Singapore VCFM fund management license：适用基金、人员与持续义务
新加坡风险投资基金管理公司（VCFM）是资本市场服务（CMS）牌照下的专门基金管理路径，仅适用于全部基金均符合MAS风险投资基金条件的管理人。是否适用应按投资者、Fund term、redemption、资产类型和投资比例判断，不能把VCFM描述为所有小型基金经理或家族办公室的默认入口。
What is a VCFM license?
VCFM仍须取得基金管理CMS牌照。其制度豁免若干一般基金管理财务及经营条款，但不豁免适当人选、AML/CFT、conflict of interest、outsourcing、personnel、失当行为报告和周期性申报等持续义务；它不是无牌豁免或仅作注册备案。
VCFM与一般LFMC路径有何差异？
VCFM的适用范围较窄，并获豁免若干一般条款；申请前应同时比较基金策略、投资者和持续义务：
- 专门财务规则：VCFM获豁免部分适用于一般FMC的基准资本和风险财务要求，但仍须证明具备维持业务的财务资源，并履行其他适用CMS义务。
- 审查时间：MAS expects to take up to 6 months to complete the review of FMC applications that have complete information and meet the admission standards.；复杂、资料不完整或发生重大变更的申请可能更久，VCFM没有保证更快获批。
- 持牌状态可核验：机构获牌后会列入MAS金融机构名录，但持牌不构成MAS对基金、管理人业绩或信用的背书，投资者及银行仍会独立尽调。
Core Compliance Requirements：A bottom line that cannot be ignored
Although VCFM is a "simplified" license，But as a professional asset management company，Compliance remains core。When handling such cases, the Hong Kong Huitong team discovered that，Regulators are particularly concerned about the following points:：
1. Qualifications and background of key personnel
VCFM须有一名全职参与日常经营并常驻新加坡的CEO；at least two directors，At least one of the executive directors is involved in the business full-time and is based in Singapore；and at least two full-time professionals and representatives resident in Singapore。MAS还会按基金策略和职责评估相关经验及适当人选条件。
2. Strict KYC and anti-money laundering (AML) procedures
VCFM须建立与投资者、Funds、资产和地域风险相称的AML/CFT、sanctions、conflict of interest、outsourcing、失当行为报告和监管申报安排，并保存实际执行证据。
How to build your compliance architecture?
申请主体须为新加坡公司并设专用、Secure physical office。基金载体可按投资者、资产和税务需求另行选择；离岸载体、银行账户或税务安排并非VCFM统一前置条件，也不会因持牌自动获批。
Hong Kong HuitongAs a professional compliance service provider，With practical experience in Hong Kong and around the world，Able to provide customers with one-stop full-process application and compliance support solutions：
- 申请前评估：按基金条件、investor、personnel、办公室及持续义务识别差距；最终准入结论和发牌决定由MAS作出。
- 合规文件支持：按实际业务协助准备政策和控制文件，并由申请人管理层审核、批准和负责执行。
- 架构评估：按基金、administrator、investor、资产和税务事实比较载体，不预设离岸结构为统一最优方案。
in conclusion：Compliance first，Robust layout
In the current global regulatory environment，Whether applying for VCFM in Singapore，Or seek an asset management license in Hong Kong?，Compliance is no longer “optional”，It is the “lifeline” of business development。Small fund managers want to stand out in a competitive market，Compliance must be considered part of core competencies。
If you are planning to build your fund management platform，Or have any questions about Singapore VCFM and other international license applications?，Welcome to consult Ganghuitong。Our team consists of professionals and practicing attorneys with experience in licensing applications and ongoing compliance，Committed to providing you with discretion、Compliance solutions that are clear and focus on information confidentiality，Helping you to calmly break through in the global financial market。
VCFM申请费与公司年费
MAS’s current CMS fee guidelines set out，The application fee for a new CMS license is S$1,000 and is non-refundable；The company’s fixed annual fee for fund management activities is S$4,000。Representatives、其他受规管活动及提交时费用应按当期收费指引另行核对。
FAQ (FAQ)
Q: VCFM牌照可以管理哪些基金？
A: The amount used by each fund for non-qualified investments shall not exceed 20% of its committed capital after deducting fund-level fees.；其余须投资于由成立不超过10年的未上市企业直接发行的合资格产品。The fund shall not remain open for subscription，Nor may they be redeemed at the discretion of the investor，并只面向获准投资者类别。超出范围时应评估LFMC或其他牌照路径。
Q: How long does it take to apply for VCFM?
A: MAS预计对资料完整且符合准入标准的FMC申请用最多6个月审查；个案可能更久。After passing the review，申请人通常有最多6个月完成原则性批准条件，MAS可在有充分理由时酌情延长3个月。
Application and Compliance Points：Singapore VCFM fund management license
Singapore’s VCFM fund management license also involves carriers、administrator、Fund raising objects and location of assets。The corporate or partnership structure of a fund is not equivalent to a management license；register、audit、Valuation、hosting、Cash monitoring and investor disclosure must also be implemented separately。
Things to prepare and keep checking
- VCFM is suitable for specific venture capital fund management models；If investment strategy、Investor or asset type is out of range，Other capital markets services license categories and complete fund management requirements should be re-evaluated。
- the fund carrier、General Partner/Director、investment manager、Administrator、Escrow/custody、Auditor and bank responsibilities are placed in a responsibility matrix。
- Recruitment objects、Minimum subscription、investment strategy、Liquidity and redemption arrangements determine fund category；Vehicles with similar names cannot interchange regulatory conditions。
- Prepare valuation、conflict of interest、Transaction allocation、Cash monitoring、Asset verification、fee disclosure、Anti-money laundering、Data and Cyber Security and Business Continuity Policy。
- Annual costs should be calculated simultaneously with registration/license、Registered office、Director or GP、administrator、audit、Administration、law、Banking and regulatory filings。
Costs involved、capital、time limit、When personnel qualifications or cross-border business scope，Please refer to the legislation published by the competent authority at the time of submission、Forms and guidelines are subject to。
References：BUT：Fund Management Company Licensing and Operation Guidelines (English)、BUT：Fund Management Company Licensing Frequently Asked Questions (English)、BUT：CMS application、Representative Notice and Fee Guidelines (English)、MAS Directory of Financial Institutions (English)。
learn more：Singapore VCFM fund management license、Singapore CMS License、BVI vs Cayman：Structure selection guide for private equity fund establishment。
