
Singapore
Head of State : President Halimah Yacob
Head of Government : Prime Minister Lee Hsien Loong
Capital : Singapore
Language(s) : English, Malay, Mandarin, Tamil
Currency : S$ (Singapore Dollar)
Profile of the Country
An island nation located in the heart of Asia, Singapore is a vibrant cosmopolitan city with abundant lush green gardens and tall skyscrapers. Singapore’s multi-ethnic culture is a blend of tradition and customs from the Malays, Indians, Chinese and Eurasians.
With 710 square kilometers of land, Singapore’s strategic location has facilitated our role as a trade and transport hub, connecting the world on both sides – east and west. Singapore has implemented 22 Free Trade Agreements with 32 trading partners. Its robust economy, business-friendly rules and regulatory environment offer companies the ideal landscape for investment.
Under the Accountants Act, anyone who wishes to practice public accountancy must register as a public accountant (PA) with ACRA, the national regulator of business entities and public accountants in Singapore.
A public accountant can provide public accountancy services such as audit and reporting on financial statements, and such other activities (e.g. judicial management) as required by law. Persons who intend to provide only bookkeeping, accounting, taxation or consultancy services i.e. non-audit services do not need to be registered as public accountants.
For more information on the prescribed professional requirements for registration as a Public Accountant, please refer to the Singapore’s Accounting and Corporate Regulatory Authority (ACRA) website.
Regulated Accounting Services
NAB & PRA requirement
Approved external auditor must be a member of ISCA (CA Singapore) and approved by the Accounting and Corporate Regulatory Authority (ACRA).
NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)
NAB requirement:
- Complete the CA (Singapore) Qualification; or
- Satisfy the conditions of the Transitional Arrangements within the specified timelines; or
- A full member of another professional accountancy body through the Reciprocal Membership Agreement (RMA) route
Transitional Arrangements:
PRA Requirement:
Must obtain audit license from ACRA.
Other regulatory requirement:
Singapore Exchange (SGX) Rulebook :
The auditing firm appointed by the issuer must be
- Registered with ACRA;
- Registered with and/or regulated by an independent audit oversight body acceptable to the Exchange (i.e. SGX); or
- Any other auditing firm acceptable by the Exchange.
SGX has the right to object to the appointment of auditors if the Exchange does not find them to be suitable.
For Financial Institutions/Insurance companies, the appointment and/or reappointment of auditors must be approved by the Monetary Authority of Singapore (MAS).
Citizenship Requirement
No.
Remarks
Subject to domestic regulations such as Accountants Act, Companies Act immigration & employment laws etc.
Eligibility requirement, where applicable (ACPA/RFPA)
This service is regulated by ACRA. A license issued by ACRA and membership with ISCA is required for practice.
Non-Regulated Accounting Services
- CFO
- Finance Director
- Finance Manager
- Group Accountant
- Tax Accountant
- Accounts Executive
NAB Membership and/or PRA Registration
NAB Requirement :
No
Note: Since May 2010, tax professionals are encouraged to be accredited by Singapore Institute of Accredited Tax Professionals (SIATP).
Accreditation is based on three categories -Accredited Tax Advisor, Accredited Tax Practitioner and Accredited Tax Practitioner (Provisional) - and two areas of specialisations - Income Tax and GST.
Details of accreditation can be found here.
PRA requirement:
No
NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)
NAB requirement:
No
PRA requirement:
No
Other requirements(from other regulator):
No
Citizenship Requirement
No.
Remarks
Subject to domestic regulations such as Accountants Act, immigration & employment laws, stock exchange rules, Income Tax and various tax statutes (eg GST, property tax) etc.
Eligibility requirement, where applicable (ACPA/RFPA)
This is a non regulated service and hence open to all including ASEAN CPA/ RFPA.