Having support a wide variety of businesses and industries across various jurisdictions, Prestige has acquired an exceptional understanding of our clients’ business environments and this unique advantage allows us to provide responsive, efficient, and effective solutions.
Prestige’s professional team will provide accounting and taxation compliance services for companies as well as assisting them in the meeting of their statutory audit requirements. Prestige can act as the corporate financial administrator, accountant or group financial controller in full co-operation with headquartered financial staff and third parties.
With our expertise on corporate finance, IFRS accounting and international taxes, we are able to advise clients ranging from private investment holding companies to international corporate companies with business around the world.
CATEGORIES
Accounting Services
Accounting Services
Our range of accounting services assists business to grow and we work to ensure our clients obtain the best advice and support. Accounts will be prepared by our teams and we provide our clients with practical, commercial advice – focusing on their future, understanding their business and helping the business and the owners to where they want to be.
Prestige can act as the corporate financial administrator, accountant or group financial controller in full co-operation with headquartered financial staff and third parties.
With our expertise on IFRS accounting and international taxes, we are able to advise clients ranging from private investment holding companies to international corporate companies with business around the world.
By outsourcing their daily management and administration functions to Prestige, our clients not only have more time to focus on running their business, raising capital and scaling, but they also recognize some of the many benefits of working with us:
• Lower costs with streamlined operational procedures
• Successful track records and staff expertise
• Dedicated team of professionals combined with simplified daily administration
• International network covering multiple jurisdictions
• Flexible and transparent fixed and variable fee arrangement
• Seamless record keeping and reporting solutions
FRS Advisory Services
FRS Advisory Services
Our experience suggest that IFRS is more than an accounting change and is something that needs to be realised. There will be significant changes in Profits, Dividend policy, EBITDA, Tax planning etc. because of this transition and companies need to plan well in advance to incorporate this change and ensure smooth transition. It is of utmost importance for Companies to gear up and embrace this change. This is why we have come up with a range of consultancy and assistance services:
• Assisting in preparing IFRS compliant Financial Statements including First time Adoption.
• Reviewing of IFRS financial report
• Post-implementation review of audited IFRS Financial Statements.
Cloud Accounting Solutions
Cloud Accounting Solutions
Cloud-based accounting software is revolutionising the way information is stored, accessed and used. Today, cloud accounting software allows us to collaborate, advise and work seamlessly with our clients regardless of location in real time. We had chosen Xero to be the centerpiece of our cloud solutions for the following reasons:
– Numerous add-ons available for customization based on our clients requirements
– Energetic and passionate support from Xero
– Great User Interface and experience
– Easy to learn
– Real-time insights into cash position with Live bank feeds
– Get paid faster through integration with their partners such as Square, Paypal, Braintree, Stripe etc
– Invoice customers, track bills or expenses, all online
Speak to us and we will help you setup on Xero and select the appropriate add-ons to help you manage your business with information and data that you need right at your finger tips.
Tax Compliance
Tax Compliance
Our range of tax compliance services assists business to grow and we work to ensure our clients obtain the right advice and support. Tax returns will be prepared by our teams, claiming all the available allowances and timely submissions, at the same time provide our clients with practical and commercial insights into the tax implications of their business transactions.
Our tax compliance services includes:
• GST / VAT registration
• Filing of GST / VAT returns
• Preparation of Corporate Income Tax computation and Returns
• Memorandum on Corporate Income Tax computation and tax implications
• Filing of Corporate Income Tax returns and Estimated Chargeable Income
• Preparation and Filing of Withholding tax
• Application for Certificate of Tax Residence
Tax Advisory
Tax Advisory
In today’s dynamic and fast changing global business environment, companies face a range of challenges that affect not only the success of their businesses, but also the professional and personal goals of their owners.
By understanding our client’s goals, we can put together tax plans appropriate to each individual’s and business circumstances.
Prestige work closely with our clients to structure their affairs to help maximise the benefits and reliefs available under Singapore and international tax legislation by maximising jurisdictional and corporate framework advantages and provide comprehensive management and administration facilities including accountancy, tax compliance and full secretarial services.
Corporate re-organisations can be better managed with long term succession planning in mind and it also facilitates the future sale of a business in a tax efficient manner. In situations, such as sale of business, spinning off a business into a new entity, due care and consideration needs to be done. Prestige’s team will work with clients to ensure that the various tax reliefs and exemptions that may be available in relation to capital gains tax, stamp duty and VAT/ GST are fully considered.
Our Services includes:
• International tax strategy formulation
• Tax on profits expatriation
• Tax Structuring for local and international investments
• Government tax incentives
• ESOP and other employee incentives
Startups and Early Stage Company Advisory
Startups and Early Stage Company Advisory
We understand that starting a new business venture should be an exciting time and so we feel it is important not only to discuss the business proposition with our clients but guide and support them through those early stages to implement their vision.
We like to get involved early on to discuss with our clients on their business plan, this will provide us with enough information to devise a strategic plan going forward and also on how best to structure the new venture. We speak the language of start-ups and early stage companies, especially regarding finance and strategy and we have supported many clients in numerous instances.
Business Planning
Business Planning
We strive to engage our clients by understanding their vision and working closely with them to help them achieve their business goals. We assess a business’s current state of readiness and provide an overview of its strengths and areas of weakness, enabling us to target our advice effectively.
Our business planning services includes:
• Financial modeling
• Advising and identifying potential capital or business financing options
• Budgeting
• Advising and formulating critical management information for analysis and business decisons
• Discuss and review business strategy and performance
• Establishing key performance indicators for business
• Formulating strategies for business growth and restructuring
• Group structuring
• Cashflow planning
Business Succession Planning
Business Succession Planning
What do business owners have to contemplate when the time comes to sell their business or pass it to the next generation?
Having investing years of your time to build your business, you need to appoint someone to take over the reins and run the business. Regardless of your decision to either sell it to external parties or to a family member, the process of business succession planning is going to be a long-term event.
Business succession planning is an ongoing process rather than an one-off effort. Effective succession planning represents a great opportunity to enhance the value of your business and provide a great platform for the business to grow further and rewarding the founders for their investments over the life of the business.
It may be tempting to have your children to follow into your footsteps but if the children does not have the passion or skillsets to run the business, it might be better to look outside the family or to sell off the business to a qualified third party and allow the family to enjoy the proceeds when they are eventually passed down. In the absence of a successor within the family, Prestige will assist business owner to enhance and extract the equity value of their business through a sale of the business to a third party or other commercial arrangements. Prestige will also be there to assist in the transition for a smooth transfer.
There are many benefits for companies and owners who plan properly and strategically for an orderly transition of management and ownership:
• Survival and growth of the business or its assets — under the current structure or after sale or restructuring
• Preservation of harmony when the business is family owned
• Reduction or elimination of estate and income taxes
• Preservation of business value
• Facilitation of retirement for the current leadership generation
• Ability to retain control of the process instead of having someone else make decisions
Prestige’s expertise lies in the ability to advise and assist business owner to protect and optimise their business value and family’s wealth. We do not only preserve the equity value of the business but help business owner lay the foundations for future growth under the next generation. Through our ongoing involvement of the process, we assist businesses to successfully mitigate the transition between the incoming management team and the retiring management.
Prestige works alongside our clients on the following:
– Identify business succession issues
– Formulation of business succession plan and strategy
– Develop a collective vision, goals, and objectives for the business
– Documentation of a succession plan
– Establishing the succession plan
– Identify and retain a team of professional advisors to help execute the plan
Mergers And Acquisition Advisory
Mergers and Acquisition Advisory – Buy Side Advisory
Every M&A process is never similar and the amount of time and work committed varies substantially. The steps involved depends on whether you are the buyer or the seller. Be it the selection of a potential target or a potential buyer, Prestige taps on it wide network of partners to make it happen.
For Buyers, Prestige advises on the following:
1) Formulating acquisition strategy,;
2) Identifying, screening of potential targets;
3) Evaluation of options;
4) Initiate preliminary discussion with potential targets;
5) Advising on the structure of the transactions,;
6) Selection of advisers;
7) Due Diligence;
8) Managing the due diligence process;
9) Consolidating and reporting of due diligence findings; and
10) Advising on the transactions negotiation.
Mergers and Acquisition Advisory – Sell Side Advisory
Every M&A process is never similar and the amount of time and work committed varies substantially. The steps involved depends on whether you are the buyer or the seller. Be it the selection of a potential target or a potential buyer, Prestige taps on it wide network of partners to make it happen.
For Sellers, Prestige advises on the following:
1) Review of current business models;
2) Advise on business improvements to prepare for the best position to maximize value;
3) Strategic review of business and operational matters;
4) Formulation of strategies for sale of company;
5) Due diligence review on corporate structure, accounting, tax and statutory compliance matters
6) Initial desktop valuation;
7) Preparing the teaser and information memorandum;
8) Sourcing of potential buyers and team of other professional advisors;
9) Initiate preliminary discussion with potential buyers;
10) Setting up of a data room for due diligence;
11) Advise on the transaction and providing valuable insights into the contract negotiation process.
Capital Sourcing
Capital Sourcing
Many business owners possess fantastic vision and strategies to grow and move their business to the next level but they are often constrained by the lack of time and resources to source for capital funding from investors.
To secure the capital required for growth is one of the most important aspect for any business but many business might not have the necessary expertise required for this exercise.
Through our own network and partners, Prestige can assist your company to source and identify financing and capital funding options tailored to your business model and needs.
From analysis of the business, evaluation of benefits and pitfalls of various funding options, development of capital market strategies, exploration of appropriate capital resources, preparing the necessary information memorandum for investors, advising on the capital structure, due diligence process to closing the fund raising exercise. Prestige will offer solutions tailor-fit to the business and manage the entire fund raising process for the Company.
Pre-Initial Public Offering Advisory
Pre-Initial Public Offering Advisory
Initial Public Offer (“IPO”) advisory services have two phases as follows:
1. Pre-IPO review; and
2. IPO preparation.
Prestige is able to provide the Group’s management with independent analysis ranging from timing, valuation, and positioning of their Group’s proposed Initial Public Offerings in Singapore Exchange to accounting, tax and corporate structuring matters.
At the same time, we will assist the management in the selection of parties required throughout the entire IPO process such as merchant bankers and underwriters, full-service investment banks, lawyers, reporting accountant and public relations firms.
Prestige’s team can also head the Group’s accounting and finance function and steer the Group towards the IPO.
Phase 1 – Pre-IPO Review
What we do:
• Advise on listing requirements
• Assess the Group’s listing feasibility and choice of various markets
• Advise the listing process, regulations and requirements
• Review, re-organise and advise on effective corporate and business structures
• Review and advise on accounting and tax matters
• Review the Group’s past financial performance with reporting accountant
• Assist in developing IPO strategy and IPO planning
Phase 2 – IPO Preparation
• Introduction of IPO professionals
• Assist in the the preparation of the financial statements and financial projections
• Liaising and managing team of IPO professionals on behalf of management
• Driving the IPO process with team of professionals
Venture Capital Services
Venture Capital Services
Overview
Venture capital is an important source of funding for entrepreneurial Start-ups and growth companies. Diverse regulatory, compliance and reporting requirements can be an unnecessary distraction to Venture Capital Funds.
Prestige has the requisite skills, network and expertise to support Venture Capitalists. We place our clients at the core of our services in order to provide tailored-made solutions. We had adopted an integrated approach where we support the Venture Capitalist and their portfolios by working together with both parties to navigate the various stages of their business and exits through our suite of business advisory and corporate services.
Venture Capital Funds – Set up and ongoing compliance
The venture capital industry is innovative and dynamic and we have extensive experience of working with venture capitalists, ranging from start-up businesses to established investment managers.
Central to our service offering is placing the client at the centre of all decision making in order to provide a tailor-made administration, accounting and advisory solution.
Our venture capital expertise and selection of technology platforms allows us to deliver robust, scalable and user-friendly solutions to meet the needs of both large and small investment managers and investors. We put in place business processes and systems that enable our clients to leverage the collective experience and skills of the firm and our partners to ensure maximum effectiveness and efficiencies for our clients.
Our services includes:
Initial set up and review
Advising on the structure of the Fund
Setting up of Corporate entities and license application
Advising and drafting of the Fund agreement
Advising and drafting of the Offering Agreement
Opening of Bank account
Record of investors and contact details for communications
SYSTEMS SETUP
Setting up of accounting system
Setting up of investor portal
Setting up of reporting workflow
Incorporation of investment vehicles in various jurisdiction
AML Compliance
Setting up and advising on Know Your Client (KYC) and Anti-Money Laundering (AML) Procedures
Performing investors KYC on behalf of the Fund
Ensure AML compliance
ACCOUNTING AND TAXATION
Advising on cross-borders tax implications
Preparation and maintenance of periodic financial statements
Recording of fund and investor transactions
Maintain records of drawdowns and distributions in accordance with fund agreement
REPORTING
Filing of annual financial statements
Filing of tax returns
Maintenance of Investment vehicles
Assisting and liasing with auditors on year end audits
Venture Capital Funds – Investing
Ongoing Investment support
Advising and drafting of the Investment and shares subscription agreement with investees
Assistance on drafting shareholders agreement with investees
Advising on regulatory Requirements
Creation of VC investment documentation
Creation of VC template documentation for investment in portfolio companies
Basic legal templates for portfolio companies (eg. employment agreements, non-disclosure agreements, employee share option scheme)
Due Diligence support
Post-Investment support
Prestige can help to maximise the growth in value of our clients’ portfolio companies by focusing on post-operational improvements, bolt-ons, financial management services and compliance support, as well as tax issues to maximise value on exit. This ensures that the invested portfolio adds to our clients’ businesses over the long-term.
Many portfolio companies will face financial pressure during the economic downturn, in particular around cash management, reducing facility levels, debt maturity debts and/or onerous covenant terms. Anticipating where and when the pressure points will arise and having appropriate management intervention is essential. We have extensive experience of supporting businesses to prioritise and optimise their cash management processes. We can provide refinancing and corporate finance advice working in close partnership with companies and their investors to develop practical funding solutions to maintain control and minimise costs.
• Track and ensure post-completion conditions are fulfilled after investments are made
• Track reporting and compliance requirements in relation to Investment agreements
• Advise and formulate reporting templates and data to be submitted by portfolio
• Preparation of report for each Portfolio
• Analysis of performance of each Portfolio
• Monitoring of cashflow position of Portfolio
• Working with Portfolio companies on operational , strategic and financial management matters
• Acting as Interim CFO for Portfolio companies
Venture Capital Funds – Realising Value of Investment Portfolio
Prestige works closely with our clients throughout the duration of their investments to support them in optimising value on exit and help them become top quartile performers.
We advise our clients on the following:
1) Review of current business models of portfolio
2) Assessing exit options before making the investment, we can call upon a whole range of our experts to add value, improve operations, minimise any value detractors and prepare the asset for sale.
3) Strategic review of business and operational matters;
4) Advise on business improvements to prepare for the best position to maximize value
Our services are designed to ensure that you, the investor, remain in control of the process and are able to dictate the timetable and issues to be negotiated. Vendor due diligence support aims to address the concerns and issues that may be relevant to even the most demanding purchaser. For investors undertaking a disposal or selling off their investments, we provide bespoke solutions to assist you in successfully completing your divestments.
We also provide advice on Initial Public Offerings (IPOs) covering all stages of the process, from preparing for life as a public company, selecting the right capital market and establishing the right team of advisers, to advising on regulatory issues. This advice includes compliance with the listing and prospectus rules.
Venture Capital Portfolio Companies
The founders are brilliant enough to develop a unique product or service and now they had secured venture capital funding. A great team is an essential ingredient to the success of every startup. The go-to-market strategy, business model, equity / option allocation, spending and human resource decisions made by the founders can make or break the business. We look to collaborate with Startups as the trusted advisor on matters ranging from statutory compliance, board reporting to formulation of strategies.
Prestige offers a whole suite of services to Venture Capital Portfolio Companies
o Establishing of companies in various jurisidiction
o Strategic planning
o Transaction support
o Budgeting and forecasting
o Cloud accounting
o Board and management reporting
o Investor reporting
o Cashflow management
o Create and establish meaningful financial and operational KPIs
o Manage payroll, tax reporting
o Managing year-end statutory and tax compliance
o Financial and business modeling/forecasting
o Support fundraising and M&A processes
o Coordinate audits and valuations
o Due Diligence support
o Update and maintenance of capital table
o Formulating corporate finance strategies such as VC/PE fund raising, bank loans, venture debt, trade sale or IPO