The Institute of Singapore Chartered Accountants (ISCA) has launched its first Professional Services Centre in Johor Bahru, located within the Johor-Singapore Special Economic Zone (JS-SEZ).
As part of plans to expand its regional footprint, ISCA hopes to tap on the potential growth opportunities within the JS-SEZ and to contribute to the growing economic ties between Singapore and Malaysia, says Singapore’s national accountancy body on Feb 28.
ISCA’s Professional Services (PS) Centre in Johor Bahru is the first of 10 such centres that ISCA will be launching across “major cities around the world” by June to support the growth of businesses overseas.
These centres mark a new joint partnership between ISCA and the following organisations, which are part of ISCA’s Professional Accountancy Hub: the Association of Small & Medium Enterprises (ASME), the Institute of Valuers and Appraisers, Singapore (IVAS), the Law Society of Singapore, the Singapore Manufacturing Foundation (SMF) and the Tax Academy of Singapore.
ISCA’s PS Centre in Johor Bahru will promote the expansion and availability of professional services such as accounting, sustainability, legal, business valuation, taxation and other corporate services. ISCA hopes this will meet the needs of Singaporean businesses seeking to expand in Malaysia and vice versa.
In addition, ISCA believes it will help foster cross-border partnerships and drive the development of accountancy talent in both countries.
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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.
Recognising 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, says ISCA. In turn, ISCA will be forming partnerships with local universities based in Malaysia — such as 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).
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ISCA says it will provide resources, learning support and scholarships to these students.
Teo Ser Luck, president of ISCA, says: “Our Professional Services Centre in Johor Bahru and our partnerships with universities in Malaysia aim to ensure that businesses across both countries prosper, and that a steady supply of skilled accountants will be available to support the Zone's development. We also look forward to facilitating regional interaction between Malaysian and Singaporean professional services firms, fostering knowledge sharing and mutually beneficial relationships.”
ASME president Ang Yuit says: “In today’s evolving business landscape internationalisation is no longer a luxury — it is a necessity for businesses to stay competitive and relevant. The establishment of ISCA Professional Services Centres in 10 cities is a timely and strategic move that aligns with ASME’s commitment to support SMEs in expanding beyond Singapore’s shores. We look forward to working closely with ISCA and our partners, to equip SMEs with the resources, guidance, and connections needed to navigate new markets confidently.”
Lisa Sam, president of the Law Society of Singapore, says: “Investing overseas brings opportunities but also legal complexities. Through this collaboration with ISCA and our partners, we aim to equip businesses with essential knowledge on cross-border investments, including legal risks, international disputes, and regulatory considerations within the JS-SEZ.”
Wong Wen Tak, CEO of Grant Thornton Malaysia - Johor Office, says: “By leveraging Singapore’s expertise in family offices and sustainability, ISCA’s new business centre in Johor Bahru will provide their members and Malaysian SMPs with the tools and knowledge they need to adapt and excel in an increasingly interconnected world. Together, the joint expertise and resources of the accounting fraternity from both countries will surely be an important support to the development of the JS-SEZ.”
