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Guide to Starting an Audit Firm Business in Singapore
Many individuals harbor the dream of starting their own business. And many are turning their eyes towards Singapore because of how easy and hassle free it is to establish a business of your own in no time. If your dream has been to start an audit firm business in Singapore, this is the guide for you.
Do you have the skills and the expertise needed to succeed in this field? Do you have the necessary credentials? If you do, starting an audit firm business in Singapore is a step in the right direction towards realizing your dream. Singapore is a prime international business destination, and a thriving epicentre in Asia, and this is where dreams become reality. If you are someone with the skill sets that others are looking for, you can easily begin to monetize your talents and live your dream of running your own business.
Starting an Audit Firm Business in Singapore
Before you begin the process of incorporating your audit firm business in Singapore, there are some pointers which you need to take note of to ensure that you are starting off on the right foot from the very beginning of this venture. Before you begin, here is what you need to do:
- Due Diligence – You need to find out exactly what skillsets are needed to run a successful audit firm business. Especially if you are coming from abroad because Singapore may do things different than what you initially expect. The last thing you want to do is to be caught off-guard and risk having it impact your business. Do your due diligence and as much thorough research as possible to know the ins and outs of this industry before you take the next step.
- Know Your Rates – An audit firm business is not a new market, and you can be sure there will be competition in place already. Before you begin setting up your business, you need to find out what other companies who are offering services similar to yours charging for doing the same kind of work. Being a new kid on the block with rates higher than all the other competitors is sure to backfire and send your business sliding downhill. Compare your rates against the existing ones in the Singapore market, and weigh your pricing options in a fair and just manner.
- Have a Marketing and Networking Plan – Your marketing and networking plan are going to be crucial to your success in the early stages. Most clients today get their leads from the internet, which is why you need to make that tool your best friend when it comes to marketing your business. Making the right connection in the business world will get your far, and this is a mantra you must constantly repeat to yourself once you have started a business of your own. Leverage on all the opportunity that is around you, and make use to the digital marketing tools to help your business get ahead. Invest in creating quality SEO content which is going to generate leads for your business.
- Source the Perfect Location – Singapore may be a small island, but location will still be one of the secrets that you need to succeed in your audit firm business. It is important to get this done early on before you begin the company registration process because sourcing the right premise is going to be the first part of your challenge. The location which you intend to set up your business in must meet the fire and safety, and even building code regulations or you may not get approval. It is important to discuss the details with your landlord if the premise is going to need some work before it fits all the requirements that you need before you launch an application with the Change of Use with Singapore’s Urban Redevelopment Board. Strict guidelines and regulations may be in place in some premises, and it is important to work out all the details to avoid encountering problems with your application later on.
Registering Your Audit Firm Business in Singapore
Once you have completed the steps above, you are now ready to begin incorporating your company in Singapore. You may do this either by logging onto the online portal run by the Singapore government known as www.bizfile.gov.sg. Alternatively, you could opt to engage the services of a professional firm like 3E Accounting who come with years of experience to handle the process for you on your behalf.
You would need to begin by first registering your company name with the Accounting and Corporate Regulatory Authority (ACRA) Singapore. This is a mandatory requirement for all business, especially if you intend to establish an audit firm business in Singapore. The Accountants Act stipulates that all entities which provide public accountancy services (this includes audit, reporting on financial statements and any act required by written law to be conducted by a public accountant) must be registered with ACRA.
It is important that the main function of your firm be clearly to provide public accountancy services. Only registered filing agents and public accountants will be able to lodge the application to set up an audit firm business in Singapore. Registered agents may do so on behalf of the public accountant.
Once your name has been approved, you will then begin the process by submitting the following documents for your incorporation application:
- The name of your company
- A description of your business activities
- The details of the directors and shareholders of the company
- The intended registered address (no P.O. Boxes are allowed)
- The details of your Company Secretary
- The Memorandum and Articles of Association for your company
- Choose the intended business structure of your company
What Happens Now?
When you’ve completed the measures above, ACRA will generally provide you with an outcome with 3 working days from the date of your application. Processing times could be longer if there are issues with your application. Once successfully registered, you will be issued with a Unique Entity Number (UEN) which identifies your business entity. UEN’s are also used to transact with the government.