GuideMeSingapore

Speaking at a Public Accountants Conference, Singapore’s Second Minister for Finance and Transport said that Singapore is poised to become the accountancy hub of Asia.

In recent times, the country has witnessed an increased local demand for firms that provide audit, tax and advisory services and industry insight. There are two driving forces behind this demand. One is that there has been a surge in the growth of the SME sector, who are no longer confined to Singapore but are fast expanding overseas. This implies a change in their accounting and auditing requirements. Secondly, there is a continuous stream of foreign companies setting up a presence in Singapore. As a result, MNCs like KPMG, PWC and Deloitte Touche and other large international accounting networks have set up shop here.

Furthermore, recent government initiatives like setting up a new Accreditation Institute for tax professionals in Singapore only serves to strengthen the country’s competency levels. According to Minister of State for Trade and Industry,

“in an increasingly complex tax environment, the ability of our tax professionals to look at tax solutions for cross-border businesses and operations from a holistic, rather than a narrow, country-specific perspective… will in turn strengthen our position as a regional business hub“.

Singapore’s auditing services are generally considered on par with international standards. In the light of these recent developments, Singapore’s position is further strengthened and the authorities foresee an increased international demand for the country’s auditing services. These are all indications that Singapore is grooming itself to become a global audit hub.

Interested in doing business in Singapore? Find out how to incorporate a Singapore company.