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Article, SINGAPORE

The Ultimate ACRA Compliance Guide for Businesses to Stay Ahead in 2025

March 14, 2025

Singapore continues to be a top destination for businesses with its strong regulatory framework and commitment to transparency. The ACRA (Accounting and Corporate Regulatory Authority) is the prime governing body that defines the integrity of this system. This authority ensures that public accountants, businesses, and corporate service providers comply with legal obligations.

Naturally, successful organizations reach out to experts for compliance advisory services. Failing to meet the requirements set by ACRA can lead to legal consequences and financial penalties. The last thing any business would want is reputational damage, right?

We have compiled this essential checklist to help businesses stay compliant in 2025.

Your 2025 ACRA Compliance Roadmap

Once a company is officially registered with ACRA, it needs to complete the post-incorporation formalities. After this, ongoing compliance becomes essential. Here’s a breakdown of the critical requirements.

Annual General Meeting (AGM)
Situational or circumstantial updates
Let’s break down the key compliance requirements that every company based in Singapore must follow.

The Yearly Obligation of the Annual General Meeting (AGM)

Within the first six months of the financial year-end (FYE), every organization must hold an Annual General Meeting (AGM). Listed companies must hold their AGM within four months.

AGM Exemptions for Private Companies

Private companies are not required to hold an Annual General Meeting (AGM) if they:

Send financial statements to members within five months after the financial year-end.
Are dormant private companies that do not need to prepare financial statements.

When an AGM is Required?

Despite these exemptions, the law provides safeguards to protect shareholders’ rights:

1. Member Requests:

A member can ask for an AGM by notifying the company at least 14 days before the end of the 6th month following the financial year-end.

2. Director's Role:

If an AGM is requested, directors must:

Arrange the meeting within six months after the financial year-end.
Request more time from ACRA if needed.

3. Financial Statement Review Requests:

If a member or auditor asks to review financial statements:

The company must hold a general meeting within 14 days of the request.
Directors must ensure this meeting is arranged within the same period.

Companies with an FYE before August 31, 2018, must still adhere to the old rule. Accordingly, they need to hold the first AGM within 18 months of incorporation. The subsequent AGMs are to be organized within 15 months.

Why it matters?

In case any organization fails to hold an AGM on time, it can result in penalties and legal action. It can even lead to the disqualification of directors.

Businesses Must File Their Annual Return (AR) With ACRA

It’s mandatory for every company registered in Singapore to file an Annual Return (AR), even if the business is dormant. Deadlines depend on the nature of the business:

Listed companies must file Annual Returns (AR) within five months after the financial year-end (FYE).
All other companies must file Annual Returns (AR) within seven months after the financial year-end (FYE).

For companies with an FYE before 31^st August 2018, the older rule applies. They need to file within 30 days of the AGM.

Financial reporting: The financial statements of your business must comply with Singapore Financial Reporting Standards (SFRS). You need to submit it as a part of the Annual Return.

Keeping ACRA Updated on Changes in Business

It’s essential for businesses to update ACRA regarding any significant changes within the prescribed timelines. This includes:

Change in business names: It’s essential to obtain prior approval from members and file the same with ACRA
Changes in company details: If there’s any change in business activities, registered address, the organization must report the same within 14 days to ACRA..
Changes in directors and secretaries: In case there’s a change in appointments, resignations, or details of directors or secretaries, it must be updated promptly with ACRA.

Updating Information on Shareholders

For businesses operating in Singapore, it’s essential to maintain accurate records about shareholders. This includes changes like adding new shareholders or share transfers. All these changes must be reported to the BizFile+ through the ‘Update Shares Information’ option.

Lodging the Register of Registrable Controllers (RORC)

Every organization needs to maintain a Register of Registrable Controllers (RORC) that contains the details of beneficial owners. The key requirements include:

Setting up the RORC within 30 days of incorporation.
Filing RORC updates with ACRA within two business days after any changes.

Penalties for non-compliance: In case a business fails to maintain the RORC or update any vital information, it can result in hefty fines or legal action.

Responsibilities of Directors in Financial Reporting

The directors of any company shoulder a crucial responsibility in ensuring financial compliance. The key obligations include:

Preparing accurate financial statements as per SFRS
Making sure that statements provide a true and fair view of the financial health of the company
Filing the audited or unaudited financial statements in XBRL format unless there’s an exemption

Legal action may be initiated against directors who neglect these duties under the Financial Reporting Surveillance Programme (FRSP). That’s why, leading companies seek compliance advisory services from established professionals.

Additional Compliance Responsibilities

Besides statutory filings, businesses must also comply with other operational regulations. These include:

Keeping track of changes in ACRA regulations to stay ahead of updates on compliance
Documenting board resolutions and minutes of meeting
Maintaining clear and accurate accounting records
Filing corporate income tax returns with the Inland Revenue Authority of Singapore (IRAS)
Submitting periodic GST returns, if applicable
Ensuring valid employment contracts under the Employment Act
Bringing into light any conflicts of interest by directors
Contributing to the Central Provident Fund (CPF) for eligible employees
Acquiring business licenses specific to industries, like those for F&B, retail, or finance
Holding valid employment passes for foreign workers
Renewing business licenses on time to prevent penalties
Maintaining statutory registers of shareholders, Nominee Director, directors, RORC and secretaries
Adhering to the Personal Data Protection Act (PDPA) to protect the information of customers

Professional Compliance Advisory Services from Experts

Businesses in Singapore often find it challenging to understand its corporate compliance environment. However, adhering to the established regulations is something non-negotiable. That’s why, most organizations eyeing success reach out to reputed professionals at the IMC Group for compliance advisory services. These experts will help you understand how to file annual returns for your business. This ensures that enterprises can remain compliant and prevent penalties, thereby maintaining credibility and smooth operations.

NEWSLETTER, GLOBAL

Shaping the Future: 10 Global Mobility Trends to Watch in 2025

January 9, 2025

As forward-thinking organizations strive to capitalize on fresh opportunities across the world, the global mobility landscape keeps evolving rapidly. However, demands on relocation strategies are many – from deploying advanced technology to streamlining relocation processes and addressing fluctuating prices of the housing market. With a shift in operational paradigm and the popularity of hybrid work, organizations are concerned about the wellbeing of their employees.

As we step into 2025, a greater number of global organizations are turning to professional global mobility services from trusted experts. A professional approach to streamlining the relocation of employees proves effective in attracting talent and ensuring compliance. Organizations can also ensure operational efficiency as they remain on the right track.

Top Global Mobility Trends That Will Dominate 2025

1. Prioritizing Safety and Health Amid Global Turmoil

Global instability continues to be a challenge for the mobility of your employees. From escalating tensions in Southeast Asia to cybercrime threats closer to home, businesses are prioritizing comprehensive risk management strategies. Reputed consultants offering global relocation services recommend proactive strategies like integrating analytics for crisis response and working with external risk experts. These tactics significantly enhance the safety of your employees.

Interestingly, 54% of businesses are embracing robust safety and health protocols to secure their operations in high-threat regions.

2. Digital Transformation Leading the Way

Thanks to the inception of AI and machine learning, global mobility programs have evolved significantly. Currently, 46% of organizations deploy innovative technologies, while the number was just 4% in 2018. This figure is likely to hit 63% in 2025, marking a significant leap. Predictive analytics and AI-driven tools come in handy while streamlining relocation processes and enhancing compliance management.

3. Flexible Housing Solutions

Old challenges like rental affordability still persist in 2025. Global businesses are exploring suburban and commuter-area housing to accommodate their employees. Various parts of the globe have witnessed a spike in the demand for flexible options like serviced apartments and extended-stay accommodations. Cost-conscious businesses in cities like Paris and London mostly look for housing options that balance their budget and convenience.

4. Sustainability Remains a Priority

Global relocation trends are also being driven by environmental concerns. Currently, businesses are prioritizing eco-friendly housing options to reduce their carbon footprint during global relocation. Thus, companies are embedding sustainability into their mobility programs to mitigate the long-term impact on the environment.

5. Merging Business Travel and Corporate Relocation

With hybrid operational models in place, lines between business travel and relocation have blurred. Now, organizations favor short-term corporate housing for project-based assignments. This offers flexibility without long-term commitments. This shift reflects the personalization trend as employees travel for leisure. They look out for tailored experiences during temporary relocations.

6. Addressing Challenges in the Rental Market

Major cities across Europe and Asia continue to struggle with housing affordability. For example, the prime rental market in London has slowed, creating opportunities for employees looking for premium accommodations. Companies need to analyze these trends and allocate their budgets appropriately to provide competitive housing options.

7. Increased Investment in Emerging Markets

Countries like India and South Africa have turned into popular hubs for business travel and relocations. Bangalore, with its skilled workforce and cost advantages, attracts global companies like Amazon and Microsoft. Likewise, Cape Town has emerged as a prime business travel destination that showcases the growing role of South Africa in global mobility.

8. Controlling Cost without Compromising Quality

Leading experts specializing in global mobility services are striking a perfect balance between cost control and quality while offering viable solutions to their clients. Working closely with these professionals, companies are adopting cost-saving measures like negotiating with landlords and capitalizing on long-term relationships with suppliers. With these strategies, employees experience high-quality accommodations while businesses can maintain their financial efficiency in relocation programs.

9. Data-Driven Approach to Mobility Planning

Thanks to progress in data analytics, quality data is empowering companies to optimize mobility programs. Predictive analytics empower businesses to forecast market trends and manage the expectations of their employees. With intelligent inputs from advanced systems, they streamline the relocation processes. For instance, 54% of companies are introducing policies for long-term remote work to address talent gaps and challenges like high cost of living.

10. Technology Driving Global Mobility Management

Professional Global Mobility Solutions to Show the Way

As businesses struggle to adapt to the new global mobility trends of 2025, leading organizations are already seeking global relocation services from top advisory partners. Established professionals like the IMC Group can streamline global mobility and help businesses relocate their workforce to destinations across the world with their comprehensive approach to employee relocation.

With effective advisory solutions, businesses can embrace technology and enjoy flexibility as they design employee-oriented relocation programs. Staying ahead of these trends, organizations can seamlessly relocate their workforce as they embrace the future of global mobility.

NEWSLETTER, GLOBAL

Transforming Finance with GenAI: Why Accounting Firms Rely on This Revolutionary Tool

November 13, 2024

Generative AI has been a game-changer in various industries, and finance is no exception. As global businesses struggle with more complex data and stricter regulations, the GenAI technology has proven to be a revolutionary inclusion in the realm of finance and accounting processes. Leading accounting professionals deploy AI-powered tools to optimize their daily tasks and improve efficiency. They are enhancing data analytics to benefit from smart insights like never before.

Established companies providing AI consulting services are streamlining operations using these technologies. Thus, they can simplify their financial reporting and deliver better services to their clients.

In this edition, we will explore how GenAI works and how it is transforming financial services. Read on to know why accounting firms are adopting this sophisticated technology to optimize their operations.

What is Generative AI, and How Does It Work for Finance and Accounting?

Generative AI is an advanced form of artificial intelligence. It is a form of AI capable of creating new content and generating insights. It completes tasks based on data provided. The technology goes beyond the role of traditional AI in automating specific actions to actively creating valuable content including text, images, data visualizations, and even personalized reports.

Generative AI streamlines several critical tasks for finance teams like predictive forecasting, data analysis, and reporting. For instance, it can be used to generate real-time financial reports or provide data-driven insights to optimize tax planning and consolidation processes. The technology processes large datasets quickly to understand queries related to natural language. GenAI transforms data into meaningful and actionable insights.

With the rise of AI in accounting automation, top accounting firms are adopting these tools to augment their services. These tools also enhance client reporting capabilities and minimize human error in complex financial tasks.

The Perfect Time for Generative AI to Transform Finance Processes

Generative AI is no longer a futuristic concept. It’s already transforming the finance industry. LLMs that power Generative AI have significantly matured and become reliable tools that can handle complex financial tasks. With improvements in technology like Retrieval Augmented Generation (RAG), GenAI assistants can now produce high-quality outputs backed by real information that can be verified. This reduces the risk of inaccurate or misleading data.

Moreover, GenAI can be seamlessly integrated into existing financial software like cloud-based accounting systems. This makes it easier for finance professionals to adopt and scale. This presents a tremendous opportunity for accounting firms to enhance their services while maintaining the accuracy and transparency that their clients require.

Five Key Ways Generative AI Assists Finance Teams

Here are five ways generative AI can streamline operations for accounts and finance teams.

1. Boosting Efficiency in Data Handling

Gen AI significantly enhances the efficiency of accounting teams. The technology automates routine tasks that would generally take hours. Rather than manually sifting through massive datasets or performing repetitive calculations, accountants can ask the AI to carry out the tedious tasks.

For instance, AI assistants can instantly process vast amounts of transactional data and generate reports or visualize financial trends. This reduces the time accounting firms spend on manual data entry.

2. Generating Accurate Financial Visualizations

One of the key strengths of GenAI is its ability to create high-quality and visually appealing charts and graphs from raw data. Accounting teams often struggle to interpret complex financial data and present it to stakeholders. GenAI simplifies this process as it produces high-quality visualizations that communicate the KPIs and trends.

Accounting firms use tools powered by GenAI to instantly create graphs, heatmaps, and dashboards. Thus, they transform raw data into meaningful visual insights. Thus, companies can communicate their financial performance clearly and confidently which facilitates better decision-making for both internal stakeholders and external clients.

3. Enhancing Data Analysis and Insights

GenAI provides advanced analytical features and eliminates human bias, along with the limitations of manual calculations. It can analyze massive datasets with greater accuracy and identify patterns, weaknesses, or opportunities that are often overlooked by human analysts.

For accounting firms, these financial reports are more precise and insightful. Leading accounting firms are using these tools to provide their clients with deeper insights into their financial health. This helps them make more informed and data-driven decisions like saving tax.

4. Streamlining Actuals Reporting

GenAI excels in automating actuals reporting. This is a key function in financial management that compares projected and actual performance. With the traditional approach, compiling monthly sales, revenue, profitability, and trend analyses would require substantial time and effort. Thanks to GenAI, these reports can be generated automatically in seconds, which provides updated insights on critical metrics.

5. Simplifying Narrative Reporting

Effective narrative reporting is crucial for presenting the story behind the numbers. Accountants and finance teams often need to draft explanatory notes and provide context around financial results. GenAI automates this task as it produces detailed narratives based on the provided data. It eliminates the need for accountants to manually write lengthy reports.

Professional AI Consulting Services to Maximize its Potential in Accounting

Forward-thinking companies are already implementing generative AI in their accounting practices to make the most of this promising technology. Leading global firms are looking to partner with competent teams like the IMC Group for AI consulting services. These experts deploy advanced AI-powered tools to help businesses maximize their growth opportunities. With professional guidance from seasoned accountants, businesses can streamline their finances and ensure compliance.

Newsletter, Singapore

Navigating Immigration Options in Singapore: Your Gateway to Business Success

October 15, 2024

Singapore stands out as a prime destination for entrepreneurs and investors in today’s evolving global landscape. While countries like the U.S., Canada, and the U.K. have tightened their immigration policies, Singapore has embraced a more welcoming approach!

Singapore offers robust company incorporation processes and a range of innovative immigration schemes that will take your business to the next level.

Choosing the Right Immigration Program

Whether you’re an entrepreneur or an investor, here are some essential programs to consider:

Global Investor Program (GIP)

Designed for high-net-worth individuals, the Global Investor Program offers a direct pathway to permanent residency. With investment options ranging from 10 million to 200 million SGD, this program is ideal for entrepreneurs ready to substantially impact Singapore.

Family Office Route

For wealthy investors, the family office structure offers tax advantages and a clear route to permanent residency. With flexible investment levels and global investment opportunities, it’s an excellent option for those looking to establish long-term family wealth.

Self-Employment EP for Business Owners

Running a small or medium-sized business? The self-employed Employment Pass (EP) is an accessible option that allows you to qualify for permanent residency by establishing a company and hiring locals. With no minimum turnover requirement, this is a popular choice among entrepreneurs.

Diverse Talent Attraction Schemes

Singapore also offers visa options designed for specialized talents, including:

One Pass: For professionals earning over 30,000 SGD monthly.
Personalized Employment Pass (PEP): For those earning above 22,500 SGD with no employer sponsorship needed.
EntrePass and Tech Pass: For innovative entrepreneurs and tech leaders in high-growth industries.

Why Singapore?

Singapore’s clear criteria, attractive tax benefits, and rapid processing times make it the perfect destination for business leaders. Whether you want to establish a company or invest in long-term opportunities, now is the time to explore Singapore’s immigration options!

How IMC Can Support Your Immigration Journey

If you’re ready to take the next step, IMC is here to guide you every step of the way. From selecting the most suitable immigration program to handling all the necessary paperwork, we provide tailored solutions to fit your specific needs. Our team of experienced consultants will help you navigate the application process, ensuring compliance with all local regulations and maximizing your chances of approval.

Additionally, we’ll assist with company incorporation, finding the best investment opportunities, and advising on tax benefits. Whether you’re applying for the Global Investor Program, establishing a Family Office, or pursuing a Self-Employment EP, we ensure a seamless and hassle-free experience.

Newsletter, U.A.E

How Can Dubai’s Golden Visa Impact Global Mobility of Foreign Businesses?

October 15, 2024

For international businesses looking to expand their operations in the Middle East, Dubai has emerged as one of the most lucrative destinations. Dubai has even surpassed leading cities like Paris, Miami, and New York, standing out with its strategic location. The advanced infrastructure and political stability in Dubai make it a business-friendly avenue.

As the UAE emerges as a key global financial hub, it appeals to entrepreneurs, professionals, and academicians. Obtaining the Golden Visa UAE brings a host of benefits as businesses and entrepreneurs look to expand to the country.

Progressive Visa Policies in the UAE Driving Investments

The progressive immigration policies of the UAE have been instrumental in driving international investments. The Golden Visa was introduced by the government of the UAE in 2019. This was a major initiative designed to attract global talent and retain investors in the country.

This is a long-term residency visa, which makes a tactical shift in immigration from temporary expatriate labour to ensure a more stable and permanent pool of talent. With the Golden Visa UAE, individuals can live, work, or invest in any of the seven emirates of the UAE. These include Dubai, Abu Dhabi, Sharjah, Umm Al Quwain, Ras Al Khaimah, Fujairah, and Ajman.

Key Benefits of the UAE Golden Visa

With the Golden Visa, skilled and wealthy individuals enjoy a host of benefits in the UAE. This long-term residency visa is issue for five to ten years and can be renewed automatically. It supports the diversification strategy of the UAE, reducing its dependency on oil and diversifying the economy to sectors like education, technology, and healthcare. This initiative aligns with the vision of the UAE to establish itself as a global leader in business and talent.

Check out the key benefits of the UAE Golden Visa.

Longer residency period: The Golden visa allows foreign individuals to reside for a longer period in the UAE without any local sponsor.
Travelling made easy: With this visa, one can travel to the UAE and outside the country with minimal restrictions. You can also sponsor your immediate family members and as many domestic workers as required.
Professional freedom: One of the best features of the visa is that it allows individuals to enjoy full ownership of their business in the UAE. They can also choose their employees which nurtures a conducive entrepreneurial environment for growth.

Eligibility of the UAE Golden Visa

The Golden Visa is ideal for individuals from various categories, including scientists, doctors, professionals, investors, executive directors, creative individuals, and those specializing in science and engineering. It is also beneficial to brilliant students, real estate investors, entrepreneurs, and those making public investments.

Applicants need to fulfil certain criteria to obtain the visa, which varies from one profession to another.

Scientists and doctors need to seek approval from the Ministry of Health and Scientific Councils.
Creative professionals need to get approval from the Department of Culture and Arts.
Executive Directors should have five years of experience, a degree, and a minimum salary of AED 30,000.
Investors should own a business, deposit AED 2 million, or pay a tax worth AED 250,000.
For entrepreneurs, it’s imperative to have a project with a valuation of at least AED 500,000 and relevant endorsements.

With professional assistance from companies specializing in PRO services in Dubai, obtaining the UAE Golden Visa will be easy.

Seek Professional Assistance While Immigrating to the UAE

Whether you are an individual or an entrepreneur looking to immigrate to the UAE, professional support from seasoned advisors can be valuable. International businesses expanding to the country often seek global mobility services in UAE from established companies like the IMC Group to streamline the process. With experts on the side, businesses and individuals can seamlessly fulfil the eligibility criteria and confidently apply for a visa to immigrate to the UAE.

Newsletter, U.A.E

Key Factors Shaping the Rise of the UAE as a Global Hub for Wealth Structuring and Management

October 15, 2024

The UAE has emerged as a formidable player in the global wealth management sector, attracting HNWIs and family offices from around the world. The strategic location of the country, along with its progressive regulatory framework and favorable tax environment makes it a lucrative destination for structuring and preserving wealth. Established advisory companies provide comprehensive support to single family office in Dubai and high-net-worth individuals manage their wealth.

Traditionally, the UAE has been perceived primarily as a transactional market. Assets have been traditionally booked in offshore financial centres like Hong Kong, Singapore, and Switzerland. However, the proactive approach of the UAE to regulatory reforms and the introduction of legal frameworks like the UAE foundations law have transformed the landscape. With these developments, individuals can now structure their assets onshore more effectively. This makes the UAE a viable alternative to traditional wealth management hubs.

Dubai’s Position as Family Office Hub

Dubai has witnessed a surge in interest from family offices looking to establish or expand their operations in the Middle East. This trend coincides with the rise of single family office in Asia. The strategic location of Dubai, along with its world-class infrastructure and lifestyle amenities, makes it a highly sought-after destination for both individuals and businesses. The government of the UAE has also been proactive in creating an environment conducive to the development of family offices. It offers comprehensive support and various incentives for family offices.

Competition and Collaboration

Although the UAE has made significant strides in attracting wealth management clients, it faces stiff competition from established financial centers like Singapore and Hong Kong. These regions have a long-standing reputation as wealth management hubs. They offer robust regulatory frameworks and a deep pool of experienced professionals.

However, the UAE has some unique advantages like its strategic location and growing financial ecosystems. This positions the country as a compelling alternative for certain segments of clients.

Regulatory Landscape and Challenges in the UAE

The regulatory environment in the UAE has a crucial role to play in its rise as a global destination for wealth management. The government has implemented several reforms to make the environment more conducive for businesses. This includes the introduction of foundations and the deregulation of single-family offices in the Dubai International Financial Centre (DIFC). These measures have significantly enhanced the appeal of the UAE to HNWIs and family offices.

However, there is still a small door for improvement where the regulatory framework in the UAE can be streamlined. The country has made significant progress in aligning its regulations with international standards. However, it remains to be seen whether the regulatory environment remains efficient and transparent. This will make it adaptable to evolving market trends, which is essential for the success of the UAE.

Talent and Infrastructure

With skilled talent and a robust infrastructure available in the UAE, the country is attracting global wealth management firms and family offices. The country has significantly invested in developing its infrastructure and talent pool. Thus, it positions itself as a competitive destination for foreign businesses. The country also remains committed to innovation and technology, which appeals to the next generation of wealth owners.

Overcoming Perceptions of Sovereign Risk

In recent years, the UAE has faced certain challenges while trying to establish itself as a global wealth management hub, particularly while overcoming perceptions of sovereign risk. While the country has made significant progress in addressing these concerns, it’s important to continue building trust and confidence among international investors.

The emergence of the UAE as a global leader in wealth management reflects its strategic vision. The progressive regulatory framework in the country and attractive business environment make it a prime destination for wealth management firms. The IMC Group continues to be a leading advisory company, assisting single family office in Dubai and wealthy individuals manage their assets in the UAE. As the country adapts to the changing needs of its clients, it looks well-poised to strengthen its position as a global financial hub.

Newsletter, Singapore

Family Offices in Singapore Shaping the Future of Wealth Management

October 9, 2024

In recent years, the family office ecosystem in Singapore has been on a phenomenal growth trajectory. While the country had only 400 single family offices in operation in 2020, the number has grown manifold to 1,650 in 2024. The second minister for finance and transport and deputy chairman of the Monetary Authority of Singapore (MAS), Chee Hong Tat, revealed these astounding figures while speaking at the Global-Asia Family Office Summit.

He also spoke about the strong financial norms and pro-business regulations in the country, demonstrating why the country continues to be a preferred destination for wealthy families in Asia and various other countries around the world. Interestingly, wealthy families are looking for a leading single family office in Singapore to manage their assets and maintain their legacy across generations.

Singapore’s Economy Booms with Economical Progress

The assets under management (AUM) in Singapore have recorded an overgrowth of 8% in 2023. The five-year compound annual growth rate stands at an impressive 10%. In 2025, the Asia-Pacific region is likely to grow by 4.9%. Thus, Singapore is all set to benefit as a prime financial focal point serving the region.

You might be wondering why Singapore is the ideal hub for your family office. Chee demonstrated the key role Singapore has been playing in wealth management. He highlighted the importance of local banks like DBS, UOB, and the Bank of Singapore, along with global financial institutions like HSBC and Citi.

A recent survey involving the leading private banks in the country revealed that in the first quarter of 2024, the assets of their clients increased by 9.5% compared to the same quarter in the previous year. The same trend was evident in the Global Wealth Report of the BCG. It revealed that, between 2023 and 2028, Singapore is projected to grow at 8.5% per annum, which is faster than any other wealth centre around the globe.

The Role of Single Family Offices in Singapore

Chee pointed out the role of single family offices in Singapore beyond wealth management. These firms generate jobs and invest in local ventures.

He also expressed his support for the growing interest of Singapore in philanthropy. This reveals the impact that single family offices can have, both through social and financial contributions. In Singapore, single family offices are supporting causes like educating autistic and dyslexic individuals, besides providing elderly care.

Chee stated that Singapore is enhancing philanthropic activities through various programmes like the 2021 Philanthropy Advisory Skills which was launched by MAS, and the professional certification on philanthropy from the Asia Centre for Changemakers in 2023.

With supportive policies from the government and initiatives for talent development, Singapore is poised to remain a leader in Asia as well as the world in family office services and wealth management. The IMC Group continues to be an experienced advisor for single family office in Singapore, helping wealthy families and HNWIs in Singapore manage their wealth.

Newsletter, U.A.E

Top Sectors in Dubai Investors are Eyeing in 2024

October 9, 2024

Over the last couple of decades, Dubai has evolved into a lucrative global hub for businesses. In 2024, forward-thinking international companies are eyeing the most promising sectors in the country. For entrepreneurs, key sectors to invest in Dubai include renewable energy, personal finance management, Ed Tech, tourism and hospitality, and real estate.

Consulting established professionals for company formation in Dubai, foreign investors are keen to make the most of the opportunities in the country.

4 Key Sectors Global Firms Should Invest in Dubai

In this edition, we present you with the top four sectors in Dubai that are drawing maximum interest from global businesses.

1. Renewable Energy

Dubai has demonstrated its commitment to establishing itself as a global sustainability leader. The city’s green energy goals are both ambitious and practical, streamlined by the Dubai Clean Energy Strategy 2050. Naturally, foreign investors are channelling their funds towards the renewable energy sector in Dubai.

Why invest in renewable energy?

Incentives from the government: The government offers several incentives for renewable energy projects, including funding and tax breaks. Moreover, the DEWA (Dubai Electricity and Water Authority) supports these initiatives through its Dubai Solar Energy Strategy.
Technological advantage: Some of the largest solar parks in the world, including the Mohammed bin Rashid Al Maktoum Solar Park, are housed in Dubai. Besides generating clean energy, these projects reflect the commitment of Dubai to advanced technology to achieve sustainable goals.
Increasing demand: With global awareness of climate change making an impact, the demand for green energy solutions is likely to rise. As Dubai is bracing up to be a green energy hub, it presents a favorable market for innovative solutions and new technologies.

Investment opportunities in the renewable energy sector include:

Solar energy projects
Energy storage solutions
Startups working on renewable energy

Foreign investors look to acquire the Golden Visa in the UAE to make lucrative investments in Dubai.

2. EdTech

In Dubai, the field of EdTech is undergoing transformation. This is largely driven by technological advancements and evolving demands from the young generation. The EdTech sector includes online platforms, digital learning tools, and innovative methods for teaching.

Why invest in EdTech?

Increasing demand: The demand for sophisticated educational solutions in Dubai is on the rise to cater to the different learning needs of the tech-savvy populations. Corporate training institutions, universities, and schools are increasingly looking for intelligent solutions.
Support from the government: The UAE government is heavily investing in educational reforms to foster digital transformation. This creates a supportive environment for companies working in the EdTech sector.
International reach: The strategic location of Dubai and its international outlook makes it the perfect hub for EdTech companies to thrive.

Global firms can explore the following sectors in the EdTech domain.

Online platforms for learning
Developing AI tools for education
EdTech Hardware and software development

3. Personal Finance Management

As Dubai evolves into a global financial hub, the demand for personal finance management solutions is on the rise. The focus has shifted to financial literacy among the rising middle class in the country. For companies working in this sector, there are lucrative opportunities to develop innovative solutions to help clients manage their finances professionally.

Why invest in Personal Finance Management?

Rising wealth: The population in Dubai is rapidly accumulating wealth, which intensifies the demand for personal finance tools. These solutions help individuals in investment planning, getting financial advice, and budgeting.
Digital transformation: In the digitized environment, the shift towards intelligent financial solutions and digital banking is on the rise. This trend is reshaping the way individuals manage wealth, creating opportunities for new platforms.
Financial literacy: With financial education gaining the spotlight in Dubai, the need for financial literacy solutions is on the rise. This makes complex concepts related to finance understandable to a broader population.

Key investment opportunities in the personal finance management sector in Dubai include:

Wealth management solutions
Innovations in Fintech
Financial literacy programs

4. Hospitality and Tourism

The hospitality and tourism sector in Dubai has been a key driver of its economy. In 2024, this sector continue to evolve to cater to the needs of the increasing number of tourists. Today, Dubai is a top destination for tourists, standing out with its world-class attractions and luxury resorts.

Why invest in hospitality and tourism?

Strong growth potential: The tourism sector in Dubai looks lucrative for investors and the city attracts millions of visitors from all around the globe annually.
Innovation: The hospitality sector in Dubai is evolving as it embraces new technologies like AI.
Entertainment and events: The city is known for hosting global exhibitions, events, and various festivals. This largely drives the growth of the tourism and hospitality industry.

For global companies, investment opportunities in the tourism and hospitality sectors include:

Tourism infrastructure
Tech-oriented experiences
Luxury hotels

Professional Consultation for Business Setup in Dubai

The investment landscape in Dubai looks more promising than ever. In this edition, we have presented the key sectors where foreign businesses can invest in the city.

However, amidst the competitive commercial environment, the business setup in Dubai process can be challenging for companies expanding to the country. The IMC Group continues to be a leading consultancy firm, providing comprehensive assistance to global firms eyeing the lucrative opportunities in Dubai.

Newsletter, Singapore

Why Do Foreign Investors Choose Singapore for Business Expansion? 7 Compelling Reasons

October 9, 2024

Singapore continues to be a favorable avenue for investment, particularly among global firms. Foreigners consider this country to be one of the best places to start their business. With its bustling environment and dynamic commercial environment, Singapore has emerged as a favourite destination for global investors and entrepreneurs.

The sound commercial infrastructure in the country and the easy access to regional markets make Singapore a great place to invest. The country has a transparent legal system that reduces investment risks. Thus, businesses from different verticals enjoy the ease of conducting commercial activities. Although the Singapore company formation process is relatively easy, successful firms seek professional support from experts to streamline their path.

Read on to understand why Singapore continues to be the favourite destination for establishing your business.

7 Reasons Why Foreign Investors Choose Singapore

In this edition, we have curated seven compelling reasons explaining why foreign investors want to form their companies in Singapore.

1. Supportive business environment

With the right support from experts, establishing your business in Singapore can be rewarding. Thanks to the efficient regulatory environment and business-friendly norms, you can grow your venture with ease. Besides, Singapore ranks high in terms of ease of doing business globally. The transparent regulatory environment in the country encourages foreign investors channel more funds into various sectors.

2. Tactical location

Located centrally at the junction of the main sea routes in Southeast Asia, Singapore gives an easy access to foreign companies. The country is placed strategically in the heart of Asia and provides a unique gateway to its expanding market. This opens up the way to imports and exports.

Thus, foreign companies investing in Singapore can gain easy access to the new markets as well as the established ones in Asia. This helps them enhance their operations and grow inter-organizational networks.

3. Favorable Tax System

The tax system in Singapore is one of the most business-friendly ones across the world. This is one of the key factors attracting foreign investors. While corporate tax rates in Singapore are low, businesses operating in the country also receive various tax incentives and exemptions.

Moreover, Singapore has established double taxation treaty agreements with several nations. Thus, foreign companies investing in Singapore enjoy reduced tax liabilities.

4. Transparent Legal System

Singapore continues to enjoy its reputation as one of the most honourable states in the world in terms of legal stability and transparency. The country boasts a strong legal system that prompts foreign investors to make confident decisions while expanding to the country. Besides, the existing norms in Singapore protect the IPRs of global firms. Resolving legal issues takes minimal time in the country.

5. Skilled Workforce

Singapore boasts a highly skilled workforce that helps foreign companies pool talent. With professional training and education, the workforce in Singapore is teeming with skills needed to suit various fields.

The country is committed to develop talent, promoting professional learning to enhance the quality of skills. Thus, businesses expanding to the country can hire skilled professionals and remain competitive in the market.

6. Advanced Infrastructure

After Singapore company formation, foreign companies can take advantage of the world-class infrastructure in the country. The country has an effective telecommunication system, transportation facilities, and modern offices. With a strong transportation system and operational efficiency, businesses experience a favorable environment in the country.

From high-speed internet to world-class highways, Singapore offers all the facilities that help companies conduct business and relocate their employees.

7. Key Financial Hub

Over the years, Singapore has established itself as one of financial hubs in the world. Its banking market is robust, and offers different types of financial products.

In Singapore, investors can benefit from the presence of several multinational banks that open up tremendous prospects of financing, investments, and financial management. Thus, global firms can control their finances and seek funds for further expansion and seize opportunities.

Professional Consultancy Services to Start a Business in Singapore

In this edition, we have comprehensively covered why foreign investors are looking to expand their operations to Singapore. Ambitious international companies often wonder how to start a business in Singapore as a foreigner. The IMC Group is one of the most trusted teams of consultants to guide businesses at every step during their company formation in Singapore. With personalized service and professional insights, foreign companies can establish their businesses and embrace the growth trajectory in Singapore.

NEWSLETTER, GLOBAL

The rise of AI in accounting: Automation driving efficiency worldwide

September 26, 2024

The competitive digitized business ecosystem has witnessed the integration of AI in finance and accounting processes. At a time when speed defines success, top accounting firms are leveraging the power of AI. Froward-thinking businesses rightly outsource their accounting processes to established firms that deploy AI to streamline processes. This shift toward real-time finance is more than a technological advancement. It’s a strategic move for businesses striving to remain competitive in the crowded market.

A transition from traditional finance to AI-enabled real-time operations

Automating accounting systems using AI has turned out to be a game-changer in the industry. AI is capable of automating routine financial tasks. This provides businesses with access to real-time data, facilitating faster and more informed decision-making. AI is redefining finance by enhancing speed, accuracy, and scalability.

The strategic advantages of AI-driven real-time finance

Instant Data Analysis: One of the most powerful features of AI is its ability to process and analyze vast amounts of data in real time. Thus, businesses can monitor their cash flow, track expenses, and forecast financial performance instantly. Real-time insights, backed by AI, are crucial for maintaining a competitive edge.

Real-Time Financial Reporting: AI-driven systems can generate updated financial reports. This provides immediate insights into the financial health of a company. It marks a significant improvement over traditional models of outsourcing, where financial reports were often delayed. Businesses can make critical decisions with real-time reporting, having access to the latest data. This helps them remain agile and responsive.

AI Tools in Power BI (or) Tableau automatically compile and analyze financial data, creating real-time dashboards and reports. This helps accountants monitor financial performance on the go. And provide clients on management with up-to-date insights.

Detecting Fraud in T&E Reports: One of the notable use cases where generative AI is being used in accounting is the auditing of Travel and Expense (T&E) reports. Thanks to the automated systems backed by AI, it is easy to detect potential fraud and inconsistencies that go beyond out-of-policy expenses. This translates to a significant amount of savings for accounting firms.

AI also evaluates data related to consumption and average pricing in restaurants. In the process, it detects discrepancies and anomalies that may be included in reporting expenses in the T&E system. The smart process significantly reduces the dependency on manual review processes and pacifies the financial processes as accounting firms can quickly address potential issues.

How accounting firms use AI to automate functions and boost productivity?

Besides transforming internal financial operations, AI is also reshaping the way accounting firms operate. Successful outsourced accounting service providers have been proactive in adopting AI-driven tools. Thus, they automate key functions to enhance productivity and efficiency. Advanced AI applications are capable of handling tasks like tax preparation, bookkeeping, and financial auditing with remarkable speed and accuracy. This significantly reduces the workload on human accountants, besides minimizing the margin of errors.

Automation of Routine Accounting Tasks: AI algorithms are now capable of managing routine tasks. These include data entry, invoice processing, and expense tracking. As a result, accountants can free up their crucial hours and focus on more strategic activities like advising clients on financial planning and business growth strategies.

AI tools such as Expensify automatically scan receipts, categorize expenses, and generate reports. Employees can take photos of receipts. The AI extracts relevant data (e.g., Date, Amount, Merchant) for expense claims, streamlining the process.

Enhanced Financial Auditing: AI-powered tools are capable of analyzing large datasets to identify discrepancies, fraud, and compliance issues. Naturally, they are much faster compared to traditional methods. This significantly enhances the accuracy of audits and speeds up the process. Thus, accounting firms can deliver more timely and reliable results to their clients.

Scalable Solutions: As accounting firms grow, the ability to scale operations without proportionally increasing costs is crucial. AI provides scalable solutions that can handle an increasing volume of transactions and clients without a corresponding rise in overhead. Firms looking to expand their client base find this scalability essential, while maintaining high levels of quality in their service.

Business owners and accounting heads of organizations worldwide are looking to partner with AI-driven accounting firms. These outsourced service providers can significantly enhance their efficiency in accounting. Leading accounting firms using AI have already set benchmarks in the industry. Working with one of these service providers can help businesses reap the benefits of automation and more accurate services.

Responding to inquiries from vendors and customers: Generative AI can be trained to handle inquiries from vendors and clients more effectively. With sophisticated chatbots, accounting firms can draft quick and helpful responses to these queries. With natural language processing and vast amounts of data, smart systems are capable of generating innovative and original replies.

AI needs to be trained to answer simple questions, while connecting customers to vendors in the ERP system. However, human experts need to be appointed to take care of more complex inquiries. This strategic approach significantly streamlines the communication process, making it responsive.

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