jurisdiction
Updated on May 2022
Investment vehicle
- Singapore Limited Partnership
- Singapore Variable Capital Company
1. Form
Singapore Limited Partnership
- Limited Partnership
Singapore Variable Capital Company
- Corporate entity
2. Tax Treatment
Singapore Limited Partnership
- Tax transparent
Singapore Variable Capital Company
- Taxable as a corporate entity but can avail itself of one of a range of fund-specific tax incentives that can reduce the corporate tax rate to zero
3. Transfer Tax
Singapore Limited Partnership
- Nil
Singapore Variable Capital Company
- The share duty rate is 0.2%
4. Listable
Singapore Limited Partnership
- No
Singapore Variable Capital Company
- Yes
5. Open- or closed-ended
Singapore Limited Partnership
- Open-ended and closed-ended
Singapore Variable Capital Company
- Open-ended and closed-ended
6. Regulatory Supervision
Singapore Limited Partnership
- None other than requirements to register as a limited partnership with Accounting and Corporate Regulatory Authority of Singapore
Singapore Variable Capital Company
- Needs a Singapore based licensed or regulated fund manager
7. Investor Restrictions
Singapore Limited Partnership
- None
Singapore Variable Capital Company
- None
8. Best Feature
Singapore Limited Partnership
- Very flexible unregulated tax transparent vehicle
Singapore Variable Capital Company
- Flexible and tax efficient regulated vehicle
- Can be used as an umbrella fund structure
- It can avail itself of Singapore’s extensive network of tax treaties (not available to limited partnerships)
- Register of shareholders is not publicly available
9. Worst Feature
Singapore Limited Partnership
- Less commonly used than limited partnership structures from other jurisdictions
Singapore Variable Capital Company
- As a new vehicle (launched January 2020) it is not widely known in the market (although as of December 2020 nearly 200 Singapore VCCs had been launched)
10. Best Used For
Singapore Limited Partnership
- All strategies
Singapore Variable Capital Company
- All strategies
Disclaimer: “Information in this guide for any particular country or topic may have been subject to change since the date to which it was prepared”
