The Institute of Singapore Chartered Accountants (ISCA) is extending a partnership-led model to help smaller accounting practices pursue growth beyond Singapore.
The model would allow smaller companies to expand into Asian markets without the cost of opening and maintaining overseas offices, according to the Business Timesreport.
The model uses a growing professional services centre (PSC) network to connect Singapore businesses with local partners in other markets.
Instead of setting up teams, developing regulatory knowledge and building business networks in each country, Singapore operators can work with established local providers.
The Singapore company contributes capabilities already available in its home market. Its overseas partner handles work that requires local expertise, relationships or regulated services.
This allows small and medium-sized practices to avoid the fixed costs of building a physical presence and local networks each time they support a client entering a new market.
ISCA CEO Fann Kor was quoted by the financial newspaper as saying: “In the past, bigger firms like the Big Four had the infrastructure and the network, but this has never really been an opportunity for smaller firms.
“What we are trying to do is set up the infrastructure so smaller firms can also tap the network that ISCA and our alliance partners have put together, and consider internationalisation as well.”
Kor also noted an “emerging arrangement” between Singapore and Chinese accounting practices. Under this arrangement, when a Chinese client enters Singapore, the Singapore partner can provide regulated services such as audit. The same will apply when a Singapore client expands into China.
The approach could give companies access to “a bigger market, a more dynamic market” and a broader talent pool, she said.
The move reflects the growing need for Singapore’s accountancy sector to support clients expanding overseas.
The PSC network is a key part of this effort. It has facilitated more than 90 business connections, supported 100 companies and engaged in excess of 700 businesses and professionals.
The PSC Alliance comprises eight Singapore organisations including the ISCA, covering accountancy, business, law, manufacturing, tax and valuation. It works with local professional groups in each market.
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