Starting an Audit Firm Business in Singapore
Starting an audit firm business, you will not only be making a lot of money yourself, but you will also be helping other businesses flourish. And in a growing economy like Singapore, companies are always looking for a way to ensure that their accounting paperwork’s are as accurate as possible, so as to be more effective in terms of finances. With this thing in mind, an audit firm business could be really fruitful if you do it in the right way. And the first step of doing it, we help you understand what you exactly need to set up your own audit firm in Singapore.
Like in every other business in Singapore, the first thing you do is register your service. In the case of an audit firm, it is done with ACRA. And here are the conditions that should you should meet beforehand registering your audit form.
Being a Public Accountant Willing To work As an Auditor
Only the public accountants or their agents are allowed to make an application to set up an accounting firm. So, before you make one, you will have to register yourself as a public accountant. For this, you will need to have all the necessary qualifications and also an experience working in an audit firm. If you are still pursuing higher levels of education, you might need all the proofs, and you will also need to be a member of the Institute Of Singapore Chartered Accountants (ISCA).
Another important thing is the naming of your business organization. You will have to propose a name for your organization, and it will only be accepted if:
- The name can’t be vulgar or be promoting anything inappropriate.
- Your company can’t be named the same as other existing companies. This also means the name of your company cannot be too similar to any other companies.
If your audit firm business is a partnership between you and any other individuals, some conditions should be met. They are:
If the business is run by a single person, that person must be a public accountant.
If it is a business run by two people, then at least one of them should be a public accountant.
And if more than three partners are running the business, two-thirds of them are to be registered as public accountants.
If all of these conditions are met, then you could proceed to company register your audit firm.
After this, you will need to log on to Bizfile, here (http://www.bizfile.gov.sg/) and submit your online application form. If these steps are somehow confusing, you could also take help from a registered filling agent, who will help you to register your company. You will also have to pay s$15 for the Approval of Public Accounting Firm Name and S$100 for the Approval of Public Accounting Firm.
It could take about three days before you receive a reply from the ACRA, and if approved, you must reply within six days to endorse the application.
If you are interested to start a business in Singapore, read more from local corporate service provider in Singapore who can assist you along the way.