Singapore VCC insights
Number of VCC in Singapore: The Official Count and How to Verify a VCC
Short answer: MAS reports that 1,406 VCCs had been incorporated or re-domiciled in Singapore by 31 December 2025, representing 3,443 sub-funds. To verify a particular VCC, buy its ACRA business profile, which shows its sub-funds, officers, manager and auditor, then check the manager on MAS’s Financial Institutions Directory. The register of members is not public.
The number of VCC in Singapore is a figure often quoted and rarely sourced. The only official count is in the Monetary Authority of Singapore (MAS) annual asset management survey, and it measures something specific. This note gives the official figure and what it includes, then explains what the public record shows about an individual variable capital company (VCC), what it deliberately does not show, and how an investor, bank or counterparty can check a VCC and its manager in a few steps.
Key facts at a glance
- 1,406 VCCs incorporated or re-domiciled by 31 December 2025, representing 3,443 sub-funds (MAS Singapore Asset Management Survey 2025).
- A year earlier: 1,200 VCCs and 2,695 sub-funds at 31 December 2024 (MAS survey 2024), an increase of 206 VCCs and 748 sub-funds.
- VCCs at end 2025 were managed by over 50% of Singapore’s regulated fund management companies.
- Each VCC keeps its own register of members under section 81 of the Variable Capital Companies Act 2018; section 82 limits who may see it.
- ACRA keeps a register of each VCC’s managers under section 71(3); an ACRA business profile costs S$5.50 and a register of officers or managers S$20.
- A VCC’s manager must hold a capital markets services licence for fund management or fall within a listed exempt class (section 46).
This article is general information only and is not legal, tax or immigration advice. For matters needing legal advice, we work with a panel of experienced Singapore law firms.
What is the official number of VCC in Singapore?
The official number is 1,406 VCCs, representing 3,443 sub-funds, as of 31 December 2025. It comes from the MAS Singapore Asset Management Survey 2025, published in 2026.
The survey states that these umbrella or standalone VCCs were incorporated or re-domiciled in Singapore for various use cases and fund strategies, and that they were managed by over 50% of regulated fund management companies in Singapore. The same survey reports total assets under management of S$6.7 trillion, up 10% in 2025, and 1,320 asset managers with investment teams in Singapore.
| Measure (at 31 December) | 2024 | 2025 | Change |
|---|---|---|---|
| VCCs incorporated or re-domiciled | 1,200 | 1,406 | +206 (about 17%) |
| Sub-funds represented | 2,695 | 3,443 | +748 (about 28%) |
| Managers of VCCs | 628 regulated fund management companies | Over 50% of regulated fund management companies | Different basis; not directly comparable |
Two points of method matter. First, the survey describes VCCs “incorporated or re-domiciled”, and does not say whether VCCs since wound up or struck off are excluded. Second, the survey is published once a year, so any figure quoted for 2026 is either an estimate or comes from a source other than MAS. Treat unattributed “live counts” with care.
Why do sub-funds grow faster than VCCs?
Because an umbrella VCC can add sub-funds without a new incorporation. Sub-funds grew by about 28% in 2025, against about 17% for VCCs.
For a manager, adding a sub-fund to an existing umbrella reuses the board, the constitution and the service provider contracts. The ratio of sub-funds to VCCs rose from about 2.25 to about 2.45 over the year. In practice that means the count of VCCs understates how many distinct fund strategies sit on the VCC platform.
What does the VCC count not tell you?
The headline figure measures adoption of the structure, not the size, activity or quality of any one fund. It is a market statistic, not a due diligence tool.
A VCC on the count may be a large umbrella with many sub-funds, a single-strategy fund, or a vehicle used by a family office for its own assets. It may be newly incorporated and not yet invested. For an individual fund, the relevant evidence is entity-specific: the ACRA record, the manager’s regulatory status, the offering documents and the audited financial statements made available by the manager to investors. Market statistics help explain why banks, administrators and auditors in Singapore are familiar with the structure; they say nothing about whether a particular VCC is sound.
What does the public record show about a particular VCC?
ACRA’s VCC portal sells certified information on any registered VCC, including its sub-funds, officers, manager and auditor. It does not show who the investors are.
ACRA’s page on types of VCC information products (last updated 29 January 2026) lists four products, bought through the VCC portal:
| Product | What it shows | Cost |
|---|---|---|
| Business Profile | Unique Entity Number, name, date of incorporation or registration, details of sub-funds (if any), officers, manager and auditor. E-certified and endorsed by an ACRA Assistant Registrar. | S$5.50 |
| Extracts | Copies of past documents and attachments filed by the VCC | From S$11 |
| Certificates | Proof of the VCC’s status or registration | From S$11 |
| Registers | Official lists of directors, secretaries, managers or auditors | S$20 |
The register of managers is maintained by the Registrar under section 71(3) of the Act. Under section 71(4) it records each manager’s full name and any former name, principal place of business, date of appointment and date of cessation. That history is useful when checking whether a fund has changed manager.
Every VCC must also lodge an annual return with the Registrar after its annual general meeting and within 7 months after the end of its financial year (section 97(1)). The particulars and accompanying documents are prescribed and may differ by class of VCC (section 97(3) and (4)). Our note on VCC annual return and ACRA filing covers the filing mechanics.
Is a VCC’s register of members public?
No. The register of members is kept by the VCC itself under section 81 of the Variable Capital Companies Act 2018, and section 82 restricts who may see it.
Section 81(1) requires the register to record each member’s name and address, the shares held, the sub-fund and share class to which those shares relate, the amount paid and the relevant dates. Section 82 then lists who may obtain information from it or inspect it, despite any duty of confidentiality:
- the manager of the VCC;
- the custodian of a non-umbrella VCC, and for an umbrella VCC, the custodian of a sub-fund for the members of that sub-fund;
- a public authority, or a person acting for it, to administer or enforce written law;
- a person entitled to inspect under an order of the Court; and
- a member, but only for the entries relating to that member.
This is the core of the VCC’s confidentiality for investors. A counterparty who needs investor-level information has to obtain it from the manager under its own know-your-customer process, not from a public search. For how managers keep the register in order, see keeping a VCC register of members decision-ready.
How do you verify a VCC and its manager?
Confirm the entity at ACRA, confirm the manager at MAS, and reconcile the two. The process takes minutes and costs a few dollars.
- Search the VCC portal by name or Unique Entity Number and buy the business profile. Confirm the exact name, registration date and whether it is a standalone or umbrella VCC.
- Match the sub-fund. If you are dealing with a sub-fund, check that its name and registration number appear on the business profile. Our note on verifying VCC and sub-fund numbers before onboarding sets out the matching checks.
- Identify the manager. Read the manager’s name from the profile or buy the register of managers to see the appointment history.
- Check the manager at MAS. Search the manager on the MAS Financial Institutions Directory and confirm it holds a capital markets services licence for fund management, or confirm the basis on which it is exempt.
- Reconcile documents. Compare the names, numbers and addresses in the offering document, subscription agreement and bank instructions with the ACRA and MAS records.
- Record the evidence. Keep the certified profile and the MAS search result, dated, in the onboarding file.
Step 4 matters because section 46 requires every VCC to have, at all times, a manager that is a capital markets services licence holder for fund management, a person mentioned in section 99(1)(a) to (d) of the Securities and Futures Act 2001, or a prescribed person. A VCC cannot be its own manager, and a suspended licence does not count. Our checklist on verifying a VCC fund manager before appointment goes further for boards.
What are the red flags in claims about VCCs?
Treat any claim that cannot be traced to ACRA or MAS as unverified. Most problems show up as mismatches between documents and the public record.
| Claim or sign | Why it matters | What to check |
|---|---|---|
| “MAS-approved VCC” | VCCs are incorporated by ACRA; MAS regulates the manager and authorises or recognises certain schemes. The phrase is often loose. | ACRA business profile and the manager’s MAS status |
| Sub-fund name not on the profile | The sub-fund may not be registered, or the name may differ | Sub-fund details on the business profile |
| Manager not found on the MAS directory | Section 46 requires a licensed or exempt manager at all times | MAS Financial Institutions Directory; basis of any exemption |
| Offer to “show the investor list” | The register of members is not public and is disclosed only under section 82 | Ask why and on what authority |
| Payment to an account not in the VCC’s name | Common fraud pattern in fund dealings | Bank details against the subscription documents and a call-back to a known contact |
| Industry statistics without a source | The official count is annual and comes from MAS | MAS Singapore Asset Management Survey |
For the respective roles of ACRA, MAS and IRAS, see who regulates a Singapore VCC.
Frequently asked questions
How many VCCs are there in Singapore?
MAS reports 1,406 VCCs incorporated or re-domiciled by 31 December 2025, representing 3,443 sub-funds. The next official update will come with MAS’s next annual survey.
Is there a public list of all VCCs?
ACRA’s VCC portal lets you search registered VCCs and buy information on any of them. MAS’s survey publishes totals, not names.
Can I see who has invested in a VCC?
No. The register of members is kept by the VCC and disclosed only to the persons listed in section 82, such as the manager, a custodian, a public authority, a person with a court order, or a member for that member’s own entries.
What does an ACRA business profile for a VCC cost?
S$5.50 per report. It is e-certified and lists the sub-funds, officers, manager and auditor, among other details.
Does a VCC’s manager have to be licensed by MAS?
The manager must hold a capital markets services licence for fund management, fall within section 99(1)(a) to (d) of the Securities and Futures Act 2001, or be a prescribed person (section 46 of the VCC Act).
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.
Last reviewed: 18 October 2026. The Editorial Team, variablecapitalcompaniesact.com.