As part of plans to expand its regional footprint, the Institute of Singapore Chartered Accountants hopes to tap into the potential growth opportunities within the JS-SEZ, and to contribute to the growing economic ties between Singapore and Malaysia.
The Institute of Singapore Chartered Accountants (ISCA) has launched omn Friday its first Professional Services Center in Johor Bahru (JB), which is strategically located within the Johor-Singapore Special Economic Zone (JS-SEZ).
As part of plans to expand its regional footprint, ISCA hopes to tap into the potential growth opportunities within the JS-SEZ, and to contribute to the growing economic ties between Singapore and Malaysia.
First of Ten
ISCA's Professional Services (PS) Centre in Johor Bahru is the first of ten such centers that ISCA will be launching across major cities around the world by June 2025, to support the growth of businesses in their respective countries. These centers mark a new joint partnership between ISCA and the following organizations, which are part of ISCA's Professional Accountancy Hub:
- Association of Small & Medium Enterprises (ASME)
- Institute of Valuers and Appraisers, Singapore (IVAS)
- Law Society of Singapore
- Singapore Manufacturing Foundation (SMF)
- Tax Academy of Singapore
ISCA's PS Center in Johor Bahru will serve as a conduit to promote the expansion and availability of professional services such as accounting, sustainability, legal, business valuation, taxation, and other corporate services, to meet the needs of Singaporean businesses seeking to expand in Malaysia and vice versa.
Foster Cross-Border Partnerships
In addition, it will help to foster cross-border partnerships and drive the development of accountancy talent in both countries. This is done in anticipation of the future growth of businesses in the JS-SEZ, as more entities tap into the collective resources and collaborative environment within the Zone to expand operations.
ISCA expects a considerable increase in demand for professional services and accountancy firms to meet these needs and navigate evolving regulations from a growing pool of clients, particularly in areas such as corporate set-up, cross-border taxation, business expansion advisory, sustainability standards, and adoption of technologies.
Target to Train 60,000 Professional Accountants
Recognizing the growing need for professional services, the Malaysian government recently announced a target to train 60,000 professional accountants by 2030. The JS-SEZ will create even more demand for professional accountants.
In alignment with this vision, ISCA will be forming partnerships with local universities based in Malaysia (Sunway TES College, University of Reading Malaysia, and the University of Southampton Malaysia) to create dedicated pathways for their students to pursue the Singapore Chartered Accountant Qualification (SCAQ), though provisions of resources, learning support as well as scholarships.
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 39,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries.
