About the Company
How did InCorp turn our client’s Vision to Reality?
- 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.
- 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.
As the VCC is a new corporate structure, InCorp guided Firmus Capital in navigating a myriad of tax issues relating to the acquisition. InCorp also ensured that Firmus Capital received prompt support and assistance whenever there were any concerns or queries over the course of the transaction.
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