If you're structuring under Singapore's 13O or 13U fund tax incentive schemes, fund administration is one of several recurring costs alongside your corporate secretary, auditor, and (for 13U) your fund manager. Here's where fund admin fits and what it typically costs.
13O vs. 13U, briefly
13O (the onshore fund tax incentive scheme) and 13U (the enhanced-tier fund tax incentive scheme) are Singapore tax exemption schemes for qualifying funds, each with its own minimum fund size, investor, and spending conditions administered by the Monetary Authority of Singapore and the Economic Development Board. This is not tax advice — confirm scheme eligibility and conditions with a licensed Singapore tax advisor before you structure around either one.
Where fund administration sits in the cost stack
A 13O or 13U fund's recurring compliance spend typically includes:
- Corporate secretary (mandatory for a VCC)
- Statutory audit and SFRS-compliant financial statements
- Fund administration — capital calls, LP capital accounts, NAV, distributions, and LP reporting
- Tax computation and the 13O/13U annual filing itself
Fund administration is the one line item on that list that has nothing to do with your tax-incentive status — it's the same LP-facing accounting and reporting work any venture fund needs, in any jurisdiction.
What it typically costs
Singapore-based fund administrators generally price on basis points of NAV with a fixed annual minimum — commonly in the range of S
A flat-fee model breaks that link between NAV and admin cost entirely — see our flat fee vs. AUM-based pricing comparison for Singapore funds for the full numbers.
What fund administration does not cover
Fund administration is not a substitute for the 13O/13U filing itself, your corporate secretary's statutory duties, or your auditor's opinion. Budget for those separately — a fund administrator that quotes a single all-in "VCC administration" price without naming what's excluded is worth a closer look at exactly what that price includes.
The bottom line
Fund administration is a real, ongoing cost for a 13O or 13U fund, but it's a fixed operational cost, not a variable of your tax structure. Pricing it against your actual fund size — rather than accepting an institutional-scale minimum — is the biggest lever an emerging manager has here.
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