[Music] it's been introduced in 2020 January so it's been 5 years now uh and in Singapore there's now since October 2024 uh about 1,117 bcc's that's been Incorporated and more than 2,000 sub funds have been in sort of registered under it also so the sole object of the VCC is really to be a collective investment scheme and it's not supposed to be just a company uh a holding company in in some sense of the word so that's why you would see that it's actually Incorporated under the colle the variable Capital companies act rather than the company's act itself as to what are the differences obviously there are some overlaps but the finite differences is a is a matter of legal structuring to make sure that it actually fulfills the requirements and characteristics of a collective investment scheme now some similarities that it shares with a general like private limited company is that it's got shareholders it's got a board of directors and it's also uh there's also a possibility for foreign corporate funds to be redomicile as a VCC in Singapore uh but okay so there are some key differences here so a VCC can be set up as a standalone VCC or an umbrella VCC with two or more subf funds legislatively two or more sub funds are required but in practice in fact the um Accounting in a corporate regulatory Authority does allow for one sub fund to be just registered um and then it depends on you know how the VCC is growing and how the fund manager would like to just add on to to it various new subf funds as it's been created along the way it one of the key differences is that it's well you know private limited company obviously operates on its own and it's got the directors and it's got the shareholders but for a VCC it must be managed by a licensed Singapore fund manager so for a foreign fund manager to want to use a VCC structure it would very much have to then either work with a local fund manager or find a way to establish itself as a licensed fund manager in Singapore one of the directors of a VCC must be ordinarily resident in Singapore and also at least one director who is a qualified representative or director of the fund manager would need to be uh appointed to the board of the VCC now the the second person the director who is a qualified representative or director of the fund manager can also be the single resident director in in um in Singapore so if that's the case the minimum you require is really just the one individual um but if you the authorized scheme which is uh authorized VCC scheme which is then offered to uh retail public then the requirements become a little bit more you'll need three directors one of whom must be independent from all parties [Music]