This course provides a foundational understanding of investment funds and their ecosystem, with a focus on the Variable Capital Company (VCC) framework in Singapore. Participants will gain insights into the regulatory architecture of VCCs, their structural design, and key operational considerations for both open-ended and closed-ended fund models. The course also covers essential governance and compliance requirements, including the roles of company secretaries, directors, custodians, and registered offices.
At the end of this course, you will be able to:
- Understand the basics of investment funds and their ecosystem
- Understand the regulatory architecture of VCC
- Understand the construct and operational matters of VCC, including its operations as an open-ended & closed-ended funds
- Identify the requirements of Company Secretary, Directors, Custodians, Registered Office, Financial statement requirements
Programme Outline
- Fundamentals of Investment Entity Structuring
- Overview of investment structures
- Comparison of Company, VCC and Limited Partnership
- VCC Structure & Features
- Capital structure and key features of a VCC
- Sub-fund and umbrella structures
- VCC ecosystem requirements and eligible fund managers
- VCC Setup & Incentives
- VCC incorporation process
- Overview of VCC tax incentives
- Governance & Key Appointments
- Corporate secretary requirements
- Roles and requirement of Directors
- Custodian requirements
Training Methodology*
Lecture style with exercises
Closing Date for Registration*
1 Week before Programme or Until Full Enrolment.
Intended For
This course is designed for asset managers, multi-family offices, private banks, corporates, wealth managers, and family offices seeking to understand and explore the Variable Capital Company (VCC) framework. It is also suitable for company secretaries, accountants, bookkeepers, fund administrators, and directors who wish to broaden their knowledge and develop familiarity with VCC-related structures and considerations.
Competency Mapping
Others = 7.00 Hours
Schedule & Fees
Date & Time
08 May 2026 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)
SGD pricing -
For Members:
507.94
For Non-Members:
606.04
Programme Facilitator(s)
Armin Choksey
Venue
60 Cecil Street
ISCA House
Singapore 049709
Testimonial
Funding
No funding Available!
Programme Facilitator(s)
Armin Choksey
CA (Singapore)
Partner, Assurance & Advisory
Wealth & Asset Management
Armin has over 25 years of asset management industry experience starting off with audits of investment funds under US and International auditing standards, along with knowledge of Indian, Hong Kong, Canadian, US, Luxembourg, and International Financial Reporting Standards relevant to the fund industry.
Armin also frequently teaches at either internal or external (client) training courses on various topics of asset and wealth management. He has also lectured at NUS’ CAMRI (guest lecture) Wealth Management Institute and NTU’s Masters in Asset and Wealth Management.
Armin was the project leader of a new legal entity-type legislation in Singapore – Singapore Variable Capital Company (VCC).
Armin was the main author of the white paper to the Monetary Authority of Singapore (MAS) to introduce the Open-ended Investment Company law in Singapore. This white paper led to a conducted detailed study on the feasibility of introducing such a legal entity form in Singapore.
Armin is also the co-chair of the Asia Pacific Financial Forum’s – Asia Region Funds Passport working group. He was also a committee member of the Singapore Fund Administrator Association.
Armin is a strong advocate of the Asia Region Funds Passport and has been a guest lecturer at various regional regulators’ capacity-building exercises. He has also been invited as a guest speaker to the Latin Regional Passporting initiative by the regulators of Peru and Chile to present the cross-border state of the industry of APAC and Europe
This course provides a foundational understanding of investment funds and their ecosystem, with a focus on the Variable Capital Company (VCC) framework in Singapore. Participants will gain insights into the regulatory architecture of VCCs, their structural design, and key operational considerations for both open-ended and closed-ended fund models. The course also covers essential governance and compliance requirements, including the roles of company secretaries, directors, custodians, and registered offices.
At the end of this course, you will be able to:
- Understand the basics of investment funds and their ecosystem
- Understand the regulatory architecture of VCC
- Understand the construct and operational matters of VCC, including its operations as an open-ended & closed-ended funds
- Identify the requirements of Company Secretary, Directors, Custodians, Registered Office, Financial statement requirements
Programme Outline
- Fundamentals of Investment Entity Structuring
- Overview of investment structures
- Comparison of Company, VCC and Limited Partnership
- VCC Structure & Features
- Capital structure and key features of a VCC
- Sub-fund and umbrella structures
- VCC ecosystem requirements and eligible fund managers
- VCC Setup & Incentives
- VCC incorporation process
- Overview of VCC tax incentives
- Governance & Key Appointments
- Corporate secretary requirements
- Roles and requirement of Directors
- Custodian requirements
Training Methodology*
Lecture style with exercises
Closing Date for Registration*
1 Week before Programme or Until Full Enrolment.
Intended For
This course is designed for asset managers, multi-family offices, private banks, corporates, wealth managers, and family offices seeking to understand and explore the Variable Capital Company (VCC) framework. It is also suitable for company secretaries, accountants, bookkeepers, fund administrators, and directors who wish to broaden their knowledge and develop familiarity with VCC-related structures and considerations.
Competency Mapping
Others = 7.00 Hours
Programme Facilitator(s)
Armin Choksey
CA (Singapore)
Partner, Assurance & Advisory
Wealth & Asset Management
Armin has over 25 years of asset management industry experience starting off with audits of investment funds under US and International auditing standards, along with knowledge of Indian, Hong Kong, Canadian, US, Luxembourg, and International Financial Reporting Standards relevant to the fund industry.
Armin also frequently teaches at either internal or external (client) training courses on various topics of asset and wealth management. He has also lectured at NUS’ CAMRI (guest lecture) Wealth Management Institute and NTU’s Masters in Asset and Wealth Management.
Armin was the project leader of a new legal entity-type legislation in Singapore – Singapore Variable Capital Company (VCC).
Armin was the main author of the white paper to the Monetary Authority of Singapore (MAS) to introduce the Open-ended Investment Company law in Singapore. This white paper led to a conducted detailed study on the feasibility of introducing such a legal entity form in Singapore.
Armin is also the co-chair of the Asia Pacific Financial Forum’s – Asia Region Funds Passport working group. He was also a committee member of the Singapore Fund Administrator Association.
Armin is a strong advocate of the Asia Region Funds Passport and has been a guest lecturer at various regional regulators’ capacity-building exercises. He has also been invited as a guest speaker to the Latin Regional Passporting initiative by the regulators of Peru and Chile to present the cross-border state of the industry of APAC and Europe