NEXIA SINGAPORE PAC

Nexia Singapore PAC is an established public accounting firm committed to fostering enduring value for our clients. With an unwavering focus on meeting our clients’ evolving needs, regardless of the scope or scale, we facilitate their growth journey with dedicated expertise and support.

Led by directors and managers boasting extensive experience, and backed by a team of over 100 skilled professionals, we offer a comprehensive suite of services tailored to address various business requirements. Our areas of specialisation include audit and assurance, tax compliance and advisory, risk and governance consultancy, corporate recovery and restructuring, full spectrum of M&A activities, outsourcing, company incorporation, corporate secretarial services.

Aligned with our ethos of “exceeding expectations”, we uphold the highest standards of quality and integrity in every undertaking, always prioritising the interests of our clients. Our commitment to professionalism and ethical conduct underscores our mission to be a trusted partner, fostering pride among both clients and employees.

Nexia Singapore PAC is proud to be a member of Nexia (www.nexia.com), a leading global network of independent accounting & consulting firms. Nexia is the 17th largest network in the world with a combined income of approximately USD2.6bn and 10th largest in Asia Pacific in 2024. Nexia was established over 60 years ago and operates in almost 120 countries with almost 190 member firms, more than 510 offices, almost 2,000 partners and provides a resource of almost 22,300 professional and support staff. The enduring relationships with clients, teams and each member firm throughout the global network are a core value of Nexia and a hallmark of Nexia’s success.

Through this global alliance, we collaborate closely with fellow member firms to seamlessly address our clients’ international requirements, ensuring competent and comprehensive support wherever their business ventures may take them.

Statutory audits

As statutory auditors offering auditing services in Singapore, it is our primary responsibility to communicate whether the financial statements have been prepared correctly in compliance with the Companies Act 1967 and the relevant Singapore Financial Reporting Standards. As your auditing firm in Singapore, we ensure timely communication of issues and practical solutions to resolve issues.

Special-purpose audits

Based on agreed-upon protocols or regulatory requirements, we independently verify financial data to offer management and third-party stakeholders insights and comfort. On particular sectors, we also offer reviews and special audits like:

• Group Consolidation Audit
• NGO Audit
• Charity, Institution of a Public Character (IPC) Audit
• MCST (Management Corporation Strata Title) Audit
• Child Care Subsidy Audit
• Sales/Turnover/Income Certification Audit
• Rental Audit
• BCA (Building & Construction Authority) Audit
• Grant Audit
• Lucky Draw Audit
• Special Purpose Audit
• Due Diligence Audit
• Money-changers/Audits for Remittance Agency (Report Submission to Monetary Authority of Singapore on a Quarterly Basis)
• Other Non-statutory Audit or Assurance Engagement
• Specialised Reports on Any Agreed Upon Procedures
• Review Engagement
• Reviewing of Accounts & Internal Control Systems
• Internal Audit & Support

Nexia Singapore PAC is one of the approved auditors on the Enterprise Singapore portal.

Corporate income tax compliance

As a reliable tax advisory firm in Singapore, we assist companies in preparing their income tax computations and the accompanying schedules. We also help with the estimated chargeable income and annual corporate income tax return required for submission to the Inland Revenue Authority of Singapore (IRAS). In addition to assisting with the above compliance requirements, we will notify you where a transaction might lead to other tax ramifications (for example, withholding tax compliance).

As corporate income tax compliance in Singapore becomes increasingly complex and multifaceted, we keep our clients up-to-date with Singapore tax regulations and any changes that may affect their operations. To achieve an agreement and complete the annual assessment, we will also engage with IRAS regarding the companies’ annual tax return filings.

Corporate income tax consultancy

Our corporate income tax consultancy services cover the following:

• Advice on the Singapore tax regime
• Advice on the corporate income tax implications of completed and proposed transactions
• Advice on international tax implications of completed and proposed transactions
• Advice and the application of the Double Taxation Avoidance Agreements (DTAA) of completed and proposed transactions
• Apply for the tax incentives that are available from the relevant Singapore agencies
• Assist with the tax due diligence review for a target company(ies)

Goods and Services Tax

Goods and Services Tax (GST) is a broad-based consumption tax levied on items brought into Singapore (imported and collected through Singapore Customs). This tax also applies to nearly every good and service supplied in Singapore. Thus, business expansion and international trade require addressing any GST issues.

Our GST services involve the following:

• Assess the companies’ need to register for GST
• Register for GST/Apply for exemption from GST registration
• Prepare and submit the GST returns (Form GST F5 Return)
• Assist with the ASK (Assisted Self-help Kit) review
• Assist with the ACAP (Assisted Compliance Assurance Programme) review
• Assist in the application for the GST schemes
• Advise on GST implications of completed and proposed transactions
• Attend to IRAS queries
• Assist with the tax due diligence review for a target company(ies)

Transfer Pricing

Transfer pricing (TP) is the pricing of goods, services, and intangibles between related parties. Businesses can no longer put off establishing a suitable TP model due to the rising focus of tax authorities on the need to demonstrate that their related party transactions are carried out at arm’s length.

Working with our Nexia International network members, we can help you establish an appropriate model for preparing proper documentation and assessing your current TP policy.

Withholding Tax in Singapore

When a non-resident firm or individual receives income from a Singaporean source for certain services given or work done in Singapore, Singapore tax is withheld and on-paid to IRAS. Although the recipient is liable for the tax, the responsibility to withhold Singapore tax belongs to the Singapore taxpayer.

Since withholding tax in Singapore is dependent on numerous considerations, we can assist with the following:

• Determine whether the transactions are subjected to Singapore withholding tax
• Determine the applicable rate in each transaction, taking into account the applicable DTAA
• Calculate the correct tax amount
• Assist with all statutory filing requirements

Individual tax compliance and consultancy

As businesses are committed to investing in human competencies, revamping human resources arrangements is becoming quite common. These changes require some consideration when rethinking remuneration packages and other applications of domestic tax laws.

In addition to our range of services for corporate clients, we also offer personal advice and assistance to individuals in tax matters, including:

• Prepare and submit the income tax returns and computations to IRAS
• Prepare the returns for employees’ remuneration (Form IR8A)
• Prepare and submit the tax clearance return (Form IR21) whenever a foreign employee is about to leave Singapore
• Apply for individual income tax schemes
• Handle tax queries from IRAS
• Apply for voluntary disclosures on previous tax errors/negligence
• Provide personalised tax planning to be tax-efficient

Financial accounting advisory services

It is of utmost importance to choose the ideal accounting advisor with good internal resources and with vast capabilities and experience, which is necessary to identify and address accounting issues promptly and practically.

Our accounting technical specialists, who have deep knowledge and are constantly kept abreast of updated financial reporting standards, can partner with you to understand the implications of accounting issues and facilitate explanations to your stakeholders. Our expertise in complex accounting areas includes but are not limited to:

• IFRS 2: Share-based Payment;
• IFRS 3: Business Combinations;
• IFRS 9: Financial Instruments, including unquoted investments;
• IFRS 13: Fair Value Measurement;
• IFRS 15: Revenue from Contracts with Customer;
• IFRS 16: Leases;
• IAS 38: Intangible Assets;
• IAS 41: Agriculture; and
• IFRIC 12: Service Concession Arrangements.

These standards often form the foundation for financial due diligence, ensuring your business maintains compliance and transparency.

Data analysis & projections

Our knowledgeable team, equipped with strong corporate finance and modelling skills, would be able to assist you in preparing data analysis to make informed decisions or mock-up forecasts/projections for strategic planning. We can work together to prepare your business for expansion planning, fund-raising, bank loans or sale of shares/business – an integral part of both business valuations and transaction advisory processes.

Business valuations

Our professional team, equipped with technical skills, can perform high-quality business valuations that fulfil the needs of corporates, regulators, tax and accounting bodies. Whether it’s for divestment, acquisition or dispute resolution, we would work closely with you to better understand your business and determine a value that can stand up to scrutiny. Our Business Advisory team ensures valuations align with your strategic objectives.

Financial & tax due diligence

Prior to your acquisition, financial and tax due diligence exercises assure you that the business you intend to acquire has no irregularities in its financial standing or tax exposures. Our Business Advisory team aims to highlight potential investment risks and ensure that red flags, if any, are properly addressed in your sale and purchase agreement. More importantly, we also focus on identifying areas where business synergies can be leveraged post-acquisition.

Transaction advisory

As your business progresses to the strategic growth stage or even if you are considering exit strategies, there are many options, including fund raising, M&A and IPO, which may sometimes be too complex for business owners to handle on their own. Our experienced Transaction Advisory professionals are here to understand your needs, analyse dynamic business environments, explore different alternatives and ensure you are always prepared to make informed decisions. We want to be part of your exciting journey and provide trusted business advisory support as you pursue growth.