28th April 2015
MGI is among the top performing accounting associations in one of Asia’s most important markets, Singapore.
Fee income analysed by International Accounting Bulletin shows MGI's two member firms in the city state are continuing to perform strongly, with the alliance the third largest by revenues. Fees rose 15 per cent last year to $7 million.
In terms of staff, MGI is the fifth largest association in Singapore with 46 in total across the two firms.
Clive Bennett, MGI CEO, comments "We should be very proud to be in such a significant position in one of the key markets in Asia and, indeed, in the world. This is a mark of the quality of our member firms and of our expansion in the Asian market,” he said.
Among the world's best places for entrepreneurs, Singapore is proving an increasingly attractive place for accounting firms to do business, the IAB report notes.
Yet with the rewards come with a price - notably operational and compliance costs.
"For accounting firms, compliance costs have been rising in recent years as the government has tightened the auditing standards. For the past 10 years firms wishing to operate in Singapore have to undergo very stringent inspections every three years conducted by the regulator, the Accounting and Corporate Regulatory Authority (ACRA)," the report notes.
Despite this, MGI members are continuing to perform strongly in this key Asian market.
MGI has two member firms in Singapore - MGI Menon & Associates and MGI N. Rajan Associates.
Imran Assan at MGI Menon & Associates was recently announced as MGI’s new International Committee Member for Asia.
To find out more about MGI's firms in Singapore, go to their member firm profile pages at MGI World.