Financial services to Singapore

Financial services in Singapore are:

  • the banking sector 
  • capital markets 
  • wealth management 
  • insurance 

Singapore's central bank is the Monetary Authority of Singapore (MAS). It guides the financial industry and promotes international accounting standards. 

Grants 

Financial institutions that plan to start or expand their operations in Singapore can apply for MAS tax incentives. 

Also, grant schemes available under the Financial Sector Development Fund (FSDF) include the:

  • Financial Training Scheme 
  • Institute of Banking and Finance Standards Training Scheme 
  • Financial Scholarship Programme 

Licences and regulations 

To practice accountancy in Singapore, you must be a member of the Institute of Singapore Chartered Accountants (ICSA). You also need to register with the Accounting and Corporate Regulatory Authority. 

To be an auditor of financial statements in Singapore, you must register as a public accountant. You don't need to register as a public accountant to provide services such as accounting, tax and corporate advisory work. 

There is one licencing regime for all regulated activities in the securities and futures market. Individual market intermediaries only need to hold one licence to conduct a range of financial activities. LicenceOne is Singapore Government's licensing portal.

MAS has more information about setting up in Singapore.

Help doing business outside Australia

Austrade’s Global Business Support Finder can give you personalised information about your service and chosen market. This includes:

  • how to get your business ready to do business outside Australia 
  • intellectual property
  • visas 
  • tax and getting paid
  • who can help 

 Links and industry contacts

Please note: This list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only. The content is for information and carries no warranty; as such, the addressee must exercise their own discretion in its use. Australia’s anti-bribery laws apply overseas and Austrade will not provide business related services to any party who breaches the law and will report credible evidence of any breach. For further information, please see foreign bribery information and awareness pack.