Singapore is launching a new framework designed to attract more global investment funds and investors to be based in the city.
The scheme was announced this morning by the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA), and is set up to give fund managers more flexibiity for share issuance and dividend payouts. The scheme is to be launched as part of the Variable Capital Companies (VCC) framework.
At the same time, MAS announced the launch of a grant scheme to promote the framework and encourage fund managers to sign up. Twenty investment funds were incorporated today to mark the launch of the scheme.
Benny Chey, MAS assistant managing director, Development and International, said "[This is a] significant chapter in the development of Singapore as a full-service international fund management and domiciliation hub."