through our MRA Grant application guide where overseas distribution is planned.

How the co-funding worked (numerical specifics)

Under the VCCGS as originally structured, MAS co-funded up to 70% of qualifying set-up expenses paid to Singapore-based service providers, subject to a cap per VCC, commonly cited at up to S$30,000 per application, with a limit on the number of VCCs a qualifying entity could claim for. Only expenses paid to Singapore-based providers qualified, which reinforced local substance. The grant was a reimbursement of eligible spend, so sponsors paid the providers and then claimed the supported share, subject to MAS approval and documentation. These parameters defined the scheme during its window; the exact figures and eligibility should be verified against the current MAS position.

Eligibility and requirements checklist

• Incorporation of a new VCC, or registration of an existing foreign corporate fund as a Singapore VCC, within the scheme window.
• Eligible set-up expenses paid to Singapore-based service providers.
• An eligible fund manager connected to the VCC, consistent with the Variable Capital Companies Act 2018 and MAS licensing.
• Documentation of the qualifying expenses for the reimbursement claim.
• Compliance with the per-VCC cap and the per-entity limit on claims.

Status and how to plan around it

Grant schemes are time-limited and periodically revised or replaced. The VCCGS operated within a defined window and a fixed funding envelope, and MAS has updated its VCC-related support over time. Sponsors should therefore not assume the original 70% co-funding is currently available; the correct step is to confirm the present scheme, its rate, cap and window, directly with MAS before budgeting. Plan the structure so that it is viable without the grant, and treat any available co-funding as an offset rather than a precondition. Confirm the current position on MAS schemes and initiatives, the incorporation fees on ACRA, and the fund tax-incentive interaction on IRAS. Our cross-site note on import GST deferment and cash-flow schemes shows how sponsors stack support across agencies.

Common mistakes and gotchas

The biggest risk is relying on a lapsed or fully-subscribed grant: schemes close when the funding envelope is exhausted, so a structure that only works with the grant may become uneconomic. Others claim expenses paid to non-Singapore providers, which do not qualify, or miss the documentation needed for reimbursement. And some overlook that the grant offsets set-up cost only, not the far larger ongoing running-cost stack. Confirming the current scheme with MAS at the planning stage avoids all of these.

Related guides

• Import GST Deferment Scheme (IGDS) Singapore 2026: Defer Import GST and Free Up Cash Flow
• MRA Grant 2026: Complete Application Guide for Singapore SMEs
• Control a VCC Restricted-Scheme Notification

Frequently asked questions: vcc grant scheme

How much did the VCCGS co-fund?
As originally structured, up to 70% of qualifying set-up expenses paid to Singapore-based service providers, capped per VCC, commonly cited at up to S$30,000 per application. Confirm the current rate and cap with MAS, as schemes are revised.

Is the VCC Grant Scheme still open?
Grant schemes operate within defined windows and funding envelopes and are periodically revised or replaced. Do not assume the original scheme is currently available; verify the present position directly with MAS before budgeting.

What expenses qualified under the VCCGS?
Eligible set-up expenses paid to Singapore-based service providers for incorporating a new VCC or registering an existing foreign corporate fund as a VCC, subject to documentation and MAS approval.

Does the grant cover VCC running costs?
No. The VCCGS offset one-off set-up expenses only. Ongoing costs, administration, audit, custody and management, are not covered and should be budgeted separately.

Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email hello@rafflescorporateservices.com. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.