Siong Yoong: You can do business in Singapore!

Can you introduce yourself?

Hi there. My name is Siong Yoong. I’m a business acquisition entrepreneur by vocation, and venture capitalist by aspiration. I’m from the small tropical island of Singapore, and I love what I do. When not running my company VALLARIS, I serve our professional services industry as follows:

What’s your role at TGS?

VALLARIS is one of two Singaporean member firms in the TGS network. TGS C&T Partners PAC provides Audit, Accounting, Corporate Secretarial and Tax Services, while. VALLARIS provides Deal and Dispute Advisory services. You can say that when combined, we are a full services accounting firm!

Could you give us a brief overview of your company? Additionally, could you explain your role within TGS and how you support other members?

Sure, I’d love to introduce VALLARIS. VALLARIS™ helps people buy and sell companies to make millions without RISK. People work with us to:

What are the key values that your company shares with TGS?

They are central to our culture and we only accept candidates that agree to live these values.

• We only hire smart and kind people: Our people are our greatest resource. We want A players who are smart and kind. We’ve found that A players like working with each other. When found in sufficient numbers, they ensure only other A players get on our team.
• Rationale > permission: VALLARIANS add value to every interaction. We advance by persuading through rationale, as opposed to asking for permission.
• 100% say / do ratio: VALLARIANS do what we say, and say what we do.
• Personal growth drives success: We define individual success not by what we know…. but how fast we learn, un-learn and re-learn to guide our clients.
• NFA aka no fooling around: We don’t waste your time, because time is money!

What makes your company stand out in your sector or market?

We deliver results in high-stakes (at least $10 million) deals and disputes. When you work with us, you’ll never have to worry about overpaying or getting in or out of a bad M&A deal. We structure win-win deals, we value businesses, we perform financial due diligence on them. We are the business acquisition experts.

What advice would you give other TGS members looking to expand in Singapore?

Singapore has a robust financial sector and business-friendly environment. Here are some key pieces of advice for an accounting firm looking to expand into Singapore:

1. Understand the Market Demand: The demand for professional accountancy services in Singapore is growing, especially for non-regulated services like IT advisory, risk management, and sustainability reporting. Diversifying your service offerings can help meet these evolving needs.
2. Leverage Technology: Embrace digital transformation by adopting advanced accounting software and tools. This not only improves efficiency but also provides better service to clients. Staying updated with the latest technological trends is crucial.
3. Focus on Talent Development: Invest in continuous learning and development for your team. The Institute of Singapore Chartered Accountants (ISCA) offers various resources and training programs to help professionals stay updated with industry changes.
4. Build Strong Networks: Establish connections with local businesses, industry associations, and other professional services firms. Networking can lead to valuable partnerships and client referrals.
5. Compliance and Regulatory Knowledge: Ensure your firm is well-versed in Singapore’s regulatory requirements. This includes understanding tax laws, audit standards, and corporate governance practices. Compliance is key to maintaining credibility and trust.
6. Client-Centric Approach: Focus on providing exceptional client service. Understand your clients’ needs and tailor your services to meet those needs. Building strong, long-term relationships with clients can lead to sustained growth.
7. Explore International Opportunities: Singapore’s strategic location makes it a gateway to other Asian markets. Consider expanding your services to neighboring countries to tap into new opportunities.
8. Sustainability and CSR: Incorporate sustainability and corporate social responsibility (CSR) into your business model. This is becoming increasingly important for clients and can differentiate your firm in the market.

By focusing on these areas, accounting firms can position themselves for successful expansion in Singapore. If you have any specific questions or need further details, feel free to ask!

Could you share a personal passion or interest outside of work that inspires you professionally?