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Giles Brake - 23 March 2005
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Tan Leng Cheo & Partners, MSI's Singapore accounting member since 1992, has decided to take advantage of Singapore's new wave of economic changes to specialise in corporate and tax advisory services.
The changes include the complete exemption of foreign income from Singapore tax, the development of the offshore trust and non-resident companies incorporated in Singapore, the reduction of the corporate tax rates to 20% (effective corporate tax rate is significantly less with tax concessions), exemption from audit requirements, reduced costs for incorporation, the introduction of the one-director one-shareholder company and the limited liability partnerships, and the simplification of tax and company procedures.
The corporate and tax advisory division, under the FTC Corporate & Tax Advisory brand, has taken on board multinational clients such as the V Ships Group of companies headquartered in the United Kingdom, Umicore Precious Metals (Singapore) Pte Ltd whose holding company is in Germany, Degussa (SEA) Pte Ltd, A B Enzymes GmbH Singapore Branch, Degussa Texturant Systems (S) Pte Ltd, Ineos Phenol Asia Pte Ltd and Degussa Constrcution Chemicals Asean Pacific.
Managing partner Frankie Tan said corporate and tax advisory services tend to be very focused. "We work with clients who valued the personal and dedicated attention that a medium size firm like ours can offer. This is particularly useful for special needs such as the tax incentive status that we successfully obtain for the V Ships Group of Companies; a fraud investigation, at short notice, for a software company; the corporate restructuring of a group with diversified businesses, and tax rulings such as for the utilisation of tax losses arising from a management buy-out".
Referrals for such specialized corporate and tax advisory services can come from the clients' international auditors and legal advisers. Frankie Tan is an associate member of the Singapore Academy of Law and a member of the Singapore Institute of Arbitrators. This year's Singapore budget has further liberalised the regulatory regime with a reduction in personal tax rates and the introduction of a loss carry-back relief. For details of the Singapore budget, go to the firm's website at www.accountlaw-tax.com.sg
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