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 Established 1984 |
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Our
Products
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Our Services |
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| As certified public accountants with staff who are qualified
accountants, we provide two main areas of services that only qualified accountants
with the necessary knowledge and training can provide : |
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| We review your accounting systems and your financial statements
to ensure you are producing accounting statements and reports that comply
with the Income Tax Act and the Companies Act. There are consequences to
the company and all of its directors and officers if the financial statements
do not comply, and the accounting records are not properly kept as required
under the Income Tax Act and the Companies Act. |
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| As a minimum, your financial statements must comply with mandatory
accounting standards or financial reporting standards, which are or will
be incorporated as a requirement under the Companies Act. Above all, the
financial statements must show “a true and fair view”. This
is an area where professional opinion and advice will be helpful. |
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| The Income Tax Act requires you to keep accounting records
that the Inland Revenue can rely upon to reflect all of the transactions
of the company and to produce financial statements that can be used as a
basis for determining the tax assessment for each financial year. |
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| Even if you are exempted from having to do an annual statutory
audit, this exemption does not mean you are exempted from any or all of
the requirements of the Companies Act and the Income Tax Act. The responsibility
stills rests with the board of directors – this has not changed at all. |
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| We can do an initial review of your accounting system, your
accounting records, and your financial statements to give you an idea if
you are fulfilling your duties under the statutes. The initial review will
be a basic cost item and may take 2 days or more. If you prefer the comfort
of an annual review we can review your company’s financial statements before
they are finalised and give you a report as to whether they are complying
with mandatory accounting standards. |
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| We can provide you with a (a) full statutory annual audit;
(b) an internal audit review of special transactions; (c) a due diligence
audit or review for special purposes as such as for mergers and acquisitions
(due diligence); (d) an audit report for applications for government grants,
major exporter scheme for GST, and other statutory purposes. |
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| As Tax and Corporate Advisors, we
provide services that require multidisciplinary skills and knowledge. Through
our MSI Legal & Accounting Network worldwide, we have instant access
to resources that include valuers, appraisers, litigation specialists, experts,
insolvency specialists, arbitration specialists, tax lawyers, tax consultants,
trusts and estates practitioners including off-shore trusts, and intellectual
property lawyers and valuers. |
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| The Tax and Corporate Advisory services will be headed and
managed by Frankie L C Tan. |
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| Mr Tan is a member of the Singapore Institute of Arbitrators,
an associate member of the Singapore Academy of Law, and a fellow and member
of professional bodies in London and Malaysia. He has appeared as an expert
accounting witness in the Singapore High Court in a claim which his clients
won. He has also managed an investigation under the Singapore Companies
Act. |
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| Tax Advisory Services : We are prepared
to review any tax matter where you require a second opinion. We have been
engaged to seek tax rulings from the Comptroller of Income Tax where the
matter is open to different interpretations. We can also submit tax appeals
after we have reviewed the facts of the case. We also seek the Comptroller’s
ruling where the Income Tax Act gives the discretion to the Comptroller
to decide on the matter. |
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| Liquidations, Corporate Recovery
: We are prepared to review the financial affairs of any company or group
as to the options available in situations where there is a cashflow crunch,
an acute shortage of working capital, or a financial crisis. See Corporate
Insolvency Law which discusses the legal tests of solvency and the legal
consequences of insolvency. |
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| We can work out restructuring plans including capital reductions,
injection of new shareholders and assets, negotiate with creditors on a
scheme of arrangement or composition, valuation of assets and liabilities,
and assessing or evaluating the claims of your creditors, employees, and
contingent creditors, and their need for proof of debts. |
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| We are licensed to act as liquidators in voluntary and compulsory
winding-ups, and as judicial managers, receivers and managers. |
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| Valuations of Shares & Businesses
: The valuation of shares, companies and businesses requires special expertise,
skills, knowledge and judgment. Tangible and intangible assets are valued
differently. A knowledge of law is necessary to determining the extent of
liabilities and the amounts liable. The valuer has to have the skills of
the corporate finance specialist, the experience of a certified public accountant,
and the valuation concepts generally accepted by the courts in case law
and other precedents. |
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| We can produce valuation reports for various purposes such
as management buy-outs, estate duty and probate, sale of shares between
shareholders, sale of shares to outsiders, and the sale of the whole group
of companies to a new investor. |
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| Accounting Investigations : Accounting
investigations require experience and a team of dedicated accountants. Mr
Frankie L C Tan has acted as an expert witness in the Singapore High Court
and has managed an investigation into a group of companies under the Companies
Act. |
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| We can produce accounting investigation reports for applications
under s.216 and 216A of the Companies Act (minority shareholders’
oppression or injustice), to help resolve disputes amongst joint-venture
partners, to help resolve partnership disputes, to help resolve investment
disputes, for an individual director, and for companies facing possible
issues of fraud and misappropriation. |
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| Accountants’ Report for Litigation, Divorces
& Arbitration : We work with law firms in Singapore and
overseas who require an accountants’ report for litigation purposes,
primarily as an expert providing an opinion and as an expert witness who
can assist the courts on an issue within his expertise. The accountants’
report may comprise an investigation, a valuation report, or a computation
of claims for loss of future profits or the calculation of financial damages.
For divorces, the accountants’ report may comprise a report on the
estimated assets, including the valuation of unquoted companies and other
assets. |
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| Frankie L C Tan is an associate member of the Singapore Academy
of Law and a member of the Singapore Institute of Arbitrators. The accountants’
report for arbitration may comprise an accounting investigation for the
claimant or the respondent, an opinion or valuation report, and a computation
of claims for losses and financial damages. |
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| Auditing, Business Advisory : An
independent audit is useful and sometimes necessary, in the circumstances
we indicated earlier. A special audit to address a specific issue such as
the assets and liabilities in an acquisition or a possible fraud or misappropriation,
is often required at short notice. |
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| We provide the full range of “one-stop” business
advisory services in Singapore with a network connected to 220 MSI members
worldwide in 95 countries. These services include : |
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- doing business in Asean and China
- choice of corporate structure (subsidiary vs branch vs representative
office)
- profits repatriation (dividends vs royalties vs service fees)
- intellectual property ownership and repatriation of income
- branding and marketing issues in Asia – Asia is different!
- negotiating joint-ventures
- structuring investments, structuring joint-ventures
- executive search
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