Category: Business Insights

Why Family Offices in Asia are Flourishing

Business professionals in discussion, symbolising strategic planning and governance support for family office Asia services.

Why Family Offices in Asia are Flourishing

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Across the Asia-Pacific, family offices are becoming increasingly popular as high-net-worth individuals (HNWIs) seek greater control, privacy and structure. The rise in interest is being fuelled by economic growth, intergenerational wealth transfers and a growing demand for bespoke strategies that go beyond traditional wealth management.

Once seen primarily as tools for private wealth consolidation, family offices are evolving into strategic vehicles. As awareness grows around the benefits of a family office, Asia is fast becoming a global centre for family office growth. According to McKinsey, there is a boom in family office formation across the region, driven by expanding ultra-high-net-worth populations and more accessible advisory ecosystems. McKinsey’s analysis forecasted that between 2023 and 2030, ultra-high-net-worth (UHNW) and high-net-worth (HNW) families in the Asia–Pacific region are set to experience an intergenerational wealth transfer estimated at $5.8 trillion.

Singapore, with its strong legal infrastructure and pro-business environment, remains a trusted hub. Malaysia, too, has asserted itself with the launch of the Forest City Special Financial Zone (SFZ) in Johor. The new development aims to transform Johor into a regional financial powerhouse, complete with tax incentives and modern infrastructure.

As the demand for tailored wealth strategies grows, more families are asking why a family office in Asia is the right step forward. With deep roots in Singapore and Malaysia, BoardRoom provides local insight to help families understand the value and purpose of establishing a family office in Asia, aligned with their long-term vision and evolving priorities.

The Rise of Family Offices in Asia

Asia is now home to some of the fastest-growing populations of ultra-high-net-worth individuals in the world. In response, family offices are becoming increasingly popular as structured, private vehicles for long-term wealth preservation and investment.

The number of family offices across the Asia-Pacific has grown rapidly in recent years, mirroring a broader shift in how wealthy families are choosing to manage their financial legacies.

What’s Driving This Growth?

One key driver is the scale and speed of wealth creation. Many of Asia’s first-generation wealth creators are now moving businesses or capital to the next generation. These second-generation leaders often seek more governance, strategic planning and professionalisation in how their family’s assets are managed. This has led to a rise in demand for family office services that offer bespoke investment strategies, succession planning and governance structures that can meet diverse family needs.

Another important factor is the growing interest in values-based and impact investing. Younger family members, in particular, are prioritising social and environmental outcomes alongside financial returns. Family office strategy in Asia increasingly includes philanthropy and ESG-aligned portfolios.

Angeline Aw, Group Chief Executive Officer, BoardRoom Group says a sophisticated professional ecosystem is emerging to support this evolution. “From family office advisors to tax consultants and legal experts, the support infrastructure in Asia is maturing quickly. Jurisdictions like Singapore and Malaysia stand out not just for their tax and regulatory environments, but also for their experienced family office consulting professionals and service providers.”

For families evaluating their next move, Asia offers a compelling mix of opportunity, control and regional connectivity. The right jurisdiction (Singapore with its mature landscape or Malaysia and its emerging frameworks) depends on each family’s structure, values and long-term goals.

    Business professional reviewing documents with a team in the background, highlighting the strategic benefits of a family office for wealth planning and governance.

    Why Set up a Family Office in Singapore?

    Singapore has earned its status as Asia’s most established destination for family offices, and for good reason. Its reputation for political stability, transparent regulation and high-quality financial services makes it a natural choice for high-net-worth individuals seeking long-term control and security over their wealth.

    A Trusted Environment for Wealth

    The Monetary Authority of Singapore (MAS) actively promotes the country as a global wealth management centre. Families benefit from:

    • a strong rule of law and legal consistency
    • robust governance standards
    • a regulatory environment that supports privacy, transparency and flexibility

    This legal and regulatory foundation is particularly attractive for families with complex, multi-jurisdictional asset portfolios.

    Tax and Structural Benefits

    Singapore’s Variable Capital Company (VCC) framework further strengthens its appeal. VCCs are highly flexible corporate structures used for managing pooled investments, and are increasingly adopted by family offices. Benefits include:

    • confidentiality of shareholders
    • tax exemptions under certain fund management conditions
    • operational flexibility for diverse investment strategies

    Access to Expertise

    Singapore is home to a deep pool of professional services providers, including:

    • private banks and asset managers
    • legal and tax advisors
    • specialist family office consulting firms

    This mature ecosystem means families can access the full spectrum of support services – from succession planning to philanthropic structuring – in one place.

    Global Recognition

    Singapore is also viewed globally as a neutral, credible jurisdiction, which enhances its appeal for families with international footprints.

    For families seeking a proven, secure and well-supported base in Asia, Singapore continues to set the benchmark for family office strategy.

    Malaysia: A Rising Frontier for Family Offices

    As demand grows for more diverse and competitive family office jurisdictions in Asia, Malaysia is stepping forward with an ambitious initiative: the Forest City Special Financial Zone (SFZ).

    A Strategic Move to Attract Global Capital

    Launched in 2024, Forest City SFZ is Malaysia’s most high-profile bid to attract ultra-high-net-worth individuals, asset managers and global investors. Situated on four man-made islands in Iskandar Puteri, Johor, just across the border from Singapore, the zone spans 30 square kilometres and is part of a US$100 billion smart city development.

    Its goal? To become a strategic financial hub in Southeast Asia, offering a flexible, business-friendly environment for family offices and investment entities.

    Pro-business Incentives

    While full details are still being rolled out, the Malaysian government has already announced several attractive features of Forest City SFZ, including:

    • preferential tax rates and incentives for qualifying investors, such as 0% concessionary tax rate on income generated by the Single-Family Office Vehicle (SFOV) for an initial period of 10 years, extendable for an additional 10 years, provided higher financial and substance requirements are met
    • relaxed visa policies aimed at attracting international professionals
    • streamlined approval processes for financial services and wealth management entities
    • a regulatory environment focused on fintech, green finance and family office services

    These measures are designed to support long-term wealth preservation, family office succession planning and global investment activity in Malaysia.

    Opportunity in Timing

    Families with regional portfolios, or those already operating across Singapore and Malaysia, may find Forest City SFZ an ideal complementary base. Here’s why:

    • Forest City SFZ has lower setup and operational costs than other countries in the region
    • Families will have access to a growing ecosystem of advisors and financial professionals
    • There is potential for early-mover benefits, including policy flexibility and tailored regulatory engagement
    Professional team in a corporate setting, symbolising trusted family office services tailored for high-net-worth clients in Asia.

    How BoardRoom Can Support Your Family Office

    At BoardRoom, we help high-net-worth families navigate the regulatory, operational, and strategic considerations involved in establishing a family office in the Asia-Pacific region.

    With the OneBoardRoom Advantage, our dedicated experts provide an integrated suite of corporate services, supported by a global network of 19 partners, to deliver accurate, compliant, and consistent solutions throughout your family office’s lifecycle.

    From incorporation to scale, BoardRoom supports your family office with integrated expertise and a commitment to excellence. We simplify complexity by uniting corporate secretarial, tax, accounting, payroll, share registry, employee share plans, fund solutions and sustainability services into one seamless solution.

    “Whether you’re creating a family office or expanding into a new jurisdiction, our integrated services ensure your family office is built on a solid foundation,” says Angeline.

    Support During Setup:
    • Entity incorporation and licensing support.
    • Corporate secretarial services to meet local regulatory requirements.
    • Tax planning and structuring, including advice on investment vehicles.
    • Global mobility tax services to manage cross-border family and employee obligations.
    • Fund solutions tailored for multi-family offices, to enable efficient pooling of assets and access to institutional-grade investments.
    Support After Setup:
    • Ongoing tax efficiency planning as your investment strategies evolve.
    • Development of profit extraction strategies.
    • Support for transfer pricing compliance and regulatory filings.
    • Full-service payroll, accounting, and corporate secretarial solutions.
    • Sustainability and Governance Advisory to support long-term resilience and alignment with family office values.
    A Strategic, Long-term Partner

    Our approach begins with understanding your goals, family structure and investment profile. From there, we tailor solutions and offer ongoing advisory and compliance support that evolves with your needs.

    “We continue to monitor your eligibility for tax incentives and apply for relevant regulatory benefits on your behalf,” says Angeline. “We also ensure your governance structures are adapted to support succession planning and cross-generational control.”

    With teams on the ground in both Singapore and Malaysia, BoardRoom provides the local insight and regional reach to help your family office thrive.

    The Growing Case for a Family Office in Asia: How BoardRoom Can Help

    Family offices are fast becoming essential tools for preserving wealth, navigating succession and managing complex, cross-border portfolios in Asia. Both Singapore and Malaysia present compelling opportunities for families looking to establish a presence in the region.

    Whichever path you choose, BoardRoom is here to help you start strong, stay compliant and build a structure that supports your family’s long-term goals.

    Get in touch today to explore how we can support your family office.

    Contact BoardRoom for more information:

    Angeline Aw

    Angeline Aw

    Group Chief Executive Officer, BoardRoom Group

    E: [email protected]

    T: +65 6536 5355

    Related Business Insights

    Why Siloed Service Providers are Holding Your Business Back

    Why Siloed Service Providers are Holding Your Business Back

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    Integrating your corporate services under one trusted provider is not just about convenience. It is a strategic move that drives cost savings, improves efficiency, and frees your team from unnecessary admin. With a unified approach, you reduce duplicated efforts, streamline communications, and gain clearer oversight across your operations.

    As businesses grow, it’s common to bring in different corporate service providers to manage key areas such as incorporation, payroll, accounting, tax, company secretarial work and IPO readiness. While each provider may deliver on their specific responsibilities, they often operate independently.

    Without clear communication or coordination between these service providers, important details can be missed, and overall visibility can suffer. This disconnection often leads to slow progress, compliance risks and an inability to scale effectively.

    The best way to solve these issues is to consolidate services with a single, trusted partner. The OneBoardRoom Advantage is an integrated model that covers everything from corporate secretarial and payroll to tax, accounting, and share registry, aligning all functions to reduce risk, optimise costs, save valuable time and support strategic growth at every stage of your business.

    To move toward a more scalable and resilient operating model, it’s important to first understand why fragmentation happens in the first place.

    Why Businesses Get Stuck with Fragmented Support

    Engaging different specialists for each business function may seem cost-effective, but fragmentation has long-term costs that are often hidden. These include slow progress caused by misaligned processes, duplicated efforts, and a lack of information sharing and increased risks due to critical gaps in oversight.

    Companies can find themselves in this position due to a range of reasons, including:

    • Legacy vendor relationships: Continuing to engage providers without reassessing whether they still meet current needs.
    • Regional expansion: Onboarding of local providers in each market rather than choosing global partners to work across regions.
    • Lack of central oversight: Vendor decisions being made in isolation across the business.
    • Short-term fixes over long-term strategy: Reacting to immediate needs rather than cohesive and strategic planning.

    These decisions are often made with the right intentions, but without a long-term view, they can lead to structural inefficiencies that slow growth.

    “Business needs evolve significantly as companies grow – from initial setup to regional expansion and preparing for IPOs,” says Angeline Aw, Group Chief Executive Officer at BoardRoom Group. “A service model that worked in the early stages often becomes a limiting factor once you’re managing cross-border teams or investor relations.”

    “It’s easy to end up with a patchwork of providers that no longer align with the direction of the business. That’s why it’s critical to regularly reassess your service ecosystem to ensure it continues to support your strategic goals.”

    The Hidden Costs of Siloed Service Delivery

    The Hidden Costs of Siloed Service Delivery

    Businesses that rely on disconnected service providers often find themselves grappling with more than just communication delays. Often, these can create compliance risks, slow down operations, and make it harder for businesses to respond confidently to growth opportunities.

    These issues often remain under the radar until they start to impact performance, and by then, the financial and strategic costs can be considerable.

    Compliance Gaps

    Siloed service delivery can result in missed regulatory filings, inconsistent record-keeping, and gaps in meeting compliance obligations across different jurisdictions. For example, a business with entities across different regions may overlook local filing deadlines or statutory changes if no one is coordinating updates centrally. This may often lead to penalties or reputational risk during regulatory reviews.

    “When providers don’t stay aligned, even routine changes can slip through unnoticed,” says Angeline. “This lack of coordination can lead to avoidable regulatory breaches and reputational damage.”

    Operational Inefficiency

    Corporate secretarial, accounting, tax, and payroll functions are closely linked, as changes in one area (such as director appointments, payroll costs, or financial data) often impact statutory filings, tax calculations, and reporting deadlines across the others. These functions also rely on shared data and aligned timelines. When these services are managed by separate providers without integration, gaps in coordination can emerge, leading to slower processes and heavier administrative workloads.

    During quarterly reporting or compliance reviews, businesses often struggle to compile accurate data across service lines. Differences in formats, submission schedules, or interpretations of requirements can delay decision-making and place additional strain on internal teams.

    Lack of Strategic Visibility

    When data and insights are scattered across various providers, decision-makers lack a clear, unified view of business performance and risks. For instance, fragmented payroll and tax data can make it difficult for a group CFO to assess consolidated headcount, cash flow, or employment costs when preparing for a board meeting or internal budget review.

    “It’s incredibly difficult to plan with confidence when critical information is fragmented across different systems and teams,” says Angeline. “Siloed data prevents leaders from seeing the full picture.”

    Scalability Issues

    As businesses prepare for events like market expansion, M&A, or IPOs, having a single, unified view becomes crucial. When services are fragmented, decision-makers may struggle to pivot quickly or present a cohesive due diligence narrative.

    With one partner managing key compliance and operational functions across jurisdictions, businesses benefit from faster onboarding in new markets, better consistency in reporting, and greater agility in responding to evolving regulatory or investor demands. This reduces duplication, shortens timelines, and improves confidence in strategic execution.

    The Strategic Advantage of Integrated Corporate Services

    The Strategic Advantage of Integrated Corporate Services

    Integration isn’t just about fixing inefficiencies – it’s a strategic enabler that gives leaders the clarity, control, and confidence to make faster, better-informed decisions.

    “When businesses transition to integrated services, leaders often tell us it gives them the visibility and control over costs and operational efficiency, enabling them to make faster decisions with greater confidence,” Angeline explains.

    Unifying all of your key corporate services via the OneBoardRoom Advantage means:

    • Single source of truth: This ensures that your operational data is consistent, reliable, and accessible when and where you need it.
    • Improved compliance and governance: Reduce risk and stay aligned with evolving regulatory requirements.
    • Greater agility: Be ready for scale, to expand into new markets and to respond to stakeholder demands more quickly.
    • Cost and time efficiencies: Lower administrative burden, streamline workflows, and achieve greater value through bundled services.

    With a single point of contact, your business gains streamlined communication and accountability, no matter how many markets you operate in. With consistent service across regions, tech-enabled compliance, and tailored advice at every stage, integration supports you to stay ahead of regulatory demands and make confident decisions towards growth.

    How BoardRoom Breaks Down Silos and Powers Business Growth

    Understanding the value of integration is one thing – putting it into practice is another. That’s where the OneBoardRoom Advantage comes in. BoardRoom’s integrated service is built for businesses at every stage, with the ability to add services as your business grows.

    “We support the full business lifecycle across governance, finance and payroll – from startup to IPO and beyond,” Angeline says.

    Here’s how the OneBoardRoom Advantage supports businesses at every stage of growth:

    Inception

    Company incorporation, business structure advisory, license applications, payroll, accounting, and tax setup.

    Growth

    Integrated support across corporate secretarial, accounting, tax compliance, payroll processing, and employee share plan development.

    Expansion

    Regional and international scalability through multi-country payroll management, corporate governance advisory, multi-entity accounting and consolidation, cross-border tax advisory and planning, and sustainability reporting for listed entities.

    Scale

    IPO readiness services, post-IPO corporate governance & secretarial support, share registry management, AGM/EGM meeting services and investor relations.

    BoardRoom’s cross-border expertise supports businesses as they expand regionally and internationally. Our 850-strong team combines comprehensive Asia-Pacific knowledge and commercial experience to navigate the complexities of multiple jurisdictions while maintaining a single point of contact.

    “Our global teams communicate across functions and with our clients, so everyone stays aligned. That means fewer surprises, clearer reporting, and support that actually feels connected,” Angeline says.

    BoardRoom is the partner of choice for more than 7,300 companies, including Fortune 500 multinationals, public firms and private enterprises. With a strong track record as a trusted corporate service provider throughout the Asia-Pacific, we bring over six decades of experience in governance, compliance, and business efficiency.

    Our experienced professionals, many of whom have been with us for years, offer deep institutional knowledge that fosters stability and enables us to handle complex client needs with confidence. Supported by a lean, agile organisational structure and advanced technology platforms, we consistently deliver responsive, high-quality services that enhance business performance and drive cost efficiency.

    Unlocking Growth Through Integration

    In a region as dynamic and complex as Asia-Pacific, any slowdown in momentum can quickly turn from inconvenience to risk.

    When critical business functions like tax, accounting, payroll, corporate governance and compliance, company incorporation and sustainability reporting are managed by separate providers who don’t communicate, even high-performing teams can be slowed down by rework, missed details, and competing timelines.

    Companies that want to move faster and smarter need more than a collection of vendors – they need a strategic partner. A single provider who understands the business’s entire operating environment can deliver coordinated, cross-functional support that aligns with growth.

    Ready to streamline your operations and unlock your next stage of growth? Speak with BoardRoom to discover how integrated corporate services can reduce risk, improve visibility, and give you the confidence to lead with clarity.

    Contact BoardRoom for more information:

    Angeline Aw

    Angeline Aw

    Group Chief Executive Officer, BoardRoom Group

    E: [email protected]

    T: +65 6536 5355

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    Case Study: How BoardRoom Malaysia Enabled a Successful ACE Market Transfer Listing for Lim Seong Hai Capital Berhad listed on LEAP Market

    Case Study How BoardRoom Malaysia Enabled a Successful ACE Market Transfer Listing for Lim Seong Hai Capital Berhad listed on LEAP Market

    Case Study: How BoardRoom Malaysia Enabled a Successful ACE Market Transfer Listing for Lim Seong Hai Capital Berhad listed on LEAP Market

    boardroomsuperadmin

    Client Profile

    Our client, Lim Seong Hai Capital Berhad, is a full-fledged construction company offering a comprehensive range of construction and engineering works, construction related services and solutions, property development and facilities management. Underpinned by their BEST Collaboration Framework and through strategic acquisitions, our client has strengthened its position and presence in the construction sector. It was listed on the LEAP Market in July 2021. To accelerate its growth and to prepare the Group to embark on large scale nation building projects, our client sought to transfer their listing from the LEAP Market to the ACE Market of Bursa Malaysia. This move aimed to enhance their brand reputation, access a broader investor base, access to equity and debt market and to unlock greater shareholder value.

    Background on LEAP Market

    Bursa Malaysia’s LEAP Market is limited to Sophisticated Investors who are deemed to have better knowledge on the potential risk and return of companies listed in this market. Sophisticated Investors include high-net-worth individuals with personal assets exceeding RM3 million or an annual income above RM300,000 (or RM400,000 jointly with a spouse), as well as corporations, partnerships, and trust companies with net assets or managed assets exceeding RM10 million.

    To maximise the company’s growth potential and market liquidity of its stock, our client would need to expand its investor base beyond the LEAP Market into the ACE Market.

    Challenges and Solutions

    To facilitate the listing transfer, our client needed to meet the following requirements:

    Regulatory Compliance & IPO Listing Requirements
    Transitioning from the LEAP Market to the ACE Market required strict adherence to Bursa Malaysia’s Listing Requirements and the Companies Act 2016. Ensuring corporate governance compliance and regulatory approvals was critical to a seamless listing process. Although our client’s management team possessed the capabilities and expertise to manage the transition with the support from their Investment Bank, a successful IPO demands meticulous documentation and deep regulatory insight.

    BoardRoom played a central role in this process by supporting the client’s compliance with the Listing Requirements and Companies Act 2016. This included facilitating orderly board approval processes, conducting meetings, drafting minutes, and ensuring statutory compliance with Bursa Malaysia and the Companies Commission of Malaysia (CCM). In addition, BoardRoom provided ongoing updates on relevant regulatory changes and best practices, along with a full suite of corporate secretarial solutions.

    Corporate Governance & ESG Alignment for IPO Listing
    Our client had integrated many of the best practices from the Malaysian Code on Corporate Governance into their business operations and company culture. For example, half of the Board comprise of independent directors, and they also maintain 40% female board representation.

    Post-IPO, ongoing enhancements remain important. As their company secretary, BoardRoom continues to review and strengthen their corporate governance practices during the preparation of Annual Reports and Corporate Governance Reports.

    Investor Engagement and Shareholder Transition for IPO
    Shifting from a market limited to Sophisticated Investors to a broader pool of investors on the ACE Market required careful stakeholder coordination. Our client needed to ensure smooth shareholder transitions and maintain investor confidence throughout the process.

    BoardRoom has been their share registrar since their listing on the LEAP Market. All their meetings, corporate exercises and share registry matters were handled by the BoardRoom team. With deep familiarity of the company’s shareholder base and end-to-end involvement in their corporate lifecycle, BoardRoom was in the best position to manage their listing transfer to the ACE Market seamlessly. Our Share Registry team facilitated the suspension of existing shares on the LEAP Market and managed the issuance of new share certificates to represent both the existing shareholders’ holdings and the new IPO shares listed on the ACE Market. Throughout the process, we ensured clear, timely and transparent communication with shareholders, providing guidance on the listing transfer, responding to enquiries, and issuing formal notices and updates to maintain investor confidence and minimise disruptions.

    BoardRoom Malaysia’s Strategic Support for IPO

    With both corporate secretarial and share registry services under one roof, BoardRoom Malaysia delivers an integrated solution for companies preparing to go public. This seamless coordination between the teams helped our client manage critical IPO milestones efficiently, minimising friction, ensuring compliance, and streamlining communication across stakeholders.

    Key areas of support included:

    Regulatory Compliance & Corporate Secretarial Support

    • Ensured compliance with Bursa Malaysia’s requirements.
    • Oversaw board approvals, governance frameworks, and regulatory filings.
    • Provided guidance on corporate governance best practices.

    Seamless Shareholder Transition & IPO Subscription Management

    • Managed suspension and transfer of shares in coordination with Bursa Malaysia.
    • Facilitated IPO subscription via BoardRoom’s proprietary BoardRoom Smart Investors Portal (BSIP).
    • Enabled investor applications through multiple channels to maximise investor reach and participation:
      • Public investors: They subscribed via Electronic Share Application (ESA) and Internet Share Application (ISA) platforms.
      • Pink Form & MITI category investors: They used BSIP for seamless application processing.
      • Issuing House services: BoardRoom handled the basis of allotment and balloting process to determine on the successful application by using our Issuing House system, prior to the allotment of IPO shares.

    Key Outcomes

    BoardRoom’s integrated approach delivered measurable results across regulatory compliance, shareholder transition, and investor engagement, culminating in a successful and seamless IPO journey for our client:

    Strong Market Response
    The IPO public share category received an 11.88x oversubscription rate.

    Efficient Shareholder Transition
    The transfer listing process, initiated in June 2023, was on track and completed by March 2025.

    Seamless Regulatory Compliance
    BoardRoom ensured our client’s full adherence to Bursa Malaysia’s regulations, avoiding delays and compliance risks.

    Enhanced Investor Confidence
    The smooth IPO subscription management strengthened trust among investors, and in turn, their brand reputation.

    About BoardRoom

    850
    Dedicated Team Members

    BoardRoom offers leading business solutions, including corporate and advisory services, in the Asia-Pacific region. We provide accurate, prompt and reliable corporate solutions for every element of your business.

    Over 50
    Years of Proven Track Record

    BoardRoom takes your business further, faster, at all stages, with an integrated suite of corporate solutions driven by innovation and technology.

    7,300+
    Clients Globally

    Our team of experienced professionals has the comprehensive local knowledge and commercial experience you need to grow your business in the Asia-Pacific region.

    Driving IPO Success with BoardRoom

    By leveraging BoardRoom Malaysia’s expertise in IPO, corporate secretarial and share registry services, our client, Lim Seong Hai Capital Berhad successfully navigated the complexities of transferring its listing to the ACE Market. With enhanced visibility and access to a wider investor base, they are well-positioned for future growth in the construction sector.

    Find out what other companies we’ve supported through their IPO journey.

    Looking to IPO or transfer your listing? As an integrated corporate services provider, BoardRoom offer end-to-end solutions to streamline your listing and post-listing compliance.

    Contact us to find out how we can support your listing journey.

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    Why choosing the right corporate service provider in Singapore is critical for business growth

    Why choosing the right corporate service provider in Singapore is critical for business growth

    Why choosing the right corporate service provider in Singapore is critical for business growth

    boardroomsuperadmin

    In Singapore’s dynamic business environment, navigating regulatory complexities and ensuring operational efficiency are paramount for sustained growth. As businesses expand and evolve, reliable compliance, governance, and critical administrative support become increasingly crucial. Selecting the right corporate service provider is not only an operational decision; it’s a strategic move that can significantly impact your company’s trajectory.

    BoardRoom is a trusted partner for over 7,300 companies across Asia Pacific, offering comprehensive corporate services that empower businesses to thrive in a competitive landscape. BoardRoom helps companies stay compliant and reduce risk, at the same time supporting companies that need to scale effectively in the region.

    Let’s explore why choosing the right corporate service provider in Singapore is one of the most significant decisions a company can make for successful business growth.

    What is a corporate service provider?

    A corporate service provider offers a suite of professional services designed to help businesses manage their non-core functions efficiently. These services include corporate secretarial, company incorporation, accounting and bookkeeping, tax compliance and filing, payroll management and HR solutions. By outsourcing these functions, companies can focus on their core competencies while ensuring compliance and operational excellence across the board.

    So, what does a corporate services provider do? Engaging a corporate service provider is a strategic move that facilitates:

    • Regulatory compliance: Staying ahead of evolving legal and governance requirements.
    • Operational efficiency: Streamlining administrative processes to increase productivity.
    • Risk mitigation: Reducing exposure to compliance-related risks.
    • Scalability: Adapting support services to match as the business grows and expands.
    • Integrated solutions: Accessing a full suite of corporate services, including company incorporation, tax, payroll, governance, and sustainability support, from a single provider.

    “We take care of everything from day one when a company is born to every milestone along its growth journey,” says Alex Lee, Chief Operating Officer, BoardRoom Asia. “From incorporation, compliance, and corporate restructuring to transitioning to a new chapter, we’re with the business at every step.”

    Choosing the right provider ensures that these areas are managed effectively, laying a solid foundation for sustainable growth. Corporate service providers can support a company’s growth, serving as a sounding board for business structuring, regional expansion and even board governance strategies.

    This is particularly important in Singapore, where evolving regulatory standards, such as sustainability disclosures, are becoming a focal point for investors and regulators alike. A forward-looking provider will help clients anticipate changes and stay ahead of compliance deadlines.

    Corporate service provider

    Benefits of engaging a corporate service provider

    Outsourcing corporate services offers numerous advantages that contribute to a company’s success:

    Cost efficiency

    By outsourcing business functions, such as payroll, companies can reduce overhead costs associated with hiring and training in-house payroll staff. This approach allows for better resource allocation to strategic initiatives. Outsourced payroll services can support timely, accurate payroll processing that complies with local laws, reducing risk and saving your team valuable time.

    Regulatory compliance

    Corporate services firms like BoardRoom possess in-depth knowledge of local regulations, ensuring that your business complies with statutory requirements. Corporate secretarial experts play a critical role in managing governance obligations. An integrated governance model improves visibility and helps to reduce risk, improve efficiency and ensure consistency in meeting local regulatory demands

    Scalability

    As your business grows, a corporate service provider can adjust the level of support to match your evolving needs. This flexibility enables seamless scaling without the challenges of expanding or reducing internal teams. With a corporate services partner, you can scale up or down easily, without worrying about internal headcount. This is especially valuable in areas like accounting, where scalable and compliant solutions can significantly reduce operational pressure. As Yang Shuzhen, Director of Regional Accounting Services at BoardRoom Group, explains, “BoardRoom’s accounting services are built to be scalable, cost-efficient and compliant, making it easier for growing businesses to focus on their core operations.”

    Business continuity

    Outsourcing reduces dependency on key personnel, mitigating risks associated with staff turnover. Engaging corporate management services can help ensure continuity and maintain operational stability during transitions.

    Technology

    Corporate service providers adopt advanced technology platforms to streamline service delivery, automate repetitive tasks, and ensure robust data security. By utilising digital tools such as payroll software, cloud-based accounting software, e-polling systems during AGMs, employee share plan software and compliance dashboards, corporate service providers enhance businesses’ decision-making capabilities through improved efficiency, accuracy, and transparency. Partnering with a tech-enabled provider grants businesses access to enterprise-grade systems, eliminating the need for expensive internal infrastructure or dedicated IT teams.

    BoardRoom’s integrated suite of corporate services

    BoardRoom’s integrated suite of corporate services

    Relying on multiple service providers often leads to fragmentation, misaligned processes, rising costs, and increased compliance risks that slow your momentum as you scale.

    The OneBoardRoom Advantage changes that.

    With the OneBoardRoom Advantage, you can consolidate all your corporate services needs under one dedicated expert who can support your business through your entire business lifecycle. At BoardRoom, our global network of 19 partners and our strong team of experts can help deliver accurate, compliant and consistent results. This ensures continuity, stability and capability to navigate complex challenges.

    We provide an integrated suite of corporate services including:

    Corporate secretarial and share registry services

    BoardRoom’s corporate secretarial and share registry services ensure companies meet statutory compliance and uphold corporate governance standards. Services include managing shareholder meetings, annual regulatory filings, and maintaining corporate records.

    Accounting and taxation

    Expertise in financial reporting and accounting, tax advisory, and compliance is essential for business success. BoardRoom assists with GST, corporate tax filings, and audit preparation, ensuring accurate and timely financial management. Our capabilities also extend to complex cross-border tax matters, including transfer pricing, global mobility tax and other international tax advisory services.

    Payroll and HR solutions

    Payroll services and HR solutions streamline employee compensation and benefits management. BoardRoom’s services ensure adherence to local statutory obligations, enhancing operational efficiency.

    Company incorporation and business setup services

    BoardRoom’s incorporation services make setting up a business straightforward and compliant. We support companies with the corporate services needed for effective business structuring, navigating regulatory requirements, and meeting corporate governance standards, ensuring a smooth and efficient start to operations or when expanding into new markets.

    Business restructuring

    BoardRoom supports businesses during restructuring by providing the corporate services needed to ensure tax efficiency, regulatory compliance, and readiness for growth. This includes assisting with ownership structure changes, governance frameworks, and legal entities. Our services are often engaged during strategic transitions such as preparing for an IPO, facilitating a merger or acquisition, attracting investment, or planning for succession or business exit.

    Strategic corporate services in Singapore to support business growth and compliance

    In addition to these services, BoardRoom also supports companies in sustainability reporting and disclosure requirements. With sustainability frameworks gaining traction across Southeast Asia, companies increasingly seek guidance to develop policies, implement reporting mechanisms, and remain compliant with investor expectations.

    Furthermore, BoardRoom’s experience in managing IPO readiness and listed company compliance makes it a strategic partner for businesses eyeing future listings. From pre-IPO structuring to post-listing compliance with SGX requirements, BoardRoom offers specialist guidance every step of the way.

    Why choose BoardRoom as your corporate service provider?

    BoardRoom has built a strong reputation as a leading corporate service provider in Singapore and across the Asia-Pacific region. With over 60 years of experience in governance, compliance, and business efficiency, our highly experienced team brings proven expertise to every client engagement. Many of our professionals have been with the firm for years, offering deep institutional knowledge that ensures continuity, stability, and the ability to navigate complex challenges. Coupled with our nimble, flat organisational structure and robust technology platforms, we deliver efficient, high-quality service that helps clients operate more effectively and achieve substantial cost savings.

    BoardRoom’s ability to deliver comprehensive, end-to-end corporate solutions under one roof sets us apart. This integrated approach simplifies client operations, reducing the need to engage multiple vendors and ensuring consistency across all business functions, which can provide substantial cost savings to clients.

    BoardRoom’s success is reflected in our client base. We have supported more than 7,300 companies, including many multinational corporations, throughout their corporate journeys. Our global network and reach, combined with deep local knowledge across Asia Pacific, make us an ideal partner for businesses with cross-border ambitions, helping them navigate the complexities of operating in diverse regulatory environments.

    Choosing BoardRoom means partnering with a provider committed to your business’s long-term success. Rather than a transactional provider, BoardRoom invests time in understanding a client’s growth trajectory, industry-specific needs, and internal processes. This consultative approach enables tailored solutions, from helping family-owned businesses professionalise their governance and prepare for IPOs, to guiding global firms entering new markets.

    “We don’t just deliver services – we partner with our clients to help them grow, expand, and adapt,” says Angeline Aw, BoardRoom Group CEO. “Our team becomes an extension of yours, ensuring your governance, compliance, and strategic operations run smoothly across every market.”

    The company’s regional integration also means that clients expanding into the Asia Pacific region can enjoy consistent service quality and reporting standards across all jurisdictions, reducing complexity and enhancing control.

    Empower your business with the right corporate service provider

    In the competitive landscape of Singapore’s business environment, aligning with a specialist corporate service provider is vital for sustainable growth. BoardRoom’s comprehensive services, industry expertise, and commitment to excellence position us as the ideal partner to support your business objectives.

    Take the first step towards streamlined operations and strategic growth. Contact BoardRoom today to learn how our services can be tailored to your business needs.

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    A Guide to the IPO Landscape and Incentives in Singapore

    A Guide to the IPO Landscape and Incentives in Singapore

    A Guide to the IPO Landscape and Incentives in Singapore

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    Singapore’s capital markets offer a strategic gateway to growth for companies seeking to broaden their investor base and raise additional capital. Regulated by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX), the IPO (Initial Public Offering) framework provides a balanced approach that promotes accessibility while safeguarding market integrity in the country. In this guide, we will walk you through the current IPO landscape in Singapore, explore key incentives and introduce the concept of chain listings.

    The IPO Landscape in Singapore

    Singapore offers a well-structured, transparent environment for companies seeking to go public, anchored by its dual-board system on the SGX:

    • Mainboard: Designed for well-established companies, the Mainboard has higher entry thresholds, including minimum profitability, market capitalisation, and operating track record requirements.
    • Catalist: Tailored for high-growth enterprises, Catalist does not impose fixed quantitative criteria. Instead, companies must engage a sponsor – an authorised corporate finance advisor – who assesses the company’s suitability for listing.

    The MAS provides regulatory oversight and enforces a disclosure-based regime. Rather than pre-approving every business decision, MAS focuses on ensuring that companies disclose sufficient, accurate, and timely information to empower investor decision-making. This approach fosters both transparency and strong investor protection, making Singapore one of Asia’s most reputable markets for IPOs.

    IPO Landscape in Singapore

    Current Trends in the IPO Market

    Following a subdued period of IPO activity in recent years, Singapore’s IPO market is showing signs of recovery. Analysts forecast 4 to 10 new listings in 2025, with sectors like real estate investment trusts (REITs), healthcare, and new economy companies expected to lead the rebound.

    While challenges such as lower market liquidity and compressed valuations persist, sentiment in the IPO market is improving. Recent reforms introduced by MAS aim to enhance market competitiveness by lowering listing costs and improving post-listing valuations. These regulatory improvements, alongside the expected stabilisation of global interest rates, are likely to boost investor appetite — especially for income-generating sectors like REITs.

    2025 could mark the beginning of a new chapter for Singapore’s capital markets.

    Key Incentives for IPOs in Singapore

    Several incentives have been introduced to encourage more companies to list for an IPO and support the growth of Singapore’s equities market.

    Tax Rebates for IPO Listings

    Companies going public can now benefit from significant cost savings:

    • 20% corporate tax rebate for new primary listings.
    • 10% corporate tax rebate for secondary listings.

    Additionally, newly listed companies can qualify for a Corporate Income Tax (CIT) rebate of up to SGD 6 million per year for the first five years after listing, depending on their market capitalisation.

    These incentives substantially reduce the financial burden associated with listing, making Singapore an even more attractive venue for IPOs.

    Concessionary Tax Rates for Fund Managers

    Fund managers who conduct IPOs in Singapore can benefit from an enhanced concessionary tax rate of 5% under the Financial Sector Incentive-Fund Managers (FSI-FM) scheme. This incentive not only encourages greater participation from the asset management industry, but also reinforces Singapore’s standing as a regional hub for financial services.

    Tax Exemptions for Fund Investments

    Under specific conditions, income derived from qualifying funds that invest significantly in Singapore-listed equities is exempt from corporate tax. This promotes greater fund investment activity in locally listed companies and helps deepen market liquidity.

    Support for REITs

    Recognising the importance of REITs to the IPO market, the government has extended key incentives until 2030:

    • Tax transparency treatment for REITs.
    • GST remission benefits.
    • Enhancements to qualifying foreign-sourced income and operational expense deductions.

    These measures ensure that Singapore remains a favoured destination for REIT listings globally.

    The Equity Market Development Programme (EMDP)

    The SGD 5 billion Equity Market Development Programme (EMDP) aims to drive investments in Singapore-listed stocks beyond the traditional index constituents. By boosting liquidity and broadening investor participation, this initiative further enhances the appeal of listing on the SGX.

    Enhanced Corporate Structure

    Exploring Chain Listings in Singapore

    Another trend gaining traction is chain listings, where a parent company already listed on the SGX seeks to list one of its subsidiaries separately. Although not specifically defined under SGX rules, chain listings are recognised as a viable strategic move for companies seeking to unlock subsidiary value or raise targeted growth capital.

    Benefits of Chain Listings

    Some benefits of chain listings are:

    Increased Corporate Visibility

    A subsidiary listing on the SGX alongside its parent company enhances visibility and credibility, both for the parent and the subsidiary. This strengthens the group’s profile in global markets.

    Simplified Capital Raising

    For subsidiaries, listing on the SGX allows for easier access to capital and greater flexibility in financing. It also enables them to raise funds more efficiently from local and international investors.

    Enhanced Corporate Structure

    Chain listings streamline the corporate structure, providing a clear link between the parent and subsidiary, which can enhance strategic alignment and operational efficiency.

    In Singapore, chain listings would typically follow the standard IPO process for either the Mainboard or Catalist, depending on the size and nature of the subsidiary. Here are some key considerations:

    Several important factors come into play when considering a chain listing in Singapore:

    • Regulatory Framework: The subsidiary must comply fully with SGX listing rules, including financial criteria and public float requirements.
    • Financial Performance: Meeting profitability or revenue thresholds is crucial, depending on whether the subsidiary aims for the Mainboard or Catalist.
    • Market Capitalisation and Public Float: To satisfy SGX listing requirements, sufficient market capitalisation and public shareholding must be achieved.
    • Disclosure Requirements: A full prospectus must be prepared in line with the Securities and Futures Act (SFA), offering transparency into financials, operations, and risks.
    • Sponsorship: Catalist listings require an appointed sponsor to guide and oversee the process.

    How Boardroom Supports Your IPO Journey

    The IPO process can be complex, especially when you are balancing growth ambitions with regulatory obligations. BoardRoom is here to support you every step of the way.

    As your expert share registry service provider in Singapore, BoardRoom offers comprehensive IPO advisory and support services, including scrutineering services, application support, liaison with regulators, legal advisors and sponsors, and ongoing corporate governance and corporate secretarial support post listing. Our end-to-end support and expertise helps you leverage available incentives and navigate the complexities of the IPO process with confidence.

    Talk to BoardRoom today to learn how we can support your successful IPO journey – from the first steps of preparation to achieving your listing goals.

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    Ultimate Guide to E-invoicing in Singapore

    Ultimate Guide to E-invoicing in Singapore

    Ultimate Guide to E-invoicing in Singapore

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    As Singapore move towards a digital economy, one of the most impactful shifts for businesses is the move toward e-invoicing While it is not yet required for all businesses, the government actively encourages adoption through InvoiceNow, a national e-invoicing system. Integrating e-invoicing helps companies streamline their financial operations, stay ahead of evolving regulations, and reduce operational costs. This guide explains what e-invoicing is, how InvoiceNow is transforming the digital invoicing process in Singapore, and why adopting e-invoicing can provide your business with a competitive edge.

    What Is E-Invoicing?

    E-invoicing (electronic invoicing) is the process of generating, sending and receiving invoices in a structured digital format. Unlike traditional methods of printing or emailing a PDF invoice, e-invoicing enables businesses to transmit invoice data directly from one accounting system to another through a secure network. This ensures greater accuracy, shorter processing time and helps reduce manual administrative work.

    In Singapore, the national e-invoicing system is known as InvoiceNow. It operates on the PEPPOL (Pan-European Public Procurement Online) network, a globally adopted infrastructure that enables businesses to exchange e-invoices and other documents securely and efficiently.

    What Is E-Invoicing

    Why E-invoicing Matters in Singapore

    The Singapore government is actively driving digital transformation amongst businesses and e-invoicing in Singapore is a key part of the digital initiative.

    With e-invoicing, companies can:

    • Ensure compliance with local accounting and tax regulations
    • Reduce manual data entry work and minimise human errors
    • Improve cash flow with quicker payment cycles
    • Lower operational costs such as printing, postage, and storage
    • Support sustainability through a paperless process

    Although e-invoicing is not yet mandatory for all businesses, the Infocomm Media Development Authority (IMDA) and the Inland Revenue Authority of Singapore (IRAS) have set a roadmap for future GST InvoiceNow requirements. Adopting InvoiceNow early can help you stay ahead of the compliance curve and avoid last-minute implementation challenges.

    InvoiceNow and How It Works

    InvoiceNow enables invoices to be transmitted directly from seller to buyer, from one business system to another without manual intervention. Businesses can send and receive e-invoices using their current accounting or ERP systems. It runs on the PEPPOL network, using Access Points, which act like secure digital post-boxes that routes the e-invoices. These Access Points ensure your e-invoice gets to the correct recipient in the right format.

    Here is a simple overview of how e-invoicing with InvoiceNow works:

    1. The seller generates an invoice using their InvoiceNow-ready accounting or ERP software.
    2. The invoice is automatically converted into a standard format used by the PEPPOL network.
    3. The invoice is sent via the PEPPOL Access Point to the buyer’s system.
    4. The buyer receives the invoice directly within their software.

    This seamless process is fast, accurate, and secure, making it a superior alternative to traditional paper invoicing methods.

    Requirements for Using InvoiceNow

    To start using InvoiceNow in Singapore, businesses must meet the following criteria:

    • Have a valid Unique Entity Number (UEN)
    • Register for a PEPPOL ID via Corppass
    • Engage an IMDA-accredited Access Point provider
    • Ensure their accounting system can generate structured e-invoices in the PEPPOL BIS format

    Most popular cloud accounting platforms today offer InvoiceNow-ready solutions. Businesses can also refer to IMDA’s list of Peppol-ready solution providers.

    Key Dates You Should Know

    Singapore is rolling out e-invoicing requirements in phases.

    Here are the key milestones:

    • 1 May 2025: All GST-registered businesses can start transmitting e-invoices through InvoiceNow
    • 1 November 2025: Newly incorporated companies that apply for voluntary GST registration are required to start submitting invoice data to IRAS using InvoiceNow
    • 1 April 2026: All new voluntary GST registrants are required to start submitting invoice data to IRAS using InvoiceNow

    The Inland Revenue Authority of Singapore (IRAS) has announced plans to progressively extend mandatory participation in e-invoicing to more businesses in future phases. Hence getting started early ensures your systems are compliant and your business operations do not get disrupted.

    Benefits of E-invoicing for Businesses

    Benefits of E-invoicing for Businesses

    E-invoicing offers significant advantages for businesses in Singapore.

    Saves Time

    E-invoicing automates the entire invoicing process; no more printing, scanning, or manually typing in invoice details. E-invoicing does it all digitally and faster, freeing up staff for more value-added tasks.

    Fewer Mistakes

    With e-invoicing, data are sent in a standardised format from system to system. This reduces manual input and errors, such as missing line items or incorrect amounts.

    Faster Payments

    E-invoices are delivered instantly to your clients’ systems, speeding up processing ad approval times. This leads to quicker payments and improved cash flow.

    Helps with Compliance

    Using InvoiceNow helps ensure GST compliance through structured, traceable records. This simplifies audit readiness and facilitates accurate GST reporting.

    Easier Global Invoicing

    As PEPPOL is a global standard, e-invoicing in Singapore allows your business to seamlessly exchange e-invoices with international clients who are also on the same network, making cross-border transactions more efficient.

    More Sustainable

    Going digital means less paper and physical storage, aligning your company’s ESG goals and demonstrating responsibility, reducing storage costs at the same time.

    Grants and Government Support

    To help businesses adopt e-invoicing, the Singapore government offers support like the Productivity Solutions Grant (PSG). This helps to reduce the cost of setting up InvoiceNow.

    How to Get Started with E-invoicing in Singapore

    E-invoicing offers significant advantages for businesses in Singapore, streamlining operations and enhancing efficiency. Moving to e-invoicing is more straightforward than many assume.

    Here are the steps:

    Select a PEPPOL Access Point Provider

    Engage a certified PEPPOL Access Point provider who will connect your business to the InvoiceNow network.

    Check Your Software

    Make sure your current accounting or ERP software supports InvoiceNow.

    Train Your Team

    Switching to e-invoicing may require some changes in how your finance team works. It is important toprovide training so your staff know how to create, send, and receive e-invoices effectively within the new system.

    Review Your Invoice Format

    Ensure your e-invoices include all the details required by IRAS, such as:

    • GST registration details (if applicable)
    • Your company’s UEN (Unique Entity Number)
    • Postal addresses
    • Itemised invoice details

    Your Access Point Provider can help guide you to ensure everything is set up correctly.

    Test the System

    Testing the system with trial invoices will help identify any adjustments before you go fully live.

    With upcoming mandates and the growing emphasis on digital transformation, now is the ideal time for businesses in Singapore to embrace e-invoicing. While the process is relatively straightforward, partnering with the right experts can make implementation smoother and ensure long-term compliance.

    Need Support with your Tax and E-invoicing?

    At BoardRoom Singapore, we help businesses stay compliant with tax regulations  and prepare for a smooth transition to e-invoicing. Whether you are looking to adopt InvoiceNow or need expert advice on meeting the upcoming requirements, our team is here to support you every step of the way.

    Moving to e-invoicing in Singapore doesn’t have to be complicated. Contact us to get started with InvoiceNow and future-proof your accounting and tax processes.

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    Chequeless Singapore by 2025: What Businesses Need to Know

    Chequeless Singapore by 2025: What Businesses Need to Know

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    The way businesses handle corporate payments is set for a major shift. With Singapore phasing out cheque usage by the end of 2025, organisations that still rely on this method, particularly for shareholder dividends, will need to adopt digital alternatives to stay compliant and efficient.

    For businesses still issuing physical cheques to shareholders holding physical scrips, this signals a timely opportunity to modernise internal processes and move away from outdated manual systems. Now is the time to explore what transitioning toward a chequeless Singapore will require from your organisation.

    Transitioning to a Chequeless Payment System in Singapore

    Singapore’s plan to eliminate corporate cheques by 2025 marks a significant step towards greater digitalisation across sectors. Spearheaded by the Monetary Authority of Singapore (MAS) and supported by initiatives such as PayNow and FAST, this shift aims to reduce inefficiencies, reduce costs and enhance security in financial transactions.

    The move will impact a wide range of payment processes, including dividend distributions for companies with physical scrip holders, an area often overlooked in modern digital transformation initiatives. These companies typically continue issuing cheques to shareholders, many of whom may reside outside of Singapore or have limited access to local banking services.

    Transitioning to a Chequeless Payment System in Singapore

    Who does this impact the most?

    While scripless shareholders already receive electronic dividend payments via the Central Depository (CDP), physical scrip holders are often excluded in the digital transitions. These shareholders typically receive their dividends by cheque, making them a key stakeholder group in Singapore’s move towards a chequeless future. This countdown to the 2025 deadline creates an urgency for companies still managing manual, cheque-based processes.

    Challenges of Cheque-Based Dividend Payments

    Despite being a long-standing method, cheque issuance introduces complexities and risks that hinder progress. As Singapore accelerates its efforts to eliminate cheque usage, businesses must assess how such legacy practices may be holding them back from more secure, digital-first operations.

    Manual workload and inefficiencies
    Issuing dividends by cheque requires multiple administrative touchpoints, from coordinating print runs to managing mail distribution and verifying clearances. These inefficiencies inflate operational costs, and increases the administrative workload of the finance teams.
    Inconvenience for global shareholders
    Shareholders residing abroad often have to deal with significant delays, additional clearing charges imposed by banks and even failed cheque deliveries. This impacts their experience and also adds pressure on companies to troubleshoot payment issues. Digital payout platforms eliminate these inconveniences by offering real-time confirmation and removing geographic barriers, advantages that cheques simply cannot provide.
    Compliance and security concerns
    Cheque-based systems offer limited transparency and make it harder to track payment activity in real time. Transitioning to secure electronic payments reduces the likelihood of data exposure while supporting better governance standards.
    How Businesses Can Prepare for a Chequeless Future

    How Businesses Can Prepare for a Chequeless Future

    More than replacing one payment method with another, adapting to a chequeless Singapore is about rethinking processes to drive long-term efficiency. Businesses should take practical steps now to avoid disruptions and ensure continuity for both their internal teams and shareholders.

    Identify shareholders still paid by cheque

    Review your shareholder records in detail to identify individuals who still hold physical scrips and receive cheque payments. This clarity will help you estimate the lead times and resources needed for a smooth transition and outreach.

    Educate and communicate with stakeholders

    To avoid confusion, shareholders should be informed early and clearly about the upcoming changes. Consider using multiple touchpoints — emails, mailers, or even webinars — to guide them through the new e-payment process.

    Review and upgrade internal systems

    Assess whether your finance and registry tools can support secure, automated payments. If not, explore solutions with integrated compliance checks and multi-currency capabilities.

    Partner with an experienced share registry provider

    Engaging a trusted partner like BoardRoom gives your company access to industry expertise and operational support. Our end-to-end share registry services streamline dividend distribution, ensure data accuracy, and enhance stakeholder communications.

    Choose a platform designed for scrip holders

    Not all digital payment platforms are built for the complexities of physical scrip holdings. BoardRoom’s Smart Investor Portal (BSIP) is tailored to support scrip-based payouts, helping your company adapt to a chequeless Singapore with minimal disruption.

    How BSIP Supports the Shift to Chequeless Payments

    BSIP is designed to help companies simplify shareholder payments without overhauling existing systems. For businesses with physical scrip holders, our portal offers a secure, purpose-built platform to help you confidently navigate the transition to a chequeless Singapore while improving the dividend payment experience for both issuers and shareholders.

    Seamless global e-payments
    Shareholders receive their payments anytime, anywhere, through fast, automated transfers. Payouts are converted into local currencies and credited directly to banks across the globe, eliminating clearance delays and currency-related issues that come with cheques.
    24/7 Shareholder Portal access
    BSIP offers round-the-clock access to payment records, contact information updates and personalised notifications. This readily-accessible portal enhances transparency and empowers shareholders to manage their information easily.
    Faster reconciliation, lower admin burden
    Automated tracking and validation allow finance teams to reconcile payments more quickly and accurately. This reduces manual effort, improves reporting accuracy, and frees up the finance teams to focus on other strategic activities.
    Built-in security and compliance
    With Two-Factor Authentication (2FA) and enterprise-grade encryption, BSIP safeguards sensitive shareholder data while meeting stringent compliance expectations. Companies benefit from consistent, secure processes across all digital transactions.

    Getting Ready for a Chequeless Singapore

    Singapore’s move to phase out cheques paves the way for smarter, more secure business operations. For companies that still handle physical scrip holders and rely on manual cheque distribution, now is the time to act, not only to comply with upcoming changes but also to strengthen internal efficiency and improve shareholder satisfaction.

    By preparing early, businesses can avoid operational bottlenecks, reduce administrative risks, and ensure a smooth transition to fully digital dividend distribution. A proactive approach today will pay off in time saved and trust earned.

    BoardRoom is here to support you through every step of this journey. With decades of experience and a trusted track record serving over 80% of large-cap companies listed on the Singapore Exchange (SGX), our BSIP platform is purpose-built to help your business thrive in a chequeless Singapore. If you’re ready to modernise your dividend payments, get in touch with us today.

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    Corporate Service Providers Act 2024 will come into effect on 9 June 2025: Key Changes and Compliance Guide

    Corporate Service Providers Act 2024 will come into effect on 9 June 2025 Key Changes and Compliance Guide

    Corporate Service Providers Act 2024 will come into effect on 9 June 2025: Key Changes and Compliance Guide

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    The Singapore Corporate Service Providers Act 2024 (“CSP Act”), effective 9 June 2025, introduces critical compliance requirements for businesses using corporate services in Singapore. In this article, we explore the key changes and the impact of these changes on businesses that engage corporate service providers.

    Key Changes Effective 9 June 2025

    The CSP Act is a key regulatory development in Singapore aimed at strengthening the corporate service providers industry. Introduced to enhance corporate governance and regulatory oversight, the CSP Act promotes transparency, ensures consistent compliance standards, and aligns with international anti-money laundering and counter-terrorism and proliferation financing obligations.

    The CSP Act will officially take effect on 9 June 2025. To support its implementation, the Corporate Service Providers Regulations 2025 (“CSP Regulations”), which contain more detailed rules pertaining to the requirements under the CSP Act, was published on 8 May 2025 and will also come into effect on 9 June 2025.

    Below are the key changes of the legislative amendments:

    Mandatory ACRA Registration

    All entities offering corporate services, such as company formation, company secretary, nominee director or shareholder services, or registered office address services in or from Singapore, must register with the Accounting and Corporate Regulatory Authority (ACRA) as registered Corporate Service Providers (CSPs). The changes will enhance the regulatory regime and level the playing field for all CSPs, and importantly, enable ACRA to take enforcement action against registered CSPs that breach AML/CFT/PF obligations (as defined below).

    AML/CFT/CPF Obligations

    All registered Corporate Service Providers (CSPs) are required to comply not only with existing anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations, but also with measures to prevent the financing of the proliferation of weapons of mass destruction (“AML/CFT/PF obligations”). To mitigate financial crime risks, CSPs must conduct customer due diligence before delivering any corporate services, and where there is a reason to suspect money laundering, terrorism financing, or proliferation financing.

    Fines for Non-Compliance

    Breaches of AML/CFT/CPF obligations by CSPs or their senior management may incur fines of up to S$100,000 per breach, emphasising the importance of robust compliance.

    Nominee Director Regulations

    Only ACRA-registered CSPs can arrange nominee director appointments, and they must assess these directors as fit and proper. Individuals cannot act as nominee directors by way of business unless appointed by a registered CSP.

    Disclosure Requirements

    Nominee directors’ and shareholders’ status, along with their nominators’ identities, must be disclosed and filed to ACRA, enhancing transparency in corporate ownership. The nominee status will be made publicly available. However, only public authorities may access the full information of the nominators maintained by ACRA for the purposes of administration or enforcement of any written law.

    Increased Fines for Registers

    Companies will face higher penalties for non-compliance with maintaining accurate registers of registrable controllers, nominee directors, and nominee shareholders. This ensures proper record-keeping.

    Robust compliance

    What this Means for your Business

    The CSP Act 2024 impacts businesses using corporate services in Singapore. These businesses may need to provide additional documentation, such as beneficial ownership or nominator details, to meet ACRA’s disclosure requirements. It is important to ensure that you are using a CSP that is ACRA-registered. The need for enhanced due diligence may also lead to additional processes with your CSP.

    These measures enhance Singapore’s business environment, boosting trust for your operations.

    Next Steps for Businesses using CSPs

    To prepare for the CSP Act 2024, we encourage businesses to:

    • Verify your CSP’s ACRA registration from 9 June 2025.
    • Be prepared to provide any additional compliance-related information as required.
    • Stay informed through ACRA’s resources / our newsletters and webinars on compliance matters in Singapore.
    • Reach out to your specialist consultant at Boardroom for step-by-step guidance on how the CSP Act works.
    How can BoardRoom Support your Business

    How can BoardRoom Support your Business?

    The CSP Act 2024 strengthens Singapore’s position as a premier international business hub, and BoardRoom is committed to helping your business navigate these changes. As an ACRA-registered CSP, we are fully prepared for the CSP Act 2024 effective June 9, 2025.

    We are constantly updating our AML/CFT/PF processes and training our team to meet all regulatory requirements. We also offer personalised reviews of your corporate setup to ensure compliance with Singapore’s nominee director regulations and other obligations.

    For guidance on CSP Act compliance, contact us today.

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    Case Study –Streamlining and Standardising Accounting Processes Across Multiple Entities for a Leading Infrastructure Development Firm

    Case Study –Streamlining and Standardising Accounting Processes Across Multiple Entities for a Leading Infrastructure Development Firm

    Case Study –Streamlining and Standardising Accounting Processes Across Multiple Entities for a Leading Infrastructure Development Firm

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    Client Profile

    Our client is a prominent infrastructure development company specialising in the early-stage development of infrastructure projects across South and Southeast Asia. Operating as part of a larger group, the company focuses on catalysing private sector investment in infrastructure sectors.

    Background

    Prior to engaging BoardRoom’s Accounting services, the client faced challenges in terms of fragmented co-ordination, managing multiple internal contacts across various finance activities, including document collation and head office reporting. The process of consolidating financial data at a Group level was complex, with each entity following their own individual accounting practices. This lack of standardisation was further compounded by the absence of standardised reporting templates across the Group.

    The Solution

    The Accounting Team at BoardRoom identified that the root of these challenges stemmed from the absence of standardised processes, which are crucial for effective multi-entity accounting.

    To address this, BoardRoom implemented a structured approach, introducing the following group-wide standardisation measures across key accounting areas:

    Document Collation: BoardRoom introduced a systematic approach to document collation and management.

    This initiative ensured consistency in the type, format and quality of documents maintained across all entities, addressing the inefficiencies caused by varying collation methods and standards at different entities. The result was a more streamlined process that improved document collation and management across the group.

    Uniform Accounting Transaction Recording: BoardRoom standardised the way accounting transactions were recorded across the Group.

    By standardising the transaction recording process, all entities followed the same procedures for transaction entry and classification, reducing discrepancies between entities. This uniform approach also brought alignment to the financial practices of each entity, ensuring accurate and reliable financial data that could be easily consolidated and reported.

    Implementation of a Unified Chart of Accounts: To enhance alignment in reporting across the Group, BoardRoom developed and introduced a single, standardised chart of accounts across all entities. This unified approach facilitated seamless consolidation of financial data and comparison of financial results across all entities within the Group.

    BoardRoom also ensured localised adaptations of the accounts codes were incorporated where appropriate to meet local regulatory requirements, without compromising group-wide comparability.

    Consistent Reporting Templates: BoardRoom developed and implemented standardised reporting templates for all entities.

    These templates were designed to ensure that financial data was presented in a consistent format, allowing for easier comparison and analysis across the Group. The uniformity in reporting templates gave management a clearer view of the group’s financial health, enabling more accurate and timely decision-making.

    The Results

    Following the implementation of uniform processes and standardised reporting frameworks, our client's multi-entity accounting operations were significantly optimised.

    Management gained a more holistic and accurate view of the Group financial position, enhancing their ability to make timely, informed strategic planning and decisions.

    The streamlined processes also resulted in reduced reporting turnaround time, improved compliance with internal and external reporting standards, and laid a strong foundation for future scalability as the Group continued to expand its operations across the region.

    About BoardRoom

    850
    Dedicated Team Members

    BoardRoom offers leading business solutions, including corporate and advisory services, in the Asia-Pacific region. We provide accurate, prompt and reliable corporate solutions for every element of your business.

    Over 50
    Years of Proven Track Record

    BoardRoom takes your business further, faster, at all stages, with an integrated suite of corporate solutions driven by innovation and technology.

    7,300+
    Clients Globally

    Our team of experienced professionals has the comprehensive local knowledge and commercial experience you need to grow your business in the Asia-Pacific region.

    Standardising Accounting Processes and Reporting for Enhanced Group-Wide Visibility

    BoardRoom’s strategic approach to implementing multi-entity accounting processes has transformed our client’s financial operations. Through greater visibility, consistency operational efficiency, the client is now better positioned to drive business performance and make more informed, strategic decisions.

    Contact us today to see how we can help streamline your accounting processes and empower your business to achieve a more strategic, data-driven growth.

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    Case Study: Navigating Payroll Complexities in the Retail Sector

    Case Study Navigating Payroll Complexities in the Retail Sector

    Case Study: Navigating Payroll Complexities in the Retail Sector

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    Client Profile

    Our client is a renowned Hong Kong retail brand, celebrated for its heritage-inspired designs and lifestyle products. Established in 1996, the company has evolved from a single boutique into a multifaceted international retailer, managing a network of physical stores across Hong Kong’s vibrant retail landscape, while also offering a seamless shopping experience through its online store.

    Background

    Operating with extended hours to serve a diverse clientele, the retailer manages a workforce of full-time and part-time employees across rotating shifts. Seasonal demand spikes further complicate payroll, requiring the hiring of temporary staff and intensifying the complexity of payroll processing.

    Challenges: Managing a Dynamic and Complex Payroll Structure

    Key Man Risk Triggered the Need for Change

    Our client’s payroll challenges became evident when their Human Resource Manager resigned, exposing the risks of relying on a single individual to manage a critical function. However, this was just the tipping point – the underlying inefficiencies in payroll processing had been building over time.

    Growing Complexity Fuels Payroll Struggles

    As the company expanded, payroll calculations became increasingly complex due to:

    • Multiple store locations with different staffing needs
    • A combination of full-time, part-time, and seasonal employees
    • Rotating shift schedules requiring precise tracking of hours worked
    • Integration of wages, commissions, and bonuses in each payroll cycle

    Manual payroll processing often led to delays and errors, impacting employee satisfaction and operational efficiency.

    Objectives

    To overcome these challenges, our client sought to:

    • Automate payroll processing: Reduce manual workload and minimise errors through automation.
    • Streamline onboarding of temporary staff: Simplify and accelerate the onboarding process, especially during peak retail seasons like Christmas and New Year, when additional staff are required.
    • Ensure accurate and timely salary payments: Manage the complexities of payroll for employees on rotating shifts and commission-based structures, ensuring precision and compliance.
    • Mitigate key person risk: Reduce dependency on a single HR manager by implementing a scalable and sustainable payroll solution.

    Solution: Automating Payroll for Accuracy and Efficiency

    Our Payroll Team collaborated closely with the retailer to develop a tailored payroll solution which involved:

    Custom Payroll Template: A structured template was designed to capture the complex work arrangements of full-time, part-time, and seasonal employees across multiple locations.

    Automated Payroll System: The template was integrated into our payroll system, which automatically calculated wages, commissions, and bonuses based on pre-set parameters.

    Seamless Processing & Payment: Upon our client’s approval, payroll processing was activated, and salaries were paid directly into employees' bank accounts.

    Digital Transformation: The shift from manual calculations to a fully digital system reduced administrative workload, increased accuracy and improved payroll efficiency.

    Key Outcomes

    Our Payroll Team worked closely with the retailer to implement a tailored payroll solution that delivered these improvements:

    Automated Payroll Processing: Reduced payroll processing time, freeing up HR resources for strategic initiatives.

    Error-Free Salary Payments: Eliminated payroll errors, ensuring employees received accurate and timely payments.

    Streamlined Seasonal Staff Onboarding: Enabled quick and seamless workforce expansion during peak retail periods.

    Enhanced Compliance & Security: Strengthened payroll governance, mitigating risks associated with manual processing.

    About BoardRoom

    850
    Dedicated Team Members

    BoardRoom offers leading business solutions, including corporate and advisory services, in the Asia-Pacific region. We provide accurate, prompt and reliable corporate solutions for every element of your business.

    Over 50
    Years of Proven Track Record

    BoardRoom takes your business further, faster, at all stages, with an integrated suite of corporate solutions driven by innovation and technology.

    7,300+
    Clients Globally

    Our team of experienced professionals has the comprehensive local knowledge and commercial experience you need to grow your business in the Asia-Pacific region.

    Transforming Payroll with BoardRoom’s Payroll Solution

    With a fully automated payroll system in place, our client now operates with enhanced efficiency and reliability. Employees receive timely and accurate salaries, and HR no longer faces the burden of manual payroll calculations. The company has successfully mitigated key man risk and positioned itself for sustainable growth in the fast-paced retail industry.

    Looking to optimise your payroll operations? Contact us to find out how our payroll solutions can help your business achieve accuracy and efficiency today.

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