Singapore-Australia Free Trade Agreement (SAFTA) - a business guide

Annex I

Summary of Singapore’s Reservations in Relation to Services Trade and Investment

Following is a summary of Singapore’s reservations to trade in services and investment.  A full list can be found in Annexes 4-I (B) and 4-II (B)of SAFTA

Auditing Services

• Only service suppliers who are registered with the Institute of Certified Public Accountants of Singapore (ICPAS) and the Public Accountants Board (PAB) and resident in Singapore shall be appointed as an approved company auditor.
  • At least one of the partners of the firm shall be effectively resident in Singapore.
• Public accountants shall be effectively resident in Singapore or at least one of the partners of the firm shall be effectively resident in Singapore.
  • Only public accountants registered with the Public Accountants Board (PAB) shall practise as tax consultants for local tax laws.

Architectural Services

• All corporations and partnerships (including those which are providing architectural services as part of a multi-disciplinary corporation or practice) providing architectural services shall obtain a licence from the Board of Architects (BOA).  To qualify for the licence, the corporation or partnership shall:
  • be under the control and management of a director or partner who is a Singapore-registered architect; where a multi-disciplinary   corporation or partnership is concerned, the business of the corporation or partnership relating to architectural services shall be under the control and  management of a director or partner who is a Singapore-registered architect; and
  • where limited corporations are concerned, the Chairman and at least two thirds of the directors of a corporation shall be Singapore-registered architects or allied professionals; where unlimited corporations are concerned, the directors or members shall be registered professional engineers or allied professionals (ie Singapore-registered land surveyors and engineers); where partnerships are concerned, the beneficial interest in the capital assets and profits of the partnership shall be held by  Singapore-registered architects or allied professionals.

Annex I

Summary of Singapore’s Reservations in Relation to Services Trade and Investment

Following is a summary of Singapore’s reservations to trade in services and investment.  A full list can be found in Annexes 4-I (B) and 4-II (B)of SAFTA

Auditing Services

• Only service suppliers who are registered with the Institute of Certified Public Accountants of Singapore (ICPAS) and the Public Accountants Board (PAB) and resident in Singapore shall be appointed as an approved company auditor.
  • At least one of the partners of the firm shall be effectively  resident in Singapore.
• Public accountants shall be effectively resident in Singapore or at least one of the partners of the firm shall be effectively resident in Singapore.
  • Only public accountants registered with the Public Accountants Board (PAB) shall practise as tax consultants for local tax laws.

Architectural Services

• All corporations and partnerships (including those which are providing architectural services as part of a multi-disciplinary corporation or practice) providing architectural services shall obtain a licence from the Board of Architects (BOA).  To qualify for the licence, the corporation or partnership shall:
  • be under the control and management of a director or partner who is a Singapore-registered architect; where a multi-disciplinary   corporation or partnership is concerned, the business of the corporation or partnership relating to architectural services shall be under the control and  management of a director or partner who is Singapore-registered architect; and
  • where limited corporations are concerned, the Chairman and at least two thirds of the directors of a corporation shall be Singapore-registered architects or allied professionals; where unlimited corporations are concerned, the directors or members shall be registered professional engineers or allied professionals (ie Singapore-registered land surveyors and engineers); where partnerships are concerned, the beneficial interest in the capital assets and profits of the partnership shall be held by Singapore-registered architects or allied professionals.

Table of contents - Singapore-Australia Free Trade Agreement (SAFTA) - a business guide