GROOMING SINGAPORE INTO ACCOUNTANCY HUB

Singapore ,  a vibrant city, is a forerunner in various sectors being a legal   hub , financial hub , a tourism hub and an education hub. Now, recently as 29th April 2010 the Committee to Develop the Accountancy Sector( CDAS) aims to make Singapore into a global accounting company singapore hub.

Namely two sets of goals for the industry CDAS is aiming to double the accountancy sector’s contribution to Singapore’s GDP from the existing 0.4% to about1% over the next decade. Additionally it also aims to double the sector’s exports  contribution of professional accountancy and singapore business services to the region from the current 22% to 50%.

CDAS has 10   recommendations with a view to reach its goal of enhancing Singapore’s Accountancy industry.  Singapore is steadily and surely transforming into a leading regional accountancy hub. Statistics show there are 7,000 MNC’s that have established a business presence in Singapore. Further the accountancy sector according to reliable statistical reports show that about $1 billion revenue has been generated to   Singapore in the last decade alone.

More and more accompanies are being formed in Singapore and this will certainly create a demand for accountancy service   - a service vital to any business or industry or enterprise.

It is anticipated with the current figures of $30.8 billion in 2008 generated by accountancy figures by 2013 it should reach Us $ 38.3 billion. Currently Singapore’s accountancy and auditing standards have primarily catered to domestic demands within Singapore. With the implementation of CDAS recommendations   it will enhance Singapore’  s accountancy sector to cope or be on par with the international standards.

Singapore is   slowly and surely positioned to transform into a leading regional accountancy hub. Factors that contribute to Singapore becoming a forerunner and an international for accountancy services include the following factors- excellent infrastructure, impeccable reputation for integrity availability of highly qualified accountancy professional and a well established accountancy network.

Established  international firms like KPMG .Grant Thorton, PKK, PWC and Deloitte Touch have their presence in Singapore so the need to CDAS recommendations to keep on par with regional and international standards.

Rikvin, a Singapore-based firm that provides complete range of Singapore company incorporation, accounting, tax, immigration and related compliance services for startups and established companies worldwide.