Header Top Bar

WhatsApp Us +62 813 3355 7116

About the Company

InCorp Supports Firmus Capital in Setting Up the Firmus Opportunity Fund Variable Capital Company (VCC)

Firmus Capital is a fully-licensed fund management company offering fully-integrated investment and asset management solutions in the private equity real estate space. Founded in 2017, the company has investments across the commercial retail, office and industrial sectors in Australia and Singapore.In March 2021, Firmus Capital launched its Firmus Opportunity Fund VCC, utilizing the Singapore Variable Capital Company fund structure. The fund has since held its first successful close with a Gross Asset Value of approximately S$ 200M, with investments in the Tesla Sales Service and Delivery Centre, and Le Quest Mall.

How did InCorp turn our client’s Vision to Reality?


    Based on InCorp’s professional advice on the VCC regime, Firmus appointed InCorp to:
    • Incorporate a VCC in Singapore.
    • Advise on the tax implications arising from the acquisition of Le Quest Mall and perform a financial review and tax due diligence on the target company that owned the property.
    • Apply for the Section 13X tax incentive for the VCC.


    • Variable Capital Company (VCC) was launched by MAS.
    • Firmus Capital engaged the expertise of InCorp to help set up a VCC fund entity in Singapore.
    • InCorp elucidated Firmus on the new VCC regime, its benefits and how VCC could complement Firmus’ goal of setting up locally-based funds with an umbrella/sub-fund structure.

As the VCC is a new corporate structure, InCorp guided Firmus Capital in navigating a myriad of tax issues relating to the acquisition. InCorp also ensured that Firmus Capital received prompt support and assistance whenever there were any concerns or queries over the course of the transaction.

We wanted a Singapore-domiciled fund and the introduction of the new VCC corporate structure in January 2020 was timely. The VCC structure is well-supported by a robust regulatory regime, which in turn enhances the integrity of the fund structure. The VCC structure is flexible as it consists of an umbrella fund with sub-funds, each capable of achieving asset and liability segregation so that investments are ring-fenced and protected.

We would like to thank InCorp for their continuing support to Firmus Capital.

Lim Su Kiat, Founder and CEO

Speak To Our Experts Today

Turn Your Vision to Reality With Asia's Leading Corporate Services Provider

More on Client Stories