According to the Bureau of Labor Statistics, the demand for accountants in the U.S. has been projected to grow at 10% between 2016 and 2026. The outlook is even more promising in Singapore where growth has been projected to grow at 14% between 2014 and 2024. At that rate, there will be an increasing number of accountants looking for jobs and even more clients seeking legal services within the state. Consequently, it makes sense to register an accounting firm to take advantage of the vast business opportunities. If you are thinking of registering an accounting firm in Singapore, here are the top requirements you need to have.
Educational and Experience Requirements
While there are several certificates that accountants can have, only one certificate holds the highest value. That is the Certified Public Accountant (CPA) license. All sole proprietors and partnerships or limited companies of accounting firms in Singapore must satisfy certain educational and experience requirements to obtain a CPA license. To get a full license, you must complete 150 semester hours, but to sit for the exam you only require 120 semester hours, with certain duration of work in accounting.
Licensing Regulations
Besides meeting educational and experience requirements, all accounting firms in Singapore must conform to certain regulations regarding the type of license. Every licensed accounting firm is permitted to use the designation “certified public accountants with respect to the name of the firm.” However, this designation is only permitted for accounting firms with more than one CPA member or partner. If you are planning to register a sole proprietor, you are only allowed to use the designation “certified public accountant.” If your firm is unlicensed, you are not allowed to use either of these designations or designations such as “certified accountants,” “public accountants,” “registered accountants,” “chartered accountants,” or the abbreviations “CPA,” “CA,” “PA,” or “RA.”Besides having a license, you need to fully understand and comply with the industry standard guidelines such as anti-money laundering regulations and data protection.
Parting Thoughts
By and large, starting an accounting firm in Singapore requires more than exemplary accounting skills. Although skills and talent will help bring in business and make it sustainable, you must meet the business registration requirements. The above-highlighted are the 2 top requirements for registering an accounting firm in Singapore. Before you register an accounting services Singapore firm, you must have the necessary educational and experience, and fulfill all licensing regulations and other legal requirements. Of course, you will need to fulfill other requirements such as financial support, and develop a marketing and business plan.
Leave a Reply