📄 Sample Referral Agreement (Accounting Firms - Singapore)

📄 Sample Referral Agreement (Accounting Firms - Singapore)

Singapore Accounting Referral Agreement Guidance

📄 Sample Referral Agreement (Accounting Firms - Singapore)

This draft referral agreement between accounting firms in Singapore outlines the core commercial and ethical clauses necessary for an agreement that must comply with Singapore law (including the PDPA) and professional standards (like ISCA EP 100).

THIS REFERRAL AGREEMENT is made on this [Date] (the "Effective Date").

BETWEEN:

1. [Referring Firm Name] (UEN: [UEN Number]), a firm duly registered under the laws of Singapore and having its registered address at [Address], (the "Referring Firm").

   
   

2. Bestar (UEN: [UEN Number]), a firm duly registered under the laws of Singapore and having its registered address at 23 New Industrial Road, #04-08 Solstice Business Center, Singapore 536209, (the "Receiving Firm").

(Collectively referred to as the "Parties" and individually as a "Party").

1. Purpose and Definitions

1.1 Purpose: The Referring Firm may refer certain prospective clients to the Receiving Firm for the provision of professional services that the Referring Firm does not provide or cannot undertake due to capacity or specialisation limitations.

1.2 Definitions:

• "Referral" means a prospective client introduced by the Referring Firm to the Receiving Firm under the terms of this Agreement.

  
  

• "Covered Services" means [Specify the services, e.g., Corporate Tax Advisory, XBRL Filing, Due Diligence, etc.].

  
  

• "Engagement" means a written contract for Covered Services entered into between the Referred Client and the Receiving Firm.

  
  

• "Referral Period" means a period of [12/24] months commencing from the Effective Date, which automatically renews unless terminated.

  
  

• "Referral Fee" means the compensation payable to the Referring Firm as set out in Clause 3.

2. Referral Process and Obligations

2.1 Referral Procedure: All Referrals shall be made in writing (email acceptable) and must include the client’s name and contact details, and a summary of the required services.

2.2 Client Consent (PDPA Compliance): The Referring Firm warrants that it has obtained the prospective client's explicit written consent to share their personal data with the Receiving Firm for the purpose of the Referral, in compliance with the Personal Data Protection Act 2012 (PDPA) of Singapore.

2.3 Acceptance: The Receiving Firm shall notify the Referring Firm in writing within [7] business days whether it accepts or rejects the Referral. The Receiving Firm has the sole discretion to accept or reject any Referral.

2.4 Engagement: The Receiving Firm shall be solely responsible for negotiating the terms, scope of work, fees, and execution of the Engagement with the Referred Client.

3. Referral Fee and Payment

3.1 Fee Structure: The Receiving Firm shall pay the Referring Firm a Referral Fee equivalent to [State percentage, e.g., 10%] of the Net Fee (gross fees minus GST and out-of-pocket expenses) actually received by the Receiving Firm from the Referred Client for Covered Services rendered in the first [State period, e.g., 12 months] following the date of the Engagement.

3.2 Payment Trigger: The Referral Fee shall be deemed earned and payable [30] days after the Receiving Firm receives full payment from the Referred Client for the invoice related to the Covered Services.

3.3 Reporting: The Receiving Firm shall provide the Referring Firm with a quarterly statement detailing the fees received from all Referred Clients and the corresponding Referral Fees due.

3.4 Exclusions: No Referral Fee shall be payable if:

(a) the Receiving Firm had prior contact with the Referred Client regarding the Covered Services within the [6] months preceding the Referral; or

(b) the client fails to sign an Engagement within [90] days of the Referral.

4. Professional and Ethical Standards

4.1 Ethical Compliance: Both Parties acknowledge and warrant that they are properly registered/licensed to conduct their professional activities in Singapore and shall adhere to the ISCA Code of Professional Conduct and Ethics (EP 100) and the ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities.

4.2 Disclosure of Fee: The Receiving Firm shall ensure that the existence and basis of the Referral Fee is clearly disclosed to the Referred Client in the Engagement Letter, in accordance with ISCA ethical requirements.

4.3 Objectivity: Both Parties confirm that the Referral arrangement will not impair their objectivity or professional judgment, and all recommendations are made solely in the best interest of the client.

5. Term, Termination, and Governing Law

5.1 Term: This Agreement shall commence on the Effective Date and continue for the Referral Period, subject to termination.

5.2 Termination: Either Party may terminate this Agreement by providing [30] days' written notice to the other Party. Termination shall not affect the obligation to pay Referral Fees earned prior to the termination date.

5.3 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the Republic of Singapore.

5.4 Dispute Resolution: Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by [Singapore Courts/Singapore International Arbitration Centre (SIAC)].

[Referring Firm Name]	Bestar
Name: [Signatory Name]	Name: [Signatory Name]
Title: [Partner/Director]	Title: CEO
Signature:	Signature:

How Bestar Singapore Empowers Singapore Accounting Firms

📄 Sample Referral Agreement (Accounting Firms - Singapore)

Navigating the complex landscape of Singapore accounting regulations and achieving sustainable growth requires specialized support. Bestar Singapore is positioned as a one-stop corporate service provider, offering a comprehensive suite of services that directly benefit and support local Singapore accounting firms, startups, and SMEs.

🎯 Core Services: Strategic Outsourcing & Expertise Sharing

Bestar Singapore's primary value for local accounting firms lies in its ability to handle specialised, non-core, or high-volume compliance tasks, allowing firms to focus on high-value advisory work for their own clients.

Key Focus	Bestar Singapore Service	How It Helps Singapore Accounting Firms
Corporate Secretarial Services Singapore	Full-spectrum Corporate Secretarial & Compliance Filing	Accounting firms can outsource the statutory and ACRA compliance work (AGM, Annual Returns, resolutions) to Bestar, freeing up their accounting staff for financial reporting and advisory.
Singapore Tax Advisory Support	Corporate Tax, Personal Tax, and GST Compliance & Planning	Bestar's tax expertise provides an essential referral partner. Local firms can leverage Bestar’s specialized knowledge for complex tax planning, M&A tax due diligence, or international tax queries, ensuring their clients receive expert advice without needing an in-house specialist.
Specialized Fund Services	Structuring, Accounting, and Audit for Single Family Offices (SFOs) and Fund Management Companies (FMCs)	This is a highly specialized niche. Accounting firms with non-specialist clients can refer complex SFO structuring or MAS-regulated FMC audit needs to Bestar, earning a fee while ensuring their client is handled by a trusted expert.
HR & Payroll Outsourcing Singapore	Payroll Processing, CPF/IRAS Submission, and Employment Pass Applications	Accounting firms often bundle payroll. By outsourcing payroll to Bestar, they reduce administrative risk, maintain confidentiality (employee salaries), and can offer this comprehensive service to their clients efficiently.

✅ Optimizing Compliance and Operational Efficiency

For local accounting firms managing a large client portfolio, Bestar provides the tools and expertise for operational excellence:

1. Regulatory and Financial Reporting Compliance

• XBRL Filing: Bestar offers expertise in preparing and filing financial statements in the required XBRL format with ACRA, a task often time-consuming and prone to errors for non-specialist firms.

  
  

• Audit & Assurance: Bestar's audit directors offer independent audit services, which local firms can refer their clients to for statutory compliance, ensuring a clear separation of roles (accounting vs. audit) as required by Singapore law.

2. Technology and Digital Accounting Solutions

• Cloud Accounting Software Integration: Bestar is often a leading provider or consultant for popular accounting software like Xero, QuickBooks, and Sage. They help firms and their clients implement and optimize these digital tools, driving efficiency and real-time reporting.

  
  

• IT Risk and Audit Services: In an increasingly digital world, Bestar can provide essential IT risk and compliance assessments, helping accounting firms protect their client data and adhere to industry standards.

📈 Strategic Growth and Client Value Enhancement

By partnering or utilizing Bestar's services, accounting firms can expand their service offering and capture new market segments:

• Company Incorporation & Setup: Firms can refer new clients looking to register a new company in Singapore directly to Bestar for seamless incorporation, which then leads back to the firm for recurring accounting services.

  
  

• Mergers & Acquisitions (M&A) Support: Bestar offers crucial due diligence and company valuation services. This allows a local accounting firm to offer M&A advisory to their SME clients by leveraging Bestar's specialized transaction support team.

  
  

• Business Advisory: Beyond compliance, Bestar's advisory services (risk management, internal control review) provide an added layer of strategic value that a local firm can offer its clients to enhance decision-making and business performance.

🏛️ Core Single Family Office Services by Bestar

Bestar, based in Singapore, offers a comprehensive suite of Single Family Office (SFO) advisory and support services designed to assist ultra-high net worth families in establishing, structuring, and managing their wealth management vehicles in the jurisdiction.

An SFO is a dedicated entity created to manage the assets, investments, and financial affairs of a single family. It acts as a captive tool for intergenerational wealth preservation, succession planning, and philanthropic endeavors.

Bestar's services cover the full operational and compliance lifecycle of a Single Family Office:

1. SFO Structuring and Setup

Bestar provides expert guidance on the initial setup of the SFO, focusing on a structure that aligns with the family’s objectives for wealth preservation, tax efficiency, and succession planning. This includes advisory on the optimal legal structure, such as a private company, trust, or a Variable Capital Company (VCC).

2. Tax Advisory and Compliance

A key component of Bestar’s offering is leveraging Singapore's preferential tax regime. They provide:

• Tax Incentive Consultation: Advising on and facilitating applications for fund management tax incentive schemes, notably the Section 13O (formerly 13R) and Section 13U (formerly 13X) schemes, which grant tax exemption on the income derived from qualifying investments managed by the SFO's fund vehicle.

  
  

• Corporate & Personal Tax: Comprehensive compliance and planning for the SFO entity and its principals, including corporate tax filings and Goods and Services Tax (GST) returns.

  
  

• Philanthropy Tax Incentive Scheme (PTIS): Guidance on the PTIS to encourage philanthropic giving through Singapore-based SFOs.

  
  

3. Virtual Family Office Services (Outsourced Administration)

Bestar functions as a "Virtual Family Office" by outsourcing essential administrative and compliance functions, allowing the family to focus on core investment strategies. These services include:

• Corporate Secretarial: Ensuring all statutory compliance with the Accounting and Corporate Regulatory Authority (ACRA), managing essential documentation, and providing advice on corporate governance.

  
  

• Accounting & Bookkeeping: Accurate and timely maintenance of financial records, preparation of financial statements, and compilation services.

  
  

• Payroll & HR: Outsourcing of complex tasks like payroll processing, employee administration, and statutory fund submissions.

  
  

4. Audit and Assurance

Bestar, as an audit firm, provides independent audits and can assist SFOs and their associated Fund Management Companies (FMCs) with:

• Statutory Audits: Conducting required financial statement audits.

  
  

• Internal Audit Arrangements: Assessing and establishing robust internal controls to ensure compliance with the regulatory expectations of the Monetary Authority of Singapore (MAS).

  
  

5. Regulatory Compliance & Support

SFOs are generally exempt from licensing under the Securities and Futures Act (SFA) as they manage the wealth of a single family. Bestar assists with:

• MAS Compliance: Ensuring the SFO structure maintains its exemption status and remains compliant with all relevant regulatory requirements.

  
  

• Visas & Immigration: Assisting the family and key investment professionals with applications for work passes, such as the Employment Pass (EP) or the Overseas Networks & Expertise Pass (ONE Pass).

In Summary:

Bestar Singapore acts as a powerful strategic partner and back-office support engine for Singapore accounting firms. By utilizing Bestar's expertise in corporate secretarial, specialized tax advisory, and HR/Payroll outsourcing, local accounting firms can mitigate compliance risk, reduce overheads, and focus on their core mission: providing exceptional financial reporting and business advisory to their clients in Singapore.