About the Company
How did InCorp turn our client’s Vision to Reality?
2021
- Based on InCorp’s professional advice on the VCC regime, Firmus appointed InCorp to:
- Incorporate a VCC in Singapore.
- Advise on the tax implications arising from the acquisition of Le Quest Mall and perform a financial review and tax due diligence on the target company that owned the property.
- Apply for the Section 13X tax incentive for the VCC.
2020
- Variable Capital Company (VCC) was launched by MAS.
- Firmus Capital engaged the expertise of InCorp to help set up a VCC fund entity in Singapore.
- InCorp elucidated Firmus on the new VCC regime, its benefits and how VCC could complement Firmus’ goal of setting up locally-based funds with an umbrella/sub-fund structure.
We wanted a Singapore-domiciled fund and the introduction of the new VCC corporate structure in January 2020 was timely. The VCC structure is well-supported by a robust regulatory regime, which in turn enhances the integrity of the fund structure. The VCC structure is flexible as it consists of an umbrella fund with sub-funds, each capable of achieving asset and liability segregation so that investments are ring-fenced and protected. We would like to thank InCorp for their continuing support to Firmus Capital.Lim Su Kiat, Founder and CEO
