Choosing the right accounting firm in India isn't just about ticking compliance boxes — it's a strategic decision that can make or break your India expansion. A wrong choice can lead to costly RBI penalties, tax authority scrutiny, and operational bottlenecks. The right partner needs cross-border expertise in Singapore-India DTAA, FEMA regulations, and practical experience setting up and managing foreign-owned entities.
TL;DR
- Singapore businesses need accounting firms experienced in cross-border tax, FEMA compliance, and India-entry setup — not general bookkeeping practices
- The Big Four offer global reach but premium pricing suited for large MNCs
- Mid-tier firms in international networks deliver strong cross-border expertise at accessible pricing for mid-sized businesses
- Firms like VJM Global focus exclusively on foreign companies navigating India's FEMA, RBI, and GST requirements
- Choose based on foreign client track record, FEMA/RBI knowledge, and Singapore-India DTAA fluency — not brand recognition alone
Why Singapore Businesses Need Specialized Accounting Support in India
The Comprehensive Economic Cooperation Agreement (CECA), signed in June 2005, has strengthened economic ties between Singapore and India significantly. Enterprise Singapore reports S$35.01 billion in bilateral trade as of 2025, with the agreement eliminating 81% of tariffs between the two nations. For Singapore businesses, this framework has made India one of the most accessible and commercially significant expansion markets in Asia.
Operating in India means navigating a regulatory environment that differs fundamentally from Singapore's straightforward compliance model. Three areas in particular catch Singapore businesses off guard:
- FEMA filings: Foreign exchange transactions require FC-GPR within 30 days of share allotment, plus annual FLA returns due July 15
- GST for non-residents: No threshold exemption applies — even small operations must register and file monthly GSTR-5 returns with 90-day validity periods
- Transfer pricing: Sections 92D and 92E require Master Files, Local Files, and potentially Country-by-Country Reports, with Form 3CEB due November 30
Together, these obligations create an ongoing compliance burden that most Singapore finance teams aren't equipped to handle alone.
A generic domestic CA firm often lacks the international perspective Singapore businesses need. The Singapore-India DTAA (updated in 2019) provides specific tax treatment for dividends (10-15%), interest (10-15%), and royalties (10-15%) — but optimizing these benefits requires expertise in both jurisdictions. Singapore businesses need firms that can advise on optimal entry structures (subsidiary vs. LLP vs. branch office), understand the nuances of cross-border compliance, and manage the ongoing reporting burden efficiently.
Top 20 Accounting Firms in India for Singapore Businesses
These firms were selected based on cross-border expertise, international network affiliations, track record with foreign clients, and ability to support Singapore businesses from entry through operations to exit. Each entry notes the firm's key strengths, network reach, and the type of Singapore business it suits best — so you can shortlist based on your stage, budget, and specific compliance needs.
VJM Global (VJM & Associates LLP)
VJM Global is a 30+ year-old chartered accountancy and business solutions firm headquartered in Noida, specializing in helping foreign companies from the USA, UK, Australia, and Europe establish and operate in India. With a team of 100+ accounting and business setup professionals and a 95% client retention rate, VJM Global is a member of EAI International, a globally recognized group of independent accounting and tax firms.
VJM Global's end-to-end model covers the full spectrum under one roof: company incorporation, entry strategy, ongoing accounting and bookkeeping, GST and direct tax compliance, FEMA/RBI compliance, payroll, and back-office support. Their track record with 500+ international business clients means they understand the specific compliance pain points Singapore businesses encounter when operating in India.
| Aspect | Details |
|---|---|
| Key Services for Foreign Companies | Business setup, accounting outsourcing, GST/income tax compliance, FEMA advisory, audit, payroll, back-office support |
| International Network | Member of EAI International; experienced with USA, UK, Australian, and European clients |
| Why It Works for Singapore Businesses | Full-spectrum entry-to-operations support; specialized understanding of foreign-owned entity compliance in India |
Deloitte India
Deloitte India operates as part of the world's largest professional services network, with 13 offices and approximately 15,000 employees across major Indian cities. They offer deep expertise in audit, tax, risk advisory, and financial consulting for large enterprises and MNCs, with their Southeast Asia entity providing direct cross-border coordination.
Deloitte is best suited for large Singapore corporations or listed companies requiring Big Four-standard audit, complex transfer pricing, and multi-jurisdictional tax advisory. Their brand recognition opens doors, but fees reflect their premium positioning — expect costs that suit enterprise budgets, not early-stage ventures.
| Aspect | Details |
|---|---|
| Key Services | Audit & assurance, tax consulting, transfer pricing, risk advisory, financial advisory |
| International Network | Big Four; offices in 150+ countries including Singapore |
| Best For | Large Singapore MNCs, listed companies, complex cross-border structures |
PwC India (PricewaterhouseCoopers)
PwC India brings the weight of the world's second-largest professional services network, with multiple offices across India and strong capabilities in audit, tax advisory, and consulting. Their Asia Pacific practice has particular strength in M&A transactions and cross-border tax structures.
PwC excels at India entry strategies and M&A transactions. If your Singapore business is planning a significant acquisition or joint venture in India, PwC's deals practice provides the strategic depth and due diligence capabilities you need.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax advisory, M&A consulting, regulatory compliance, risk management |
| International Network | Big Four; strong Singapore-India cross-border practice |
| Best For | Singapore businesses planning acquisitions, JVs, or large-scale India market entry |
EY India (Ernst & Young)
EY India operates across 16 cities with 25 office addresses, offering assurance, tax, transaction advisory, and business transformation services. Their focus on digital finance solutions makes them particularly relevant for technology-forward businesses.
EY's transaction advisory and cross-border tax practice stands out for Singapore businesses structuring their India entry. Their ASEAN-India corridor expertise means they understand both markets, helping Singapore companies navigate regulatory approvals and optimize tax structures from day one.
| Aspect | Details |
|---|---|
| Key Services | Assurance, tax, transaction advisory, regulatory compliance, consulting |
| International Network | Big Four; EY ASEAN-India corridor expertise |
| Best For | Singapore businesses in financial services, technology, or those requiring transaction advisory |
KPMG India
KPMG India operates from 17 unique cities with 31 office entries, delivering audit, tax, and advisory services with structured training approaches and extensive work with multinationals. Their strength lies in regulatory compliance and governance advisory.
For Singapore businesses that need structured internal control frameworks and consistent reporting to Singapore parent entities, KPMG's governance advisory becomes invaluable. They help establish the discipline and documentation that satisfies both Indian regulators and Singapore headquarters simultaneously.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, advisory, regulatory compliance, governance |
| International Network | Big Four; 140+ countries |
| Best For | Singapore companies requiring Big Four-standard compliance and governance frameworks |
BDO India
BDO India operates as part of BDO International, the world's fifth-largest accounting network spanning 169 countries with 860+ offices and 90,000+ people. They offer audit, tax, risk advisory, and outsourcing services with a strong client base across mid-sized businesses and growing enterprises.
BDO delivers Big Four-quality work without Big Four pricing. For Singapore mid-sized businesses, this matters enormously. Their capabilities in GST compliance, direct taxation, and business advisory match what larger firms provide, but with better accessibility and relationship focus.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, risk advisory, outsourcing, business consulting |
| International Network | BDO International; 160+ countries |
| Best For | Singapore mid-sized businesses seeking Big Four quality at more accessible pricing |
Grant Thornton India
Grant Thornton Bharat employs 13,000+ people across 21 locations, serving growth-stage companies, startups, and mid-market businesses with audit, tax, and advisory services. They serve 28 industries, bringing sector-specific insights to each engagement.
Their India entry strategy services make Grant Thornton particularly relevant for Singapore companies in early stages of market entry. They handle the practicalities of setting up operations, identifying partners, and navigating regulatory approvals — the detailed groundwork that determines success or failure.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, advisory, business services, outsourcing |
| International Network | Grant Thornton International; 140+ countries |
| Best For | Singapore growth-stage companies and startups entering India |
RSM India (Suresh Surana & Associates LLP)
RSM India serves as the sole Indian member of RSM International, the world's seventh-largest network operating in 120 countries with 500+ offices and 56,000 people. They maintain 12 offices across India, offering audit, tax, business advisory, and regulatory compliance with international best practices.
RSM's strength in cross-border taxation and international advisory makes them suitable for Singapore businesses with complex multi-jurisdictional tax structures. If your Singapore entity has operations across multiple countries and needs coordinated tax planning, RSM's global network provides the connectivity you need.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, business advisory, regulatory compliance |
| International Network | RSM International; 120+ countries |
| Best For | Singapore businesses with international tax complexity and cross-border related-party transactions |
Nangia Andersen India
Update: Nangia Andersen exited Andersen Global in November 2025 and now operates as a fully domestic firm with 8 offices across Noida, Delhi, Gurugram, Mumbai, Pune, Bengaluru, Chennai, and Dehradun. They maintain specialized expertise in transfer pricing, corporate tax, and cross-border advisory.
Their transfer pricing expertise remains particularly valuable for Singapore businesses with intercompany transactions between their India subsidiary and Singapore parent — a heavily scrutinized area by Indian tax authorities. Despite losing their international network affiliation, their technical capabilities in this specialized domain remain strong.
| Aspect | Details |
|---|---|
| Key Services | Transfer pricing, corporate tax, cross-border advisory, M&A tax |
| International Network | None (exited Andersen Global November 2025); now fully domestic |
| Best For | Singapore businesses with significant intercompany transactions requiring transfer pricing documentation |
Walker Chandiok & Co. LLP
Walker Chandiok & Co. is one of India's leading professional services firms offering assurance, tax, and advisory services. Part of Grant Thornton International's India practice, they focus on technology and financial services companies, combining global network resources with deep local market knowledge.
Their international client base and exposure to cross-border structures makes them relevant for Singapore tech companies and financial services firms entering India. They provide balanced perspective for foreign entrants navigating both regulatory and commercial complexity.
| Aspect | Details |
|---|---|
| Key Services | Assurance, tax, advisory, risk consulting |
| International Network | Part of Grant Thornton International's India practice |
| Best For | Singapore technology, fintech, and financial services companies |
TR Chadha & Co. LLP
TR Chadha & Co. LLP brings 70+ years of experience in audit, taxation, assurance, and business advisory with strong national presence and reputation for handling international clients. Seven decades in practice means they've navigated every major regulatory overhaul India has introduced — from pre-GST tax structures to the current compliance regime.
For Singapore businesses seeking a long-established, compliance-focused Indian firm, TR Chadha offers reliability. That institutional depth translates directly to fewer surprises when regulators change rules mid-engagement.
| Aspect | Details |
|---|---|
| Key Services | Audit, taxation, assurance, business advisory, FEMA compliance |
| International Network | National presence across major Indian cities |
| Best For | Singapore businesses seeking a long-established, compliance-focused Indian firm |
Lodha & Co.
Established in 1941, Lodha & Co. ranks among India's oldest chartered accountancy firms with offices across major cities. They serve corporate clients, banks, insurance companies, and public sector corporations, with deep industry experience across traditional sectors.
Their broad industry experience and established reputation in audit and taxation makes them relevant for Singapore businesses in banking, insurance, and manufacturing. If your Singapore business operates in traditional industries requiring a trusted CA firm, Lodha's track record provides solid assurance.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, assurance, corporate finance advisory |
| International Network | Pan-India with international client experience |
| Best For | Singapore businesses in banking, insurance, and manufacturing sectors |
PKF Sridhar & Santhanam LLP
PKF Sridhar & Santhanam LLP operates as part of PKF International, a global network of independent accounting firms present in 150+ countries. They offer audit, tax, and advisory services with strong presence in South India and growing national footprint.
Their international network through PKF makes them relevant for Singapore businesses wanting an Indian accounting firm familiar with international reporting standards. If your operations or audit requirements concentrate in South India (Bangalore, Chennai, Hyderabad), their regional strength becomes particularly valuable.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, advisory, regulatory compliance |
| International Network | PKF International; 150+ countries |
| Best For | Singapore businesses with operations or audit requirements in South India |
Singhi & Co.
Singhi & Co. is a reputed Indian CA firm with decades of experience in audit, tax compliance, and corporate finance advisory, serving diverse domestic and international clients. They bring practical expertise in corporate governance and compliance for foreign-owned entities.
For Singapore businesses in manufacturing, FMCG, and industrial sectors requiring reliable audit and tax support, Singhi & Co. offers the sector knowledge and compliance discipline these industries demand. Their experience with foreign-owned entities means they understand the dual reporting requirements you face.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax compliance, corporate finance advisory |
| International Network | National presence; international client experience |
| Best For | Singapore businesses in manufacturing, FMCG, and industrial sectors |
SS Kothari Mehta & Co.
SS Kothari Mehta & Co. maintains strong reputation for audit, tax, and regulatory services, covering all major regions of India through its network of offices and associates. Their extensive experience with listed companies and corporate clients spans decades.
For Singapore businesses planning to scale their India operations significantly — particularly those eyeing eventual listing or major expansion across multiple Indian states — SS Kothari Mehta's multi-location capability and listed company experience provides the infrastructure you'll need.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, regulatory compliance, BPO services |
| International Network | National network; associate coverage across India |
| Best For | Singapore businesses requiring audit of Indian subsidiaries across multiple locations |
S.R. Dinodia & Co. LLP
S.R. Dinodia & Co. LLP operates as an affiliate of MGI World, one of the top alliances of audit, tax, and accounting firms operating across 82+ countries. They offer business solutions with presence across multiple jurisdictions through alliance partners.
Their MGI alliance provides a key advantage for Singapore businesses needing coordinated accounting support across multiple jurisdictions. If your Singapore business has operations in India, Southeast Asia, and other regions requiring aligned accounting practices, S.R. Dinodia's network coordination capabilities become valuable.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, financial advisory, consulting |
| International Network | MGI World; 82+ countries |
| Best For | Singapore businesses requiring multi-country accounting coordination |
Mazars India (Forvis Mazars)
Mazars India now operates as part of Forvis Mazars following the merger announcement, creating a unique top 10 global network. As a leading international audit, accounting, and consulting firm with distinctive cooperative structure, they maintain strong reputation for quality across member countries.
Mazars' presence in both Singapore and India provides an advantage for coordination between Singapore parent entities and their India operations. If you want a single firm managing both Singapore and India accounts with consistent methodology and reporting, Mazars offers that integrated capability.
| Aspect | Details |
|---|---|
| Key Services | Audit, accounting, financial and tax advisory, consulting |
| International Network | Forvis Mazars Global; present in Singapore and India |
| Best For | Singapore businesses wanting a single firm managing both Singapore and India accounts |
ASA & Associates LLP
ASA & Associates LLP is a well-regarded Indian firm offering auditing, taxation, and financial advisory with focus on both domestic and international clients, including SMEs and startups. Their practical, hands-on approach resonates with smaller businesses.
For Singapore early-stage businesses or SMEs testing the Indian market with lean budgets, ASA's experience with startups and SMEs translates to understanding your constraints. They won't push enterprise-grade solutions when you need practical, cost-effective compliance support.
| Aspect | Details |
|---|---|
| Key Services | Audit, taxation, financial advisory, startup compliance |
| International Network | National; international client base |
| Best For | Singapore SMEs and startups entering India with lean budgets |
CNK & Associates LLP
CNK & Associates LLP operates as a professional Indian CA firm with strong capabilities in audit, tax, and business consulting from offices in Mumbai, Delhi, and Ahmedabad. They've built reputation serving diverse industries with client-focused approach.
Their experience with corporate tax compliance for foreign-owned entities makes them relevant for Singapore businesses with operations in Western India. If your India presence concentrates in Mumbai, Gujarat, or surrounding regions, CNK's geographic strength and foreign client experience align well.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, business consulting, regulatory compliance |
| International Network | National presence; international client exposure |
| Best For | Singapore businesses with operations in Mumbai or Western India |
AKM Global
AKM Global operates as a well-established Indian professional services firm specializing in audit, taxation, and business advisory with experience advising multinationals on India market entry, transfer pricing, and cross-border taxation.
Their specific focus on international tax and India market entry advisory makes them a relevant choice for Singapore businesses in the planning or early stages of their India expansion. If you're still determining whether and how to enter India, AKM's entry strategy advisory can help you make informed decisions before committing resources.
| Aspect | Details |
|---|---|
| Key Services | Audit, tax, international tax advisory, transfer pricing, business setup |
| International Network | National presence; international advisory focus |
| Best For | Singapore businesses requiring India entry strategy and international tax advisory |
How We Chose These Firms
Each firm was evaluated against criteria that directly affect outcomes for Singapore businesses operating in India:
- Experience serving foreign and international clients, especially cross-border structures
- Depth of expertise in FEMA, RBI compliance, transfer pricing, and the Singapore-India DTAA
- International network affiliations and geographic coverage within India
- Client retention track record
The biggest mistake Singapore businesses make is choosing a firm purely by brand name or cost without verifying foreign client experience.
These aren't abstract qualifications. FEMA expertise prevents costly RBI penalties — violations can result in penalties up to three times the sum involved plus potential imprisonment. Transfer pricing experience shields you from Indian tax authority scrutiny — according to India's 6th Annual APA Report for FY 2023-24, it remains a top area of dispute. End-to-end support (from incorporation to ongoing compliance) reduces the management burden on Singapore-based teams who can't afford to micromanage India operations remotely.
Size of the firm matters less than fit. A large Big Four firm may be overkill for a small Singapore SME setting up a lean India subsidiary with three employees and modest revenue. Meanwhile, a specialized mid-tier firm with proven international client experience may deliver more value at a fraction of the cost — especially given better partner access and faster response times.
Conclusion
Selecting the right accounting firm in India is a strategic decision. It affects how quickly you get your structure right under the Singapore-India DTAA, and whether your cross-border transactions stay clean within FEMA guidelines — before they become compliance problems.
Evaluate firms based on your specific stage (pre-entry, post-setup, scaling) and needs (audit, tax, FEMA, payroll). Prioritize firms with verified foreign client experience and transparent pricing over those with only domestic reputations. The firm that serves local Indian businesses well may lack the cross-border perspective your Singapore entity requires.
VJM Global (VJM & Associates LLP) is worth considering if you want a firm with depth across the services that matter most for foreign entry: business setup, GST and income tax compliance, FEMA advisory, audit, and back-office outsourcing. With 30+ years of experience, 100+ professionals, and a 95% client retention rate across international clients, they bring the cross-border perspective that India-only firms typically don't.
Frequently Asked Questions
What are the top 20 accounting firms in India?
Recognized names span the Big Four (Deloitte, PwC, EY, KPMG) and mid-tier firms including BDO, Grant Thornton, RSM, Nangia Andersen, VJM Global, Walker Chandiok, TR Chadha, Lodha & Co., PKF Sridhar & Santhanam, and Mazars. The right choice depends on your business's size, sector, and cross-border needs — not rankings alone.
What are the top 10 accounting firms in India?
The top 10 generally covers the Big Four plus mid-tier network firms: BDO India, Grant Thornton India, RSM India, Nangia Andersen India, Walker Chandiok & Co., and Mazars India. For foreign businesses, international network affiliation and cross-border expertise matter more than domestic rankings.
Which is the best audit firm in India?
For large Indian entities, the Big Four (Deloitte, PwC, EY, KPMG) are most recognized. For foreign-owned subsidiaries, mid-tier firms like BDO India, Grant Thornton, or VJM Global often deliver equivalent quality with better accessibility and lower costs.
What accounting services do Singapore businesses typically need when operating in India?
Core needs include entity incorporation, RBI/FEMA compliance, GST registration, corporate tax filings, transfer pricing documentation, payroll and PF/ESI compliance, and statutory audit. None of these can be handled by Singapore-based accountants — all require India-specific expertise.
How do I choose an accounting firm in India as a Singapore business?
Prioritize firms with verified experience serving foreign clients, knowledge of the Singapore-India DTAA and FEMA regulations, an international network affiliation, transparent pricing, and ability to provide end-to-end support from India entity setup to ongoing monthly compliance. Don't choose based on brand recognition alone.
Do Singapore businesses need to comply with FEMA regulations when investing in India?
Yes. All foreign investment into India — including from Singapore — is governed by FEMA and RBI guidelines, covering inward remittances, equity reporting (FC-GPR, FLA returns), profit repatriation, and cross-border loans. FEMA expertise in your Indian accounting firm is non-negotiable.
