What is the Extended VCCGS about?
Key changes are as follows:
- Cap has been reduced to $30,000 per VCC (from $150,000 previously)
- Grant percentage has also been reduced to 30% (from 70% previously)
- Grant is limited to 1 VCC registration (previously up to 3)
Co-funding is not allowed solely for the registration of a sub-fund, but sub-fund registration costs will be allowed co-funding as part of a new VCC registration.
Applications should be submitted within 3 months from the date of the Notice of Incorporation issued by ACRA or ACRA’s approval of de-registration (for foreign companies that re-domicile to Singapore as VCC).