- NEWSLETTER,U.A.E
- February 12, 2025
Risk management continues to be one of the prime challenges for businesses looking to raise funds. In this regard, the DIFC Prescribed Company (PC) formation is worth exploring, as it presents businesses with a risk-free environment to raise funds and invest. This is different from traditional corporate structures as liabilities remain separate from shareholders and investors in a DIFC PC.
Currently, a significant number of firms are seeking professional advisory services from reputed professionals for DIFC company formation in the UAE. Businesses looking for an attractive option for investing without unnecessary exposure find an attractive option in DIFC. The Dubai International Financial Centre (DIFC) provides a strong financial framework, which helps businesses achieve capital growth while maintaining compliance.
How do Businesses Raise Capital with a DIFC Prescribed Company?
It is fairly easy to set up a DIFC PC for businesses. During the incorporation process, businesses need to submit the necessary documents and obtain regulatory approvals. Next, they need to structure the company to align with DIFC regulations. One of the prime advantages of this type of company formation is the separation between investment funds and operational liabilities. Thus, investors experience a risk-free environment. Therefore, they can attract funding without the traditional risks associated with direct investment in a standard company.
Moreover, businesses registered as DIFC PCs enjoy higher credibility. The financial ecosystem of the DIFC is well-regulated. Operating in such an environment gives a competitive edge to companies. Investors also experience mental peace since their funds are managed within a secure and internationally recognized system.
Since companies under a DIFC PC can maintain structured financing within a low-cost regulatory environment, this framework is ideal for startups, established enterprises, and investment firms looking to raise funds.
Key Benefits of a DIFC PC
Regulatory Flexibility
The regulatory flexibility under a DIFC PC is one of the most compelling reasons to choose this framework for forming a company. Unlike standard DIFC entities, a Prescribed Company need not conduct business within the DIFC. Neither is it required to have a physical office in the jurisdiction.
Naturally, this reduces operational costs significantly, while businesses continue to enjoy the advantages of being a part of a globally recognized financial centre. Commercial entities also benefit from streamlined compliance requirements. Since they need to face simplified obligations for financial reporting, they experience lower administrative burdens.
Strong Asset Protection
Another key benefit of a DIFC PC is the strong asset protection it provides. Whether a company is managing investments, intellectual property, or structured finance operations, the DIFC PC framework secures its assets from external liabilities. Businesses involved in passive investment models find it particularly beneficial.
Crowdfunding and structured financing
DIFC PCs are highly beneficial for crowdfunding and structured financing. Crowdfunding-focused PCs can operate without strict shareholder limits and audit requirements. However, they need to maintain an annual turnover of under $5 million. Likewise, structured finance DIFC PCs benefit from audit exemptions. This makes them an efficient and cost-effective instrument for financial transactions.
Professional Assistance for Setting Up a DIFC PC
A DIFC PC appeals to businesses as a highly cost-effective option. Companies need to pay a one-time application fee of just $100. The annual license fee for a DIFC PC is $1,000. This low-cost structure enables firms to access the financial ecosystem of the DIFC without significant expenses.
Organizations looking to establish a DIFC Prescribed Company must partner with one of the established advisory service providers like the IMC Group. These professionals hold extensive expertise in legal structuring, compliance, and regulatory frameworks. Check out the benefits of outsourcing DIFC compliance and work with professionals to maximize the benefits of this corporate structure. Businesses looking to attract new investors or streamline their financial operations should consider seeking professional support at all the stages.
- NEWSLETTER,U.A.E
- February 12, 2025
The Federal Tax Authority (FTA) of the UAE has issued a firm reminder to businesses about the importance of timely corporate tax payments. In a recent announcement, the tax authority stated that companies failing to meet their tax obligations on time will face a hefty 14% annual penalty. This amount will be calculated on a monthly basis on the unpaid amount.
The FTA further clarified that the penalty will start accumulating the day after a company misses the payment deadline. The amount will compound each month, which can lead to significant consequences in case of non-compliance. Businesses are proactively seeking corporate tax consulting services in UAE from reputed professionals to ensure compliance and prevent penalties.
How the FTA Corporate Tax Penalty Adds Up Over Time
For businesses, late corporate tax payments may seem to be a minor issue. However, considering the monthly compounding nature of the penalty, the financial impact can be substantial. The tax authorities in the UAE have designed this penalty structure to ensure compliance. With this penalty now in place, businesses are likely to be more responsible with their corporate tax payments.
The unpaid tax amount will be immediately subjected to penalty once a deadline is missed. With each passing month, the unpaid amount of tax continues to accumulate penalties. This will exert significant financial strain on businesses, prompting them to make their corporate tax payments on time. Particularly, for companies operating with tight cash flow, these penalties can lead to significant additional costs. Therefore, making timely corporate tax payments is now a priority.
Why Tax Compliance Is Essential for Businesses
While businesses feel that paying corporate tax on time saves them from penalties, ensuring tax compliance also brings in other advantages.
Financial Stability
When businesses pay taxes on time, they can save funds as they need not shell out unnecessary penalties. This preserves their cash flow and ensures that funds are allocated towards business operations and growth.
Strengthening Reputation
Every business strives to maintain its credibility and reputation. Adhering to tax regulations demonstrates their commitment to authenticity. Therefore, businesses maintaining tax compliance gain the trust of investors, clients, and stakeholders, which positions the company as a reliable entity.
Long-Term Sustainability
Businesses avoiding penalties and maintaining a healthy relationship with tax authorities can enjoy long-term sustainability. These firms remain secure from sudden financial shocks that might have disrupted their growth plans.
Time Frame For UAE FTA Corporate Tax Registration
- 9% corporate tax rate for businesses earning over AED 375,000 annually
- 0% tax rate for businesses earning below the AED 375,000 threshold
Businesses must strictly adhere to the time frame for UAE FTA corporate tax registration to remain compliant.
Professional Tax Advisory Solutions for Businesses
With the FTA enforcing a 14% penalty on unpaid taxes, businesses in the UAE must prioritize compliance to ensure their operational efficiency and financial stability. Delaying corporate tax payments can lead to significant economic consequences. The IMC Group continues to be a trusted advisory service provider for corporate tax-related issues. Their experienced team guides businesses through the compliance process, ensuring that they remain ahead of deadlines and avoid penalties.
- NEWSLETTER, INDIA, SINGAPORE
- February 12, 2025
The CBDT (Central Board of Direct Taxes) in India has issued a clarification regarding how the country is likely to apply the PPT (Principal Purpose Test) to treaties with Singapore, Mauritius, and Cyprus. This decision implies that investments made as per these treaties before April 2017 will not be scrutinized under the PPT. With this clarification, India brings the much-needed stability to global tax frameworks as it reaffirms protections for investors. This eliminates concerns regarding the retrospective tax enforcement.
What Does the New Circular State?
On 22nd January, CBDT issued a circular that pre-existing investments from Mauritius, Cyprus, and Singapore would continue to enjoy favorable capital tax gains tax rates. Although these investments were designed to benefit from tax advantages, they will remain outside the scope of retrospective application of the PPT.
Interestingly, the PPT was introduced as a part of the Base Erosion and Profit Shifting (BEPS) framework. It was designed to prevent the abuse of the treaty by denying tax benefits if tax avoidance was the primary purpose of an arrangement.
However, the latest clarification from India clarifies that the PPT will only be applied prospectively. This will protect investments made before the specified cutoff date. Businesses from India looking for company formation in Singapore must understand the circular and seek professional assistance to remain on the right track.
Addressing Concerns Over the India-Mauritius Treaty Protocol
According to the CBDT, the PPT will be applied under DTAAs (Double Taxation Avoidance Agreements). The authorities are likely to objectively evaluate facts and circumstances. This makes the implementation of the agreements consistent and fair.
India has also expressed its commitment to bilateral tax agreements with Singapore, Mauritius, and Cyprus, which include ‘grandfathering’ provisions. These provisions have been designed to protect investments made before a particular date. It ensures that subsequent changes in the regulations of the treaty don’t affect the investments. This is good news for investors as their past investments under these treaties will continue to enjoy tax benefits.
Judicial Support to Stabilize the Treaty
The clarification issued by the CBDT is in line with a recent ruling by the ITAT (Income Tax Appellate Tribunal) involving Luxembourg-based SC Lowy P.I. (LUX) S.A.R. This case witnessed the first judicial exemption of India regarding the PPT. In this case, tax authorities tried to deny the benefits of the treaty due to the absence of beneficial ownership and economic substrate.
However, the court ruled in favor of the taxpayer. It stated that no authority can deny the benefits of a treaty without complete evidence. This development further strengthens the case for maintaining grandfathering provisions under India’s treaties with Singapore, Cyprus, and Mauritius.
What is the Grandfather Clause?
In tax treaties, grandfathering provisions play a crucial role as they ensure continuity and stability during regulatory changes. According to these clauses, investments made under prior agreements will continue to receive their original tax benefits even when a new tax regulation comes into effect. This protects investors as they continue to enjoy tax advantages for investments made earlier.
Particularly, the India-Mauritius DTAA has been extensively used for inbound investments. India and Mauritius, in March 2024, amended their DTAA to incorporate the PPT. This raised concerns about the potential impact on past investments.
Professional Tax Advisory Services for Businesses
With the latest circular eliminating this ambiguity, India demonstrates its commitment to provide a stable and predictable tax regime. Businesses and investors willing to invest must seek professional tax advisory services from established professionals like the IMC Group. Besides guiding organizations on the latest tax regulations, these experts can assist new entities during their company formation in Dubai and Singapore.
As India continues to streamline its tax regulations, it pays to partner with professionals to remain compliant. Businesses must look to capitalize on the stable investment environment with expert guidance to make the most of the prospects.
- NEWSLETTER,SINGAPORE
- February 12, 2025
Singapore has cemented its position as one of the leading wealth management hubs in Asia. As evident from statistics, the number of single family offices in Singapore soared by 2,000 in 2024 itself. In 2023, the country had only 1,400 SFOs, which marks a significant growth of 42.9% last year.
Around 600 new single family offices were launched in Singapore in 2024, which is more than double of the 300 that were added in 2023.
While speaking at the UBS Asia Wealth Forum, Second Finance Minister and Monetary Authority of Singapore (MAS) Deputy Chairman Chee Hong Tat explained the popularity of the country as a premier financial hub. He added that the financial stability in Singapore, along with its pro-business policies and incentives from the government make it an attractive destination for ultra-high-net-worth families.
- Government Support for Single Family Offices in Singapore
- The Strong Economy and Financial Resilience of Singapore
- Geopolitical Uncertainties That May Impact the Market
- Why Singapore is Advantageous for Setting up a Single Family Office
- Advisory Services for Setting up Single Family Offices in Singapore
Government Support for Single Family Offices in Singapore
The government of Singapore has been proactive in shaping the investment ecosystem in the country. In September 2024, MAS reported that it granted incentives to approximately 1,650 SFOs by the end of August. This suggests that more than half of the new SFOs were established in the last four months of the year.
One of the key reasons for the spike in the number of single family offices in Singapore is a key policy shift in November 2024. An amendment was made during this time, which allowed non-family employees to hold shares in these offices.
The Strong Economy and Financial Resilience of Singapore
Single family offices are expanding in Singapore at a time when the country’s economy is on a growth trajectory. Singapore recorded a 4% growth in its GDP in 2024, outperforming the 1.1% growth recorded in 2023.
Interestingly, the wealth management sector and financial services form a significant part of the services-producing industries. It contributed to 4.1% growth, surpassing the 3.6% from goods-producing sectors.
Geopolitical Uncertainties That May Impact the Market
With Donald Trump returning as the US President, experts are wary of certain challenges due to probable trade restrictions. Amidst tariff hikes and the economic slowdown in China, certain risk factors linger in 2025. If Trump decides to follow the 60% tariff rate, the GDP of China may slow down to 3%, further disrupting global markets.
Also, the prospect of higher-for-longer U.S. interest rates could strengthen the US dollar, leading to further depreciation for Asian currencies. An expert suggested that the Chinese yuan may fall to 7.5 against the dollar, while in the latter half of 2025, the Japanese. Amidst the uncertain market conditions, the Singapore dollar could fall by another 2%.
Why Singapore is Advantageous for Setting up a Single Family Office
Now, let’s understand why Singapore is advantageous for setting up a single family office even amidst global turbulence. The country is in a position to weather economic fluctuations. The country has strong fiscal reserves, which provide a buffer to absorb economic shocks. With the upcoming general elections expected in 2025, the new budget statement on February 18 may present a fiscal bonanza.
Also, Singapore’s stature as a global financial hub is expected to draw investors. Currently, the city-state is the top deep-tech startup ecosystem in Asia, and occupies the fourth spot globally. Its reputation for regulatory stability continues to attract investors looking for a strategic base for wealth management.
Advisory Services for Setting up Single Family Offices in Singapore
The government of Singapore is adopting a wait-and-see approach as the country steps into 2025. Finance Minister Chee expressed the commitment of the country to stay adaptable in at a time when the financial environment is evolving.
Top advisory experts like the IMC Group can guide single family offices in Singapore operate with confidence, establishing their presence in the country. The financial stability and favourable policies in the country continues to position Singapore as a premier destination for ultra-wealthy families.
- NEWSLETTER,U.A.E
- February 12, 2025
The UAE has been proactive in attracting foreign investors with its favorable visa programs. Particularly, the Golden Visa program of the country has transformed the nation into a premier destination for foreign investors. This visa program has been designed to offer long-term residency and financial security to skilled professionals and their families in the UAE. This program brings a plethora of benefits for the visa holders, including a strong business ecosystem, a tax-free environment, and lucrative real estate opportunities.
Originally, Golden Visa in Dubai was launched to attract entrepreneurs, investors, and highly skilled professionals. The goal was to make the UAE a prime destination for global talent and investment. Since its introduction, the Golden Visa has significantly evolved. Particularly, Dubai stands out as a leading hub for investors with its booming real estate market. Property value in this city has sharply risen, with 91 square meters of prime residential space costing around $1 million. This price is more than double, considering real estate values in cities like New York or Sydney. The strong rental returns, investor-friendly policies, and economic stability of the city further enhance its appeal.
What does the Golden Visa Program offer?
The Golden Visa program offers residency options to the holders in the country, and it can be renewed every five or ten years. One can obtain this visa without the need for local sponsorship, which ensures long-term security for investors, skilled professionals, and business owners. A broad range of professionals and businesses are eligible for this visa, including entrepreneurs, property investors, researchers, scientists, and specialists in different fields. With this visa program, the UAE demonstrates its commitment to innovation and economic diversification.
Real estate investors in the UAE must invest at least AED 2 million (around $545,000) to qualify for a five-year renewable visa in the country. This program has significantly influenced the real-estate ownership pattern in the country. Currently, a greater number of investors are buying properties rather than renting them, which fuels the growth of the luxury and mid-tier property markets in the country.
Competitive advantage of the UAE with its Golden Visa Program
The Golden Visa program of the UAE gives professionals and entrepreneurs an edge, compared to similar residency programs in Malta and Portugal. For visa holders, key benefits include its tax-free income policies, stable currency, and a pro-business regulatory environment.
Also, Dubai consistently ranks among the top cities across the globe due to its ease of doing business. This makes it an attractive option for high-net-worth individuals and corporations.
Among the prime locations for real estate investment in the UAE are Downtown Dubai, Dubai Marina, and Palm Jumeirah. With high rental returns and a luxury lifestyle, the demand for properties in these regions continues to surge.
A report reveals that 43% of global HNWIs with over $15 million in personal wealth are looking to invest in properties in Dubai for personal use.
Investment Opportunities In The UAE Beyond Real Estate
While investing in real estate is one of the ways to obtain the Golden Visa, investors are also exploring other opportunities in sectors like innovation, healthcare, and technology. The strategic location and world-class infrastructure of Dubai make it a global hub for businesses. Naturally, entrepreneurs looking for access to the international market have Dubai on their radar.
The Golden Visa program is properly aligned with the Dubai Economic Agenda ‘D33’. It reinforces economic growth, which reflects the long-term vision for economic growth and global leadership in the region. In 2024, the UAE welcomed around 6,700 new millionaires, further strengthening its status as a prime destination for high-net-worth families and investors.
Professional Support to Obtain Golden Visa in the UAE
As the UAE continues to shape itself for global investment with stability and business-friendly policies, professionals and investors are looking to work with professionals like the IMC Group for comprehensive support. The experts can help in identifying key investment opportunities in Dubai, besides providing assistance with obtaining the Golden visa. The Golden Visa program not only offers long-term residency but also serves as a strategic gateway to financial growth. The visa program has established the UAE as a strategic hub for investors looking for security and prosperity in the thriving economy.
- NEWSLETTER, INDIA, SINGAPORE
- February 12, 2025
Over the years, India and Singapore have strengthened their strategic business partnership. The trade and investment ties between these two Asian nations have grown manifold in recent decades. Singapore continues to be a key investor in India, along with the country’s largest trading partner in the ASEAN region. The CECA (Comprehensive Economic Cooperation Agreement) of 2005 has significantly enhanced this collaboration.
Amidst the robust business ecosystem, a significant number of businesses in India are looking to expand their operations in Singapore. Forward-thinking firms are seeking professional assistance for company formation in Singapore from leading consultants.
- Trade and Investment Trends to Watch Out For
- High-Level Engagements between Singapore and India Driving Collaboration
- Framework of Bilateral Relations between Singapore and India
- Trade and Economic Environment
- Investment and Economic Prospects
- Professional Assistance for Company Formation in Singapore
Trade and Investment Trends to Watch Out For
An interesting trend reveals that Singapore is India’s largest source of FDI (foreign direct investment). In the second financial quarter of 2024-25, the country accounted for 50% of the overall FDI inflows in India. This marks a remarkable 43% rise, touching US $13.6 billion. From April 2000 to March 2024 the cumulative investment inflow from Singapore to India was $159.94 billion.
Also, bilateral trade between India and Singapore has witnessed consistent growth, increasing from $6.7 billion in the financial year 2025 to $35.61 billion in 2024. On the other hand, exports from India to Singapore rose to $14.41 billion, recording a 20.19% increment.
High-Level Engagements between Singapore and India Driving Collaboration
The President of Singapore, Tharman Shanmugaratnam, is scheduled to visit India in 2025. This will be the first official visit by a Singaporean President to India in a decade. In September 2024, the Indian Prime Minister, Narendra Modi visited Singapore. Key trade agreements were signed during this visit, including crucial deals in the semiconductor sector. This is likely to enhance strategic collaboration between the two countries in the semiconductor industry and expand market opportunities for firms based in Singapore.
Framework of Bilateral Relations between Singapore and India
Singapore and India share a strong political, cultural, and economic bond, which was further empowered by the Comprehensive Strategic Partnership in September 2024. These two countries actively collaborate across multiple platforms, including the East Asia Summit, G20, IORA, and IONS.
The relationship between India and Singapore pivots on several agreements like the Double Taxation Avoidance Agreement, CECA, Defense Cooperation Agreement, Bilateral Air Services Agreement, and Mutual Legal Assistance Treaty. Regular dialogue and cooperation between India and Singapore take place through the Joint Ministerial Committee and the India-Singapore Ministerial Roundtable (ISMR).
In New Delhi, The ISMR was inaugurated in 2022 to strengthen collaboration between the two countries in sectors like fintech, digital connectivity, skill development, green energy, and food security.
The second ISMR was held in August 2024 in Singapore. It reviewed the progress of the first one and introduced two new areas – advanced manufacturing and connectivity.
Trade and Economic Environment
Thanks to the CECA, trade relations between India and Singapore have expanded significantly. This ensures a greater market access and investment opportunities. Currently, Singapore is the sixth-largest trade partner of India and accounts for 3.2% of the overall trade of the country. India, on the other hand, holds the 12th position in the global trade of Singapore.
Major Indian Exports to Singapore (FY 2024)
The total exports from India to Singapore stood at $9.4 billion between April and November 2024. Petroleum, ships, and electronics emerged as the leading categories. Here’s an overview of the major Indian exports to Singapore.
- Petroleum products, chemicals, and shipbuilding materials ($9.4 billion)
- Electronics, precious metals, and organic chemicals ($2.4 billion)
Key Indian Imports from Singapore (FY 2024)
India has imported goods worth $13.91 billion from Singapore in the first eight months of FY 2025. The top categories included electronics, coal, and IT hardware. The top sectors included:
- Electronic components, coal, and IT hardware ($6.8 billion)
- Plastics, chemicals, and petroleum ($4.7 billion)
Investment and Economic Prospects
Singapore continues to be the top source of FDI for India. During FY 2023-24, it contributed $11.77 billion in equity inflows to the country. Cumulative FDI from Singapore to India reached $167.47 billion as of September 2024, accounting for 24% of the total FDI of India. Key sectors that attracted investment include IT, telecommunications, trading, and pharmaceuticals.
On the other hand, India has been expanding its investments in Singapore. Cumulative outward FDI from India to Singapore reached $90.58 billion between January 2008 and June 2024.
Professional Assistance for Company Formation in Singapore
As the economic partnership between India and Singapore continues to evolve, businesses are seeking professional support for forming a company in Singapore. Leading advisory experts like the IMC Group can guide businesses in this regard, helping them identify potential investing Opportunities in Singapore. With high-level engagement, trade agreements, and sectoral diversification, the business environment looks favorable for both countries. Expanding firms must consider seeking professional support to establish their entities in Singapore and capitalize on the potential growth opportunities.
- ARTICLE,SINGAPORE
- February 12, 2025
Global businesses on the growth trajectory persistently face challenges due to the shortage of qualified accountants. Regardless of the industry, organizations require accurate financial oversight, regulatory compliance, and timely reporting. A professional hand in managing business finances ensures financial resilience and compliance for these firms. Particularly, businesses in Singapore are experiencing a shortage of qualified teams of accountants. With a decline in accounting graduates, outsourcing accounting services has turned out to be a viable solution for businesses.
Organizations failing to address this shortage may face operational disruptions. In order to address issues like compliance risks and financial inefficiencies, a significant number of companies are seeking outsourced accounting solutions.
Along with this, the adoption of technology and strategic workforce development can define the way to success for Singaporean firms.
4 Reasons Businesses are Struggling to Find Qualified Accountants
Declining Interest in Accounting Careers
Over the last five years, the number of students pursuing accounting careers has witnessed a 10% decline. This led to a shortage of fresh talent entering the workforce. According to estimates, companies in Singapore will need around 7,000 qualified accountants in 2025.
High Burnout and Turnover Rates
Stress and burnout are among the key reasons leading to a shortage of accountants. Around 55% of accountants are quitting their jobs due to high stress levels. Naturally, this leads to a scarcity of qualified accountants.
Retirement of Senior Accountants
A significant portion of experienced accountants are reaching retirement age. This is leaving a gnawing gap in expertise that junior professionals find difficult to fulfil.
Rising Demand for Financial Experts
As organizations in Singapore scale up, they face more stringent regulations. This is yet another reason for the spike in the number of qualified accountants.
- Delays in financial reporting
- Compliance risks
- Inefficient cash flow management
Outsourcing accounting services can help in mitigating these issues.
Why outsource finance and accounting services?
Access to Expert Talent
Working with third-party accounting firms, businesses can gain access to accomplished accounting teams. Experienced professionals in these organizations specialize in different areas like regulatory compliance, tax planning, and financial reporting.
Cost Efficiency
Companies often struggle to hire in-house accountants due to their limited financial abilities. Outsourcing accounting services eliminates expenses like employee insurance and other perks. It serves as a cost-effective alternative without compromising quality.
Scalability and Flexibility
One of the best benefits of outsourcing accounting services is the ability to meet specific needs. Businesses can seek full-service financial management or assistance with particular functions like payroll and tax filing.
Mitigating Risk
Leading financial outsourcing firms stay abreast with the latest financial regulations. This reduces the risk of non-compliance and penalties for companies in Singapore.
Both new and established companies know why outsource finance and accounting services. Considering the holistic range of benefits, they entrust established third parties with their business finances.
Technological Edge of Accounting Outsourcing Solutions
Some of the key technologies include:
Artificial Intelligence (AI) and Machine Learning
AI-powered accounting software can automate data entry, financial reconciliation, and fraud detection. This significantly improves the accuracy and efficiency of accounting.
Cloud-based accounting solutions
Cloud platforms provide real-time access to financial data. This enables better collaboration between teams and outsourced service providers.
Robotic Process Automation (RPA)
With RPA, accounting teams can reduce the burden of repetitive tasks like processing invoices. They can focus on strategic decision-making, which streamlines your financial operations.
Outsourced Accounting Services in Singapore
The shortage of skilled accountants in Singapore isn’t just a temporary hurdle. The trend of outsourcing accounting services marks a transformative shift in the industry. Businesses from various verticals are embracing advanced technologies through outsourcing. Successful organizations in Singapore are working closely with established outsourced accounting service providers like the IMC Group. With professional accounting solutions, companies can safeguard their financial health and maintain compliance.
As accounting tasks continue to evolve, organizations must remain agile and innovative. Outsourcing accounting tasks is a strategic decision for businesses in Singapore as they overcome challenges like the shortage of accountants. Adaptation and long-term planning of business finances ensure resilience amidst the competitive business environment.
Authors
Partner – IMC Singapore
[email protected]
Mohammed Hezri
Manager – Business Development
[email protected]
- Publications
- February 12, 2025
The Union Budget for 2025-26, themed “SABKA VIKAS” (Development for All), emphasizes balanced regional growth across India.
Union Budget highlights that Agriculture, MSME, Investment, and Exports are engines in the journey to Viksit Bharat using reforms as fuel, guided by the spirit of inclusivity.
- Article, Global
- February 4, 2025
Challenges in Setting Up and Running Global Capability Centers
Handling Decision-Making Uncertainty
Maintaining Long-Term Worth
Managing Growth
Talent Strategy and Workforce Stability
Cross-Cultural and Organizational Cooperation
Meeting Regulations Across Borders
Your GCC Setup Made Easy
Defining the Role of Global Capability Centers (GCC)
The Evolution of GCCs
Core Areas of Global Capability Centers (GCCs)
Information Technology Services
Managing infrastructure, software development, cybersecurity, and cloud solutions.
Finance & Accounting
Handling financial tasks, regulatory adherence, fiscal reporting, and global audit coordination.
Human Capital Management
Managing hiring, performance reviews, payroll, and compliance with labour laws.
Research & Development
Speeding up product innovation through localized R&D and teamwork.
Customer Experience Management
Providing multilingual support, technical help, and service improvements based on data.
Start Your GCC Journey with Trusted Guidance
Benefits of Using Global Capability Centers
Access to Global Talent
Filling skill gaps with technology, compliance, and niche industry expertise.
Improved Operations
Standardizing processes and using best practices to raise quality and output.
Cost Reduction
Using economies of scale, geographic advantages, and automation to lower expenses.
Faster Innovation
Creating innovation ecosystems through partnerships with universities, startups, and tech hubs.
Market Responsiveness
Using regional knowledge to enter markets faster, adapt offerings, and understand regulations.
Ready to Establish Your GCC?
We Can Help
Trends Shaping Global Capability Centers
Use of Advanced Technologies
Implementing AI, machine learning, and robotic process automation (RPA) to improve compliance tracking and operational accuracy.
Focus on Sustainability
Incorporating environmental, social, and governance (ESG) principles into GCC strategies to align with global sustainability goals.
Flexible Operations
Adopting hybrid work models, decentralized decision-making, and adaptive methods to respond to geopolitical and market changes.
Alignment with Company Goals
Strengthening collaboration between Global Capability Centers and headquarters to develop solutions for global issues.
Making GCCs Essential
- Article, Global
- January 30, 2025
Financial technology is changing how businesses and individuals handle their finances, using AI-driven automation and integrated financial services. As 2025 approaches, financial services become more intelligent, interconnected, and user-friendly. Let’s look at the key developments driving this change and their effects on businesses worldwide.
- AI: The New Foundation of Financial Services
- Finance and Accounting Technology: Key Changes Shaping the Future
- Embedded Finance: A New Era of Business Operations
- RegTech: A Smarter Approach to Compliance
- Bridging the Financial Inclusion Gap
- Blockchain and DeFi: The Next Leap in Financial Infrastructure
- Opportunities for Fintech in DeFi’s Growth
- Conclusion: The Future of Finance is Here
AI: The New Foundation of Financial Services
Finance and Accounting Technology: Key Changes Shaping the Future
Key Technologies Driving Change in Finance & Accounting
Cloud-Based Accounting: Secure, Scalable, and Connected
- Cloud accounting platforms offer enhanced security, with providers managing encryption and access controls
- Unlike traditional accounting software, cloud solutions receive real-time updates, keeping security and compliance up to date
- A centralized cloud environment makes information easily accessible, enabling seamless team collaboration
Embedded Finance: A New Era of Business Operations
How Embedded Finance is Changing the Landscape
- Payments Without Barriers
- Platforms like Netflix and Udemy process payments within their apps, eliminating manual transactions
- Businesses can simplify purchases by integrating digital wallets, buy-now-pay-later (BNPL), and one-click checkouts
- Expanding Financial Services
- Companies now offer built-in lending, insurance, and investment options, making financial decisions more straightforward for users
- E-commerce platforms enable financing options at checkout, improving affordability for customers
RegTech: A Smarter Approach to Compliance
Regulatory technology (RegTech) is automating compliance, allowing financial institutions and businesses to meet regulatory requirements more accurately and efficiently. From real-time anti-money laundering (AML) checks to AI-powered Know Your Customer (KYC) verification, RegTech is reducing manual work, minimizing compliance risks, and improving financial transparency.
Key Changes in RegTech for 2025
- Automated Compliance Monitoring
- AI-driven systems analyze real-time transactions, identifying potential risks before they escalate
- Businesses can streamline anti-money laundering (AML) and Know Your Customer (KYC) processes, reducing manual oversight
- Proactive Fraud Prevention
- Machine learning algorithms detect unusual patterns and flag suspicious activities instantly
- Financial institutions can strengthen security measures and minimize exposure to financial crime
Bridging the Financial Inclusion Gap
Fintech is making financial services more accessible worldwide
- Mobile banking is reaching rural areas, allowing people to access financial services through their phones
- Alternative credit scoring models are helping individuals with no traditional credit history secure loans
- Digital wallets are replacing cash, providing secure and efficient payment options
Blockchain and DeFi: The Next Leap in Financial Infrastructure
Blockchain is no longer just about cryptocurrencies—it’s streamlining payments, securing digital identities, and increasing transparency in financial transactions.
Cross-border payments that took days can now be completed in minutes with significantly lower fees. Governments are also entering the digital space, developing Central Bank Digital Currencies (CBDCs) that combine the efficiency of digital transactions with the stability of fiat money.
For businesses, blockchain offers a secure, verifiable, and cost-effective way to handle transactions, contracts, and digital identity verification.
Opportunities for Fintech in DeFi’s Growth
- Develop platforms for decentralized lending, automated yield farming, and digital asset exchanges.
- Create novel contract-driven financial tools that reduce reliance on intermediaries.
- Offer alternative financial products beyond traditional banking models to reach a wider audience.
- Improve user accessibility with intuitive DeFi solutions for mainstream users.
- Take advantage of DeFi’s growing demand for secure, high-yield investment options.
- Generate income through decentralized platforms via staking mechanisms, liquidity pools, and tokenized assets.
Maintaining Competitiveness in Fintech: The Role of a Fintech Development Partner
Key Advantages of Collaborating with a Fintech Development Partner
- Access specialists who understand emerging technologies, regulatory changes, and market trends.
- Receive customized solutions that align with your business objectives and long-term strategy.
- Reduce time-to-market by utilizing pre-built frameworks and scalable solutions while maintaining a customized approach.
- Agile development processes ensure efficiency without compromising on innovation.
- Align with global financial regulations like GDPR, PSD3, and evolving industry standards.
- Implement advanced security measures to protect user data and prevent fraud.
- Choose your level of involvement—from co-developing solutions with developers to fully outsourced project management.
- Maintain transparency with real-time updates and progress tracking.
Conclusion: The Future of Finance is Here
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