A director of a VCC has to comply with a number of statutory obligations under the VCC Act. Some of these key obligations include the following:
Annual General Meeting
VCCs are required to hold an Annual General Meeting (AGM) unless certain conditions for dispensation are met. More information will be provided in due course when the VCC e-filing system is launched later this year.
All VCCs must file their annual return via the VCC Portal (www.vcc.bizfile.gov.sg) within 7 months after the closing of their financial year end. More information will be provided in due course when the Annual Return transaction is launched later this year.
Electronic Registers of Directors, Secretaries, Managers and Auditors
Similarly, VCCs must maintain electronic registers of directors, secretaries, managers and auditors with ACRA. VCCs are required to update ACRA within 14 days if there are changes to the appointed officers.
Changes in VCC/Sub-fund Information
VCCs are required to update ACRA within 14 days if there are changes to the VCC or sub-fund information such as name or address.
Changes in Personal Particulars of VCC Officers
VCCs are required to update ACRA within 14 days of any changes to the personal particulars, contact details (i.e. mobile contact number and email address) and address of VCC officers.