Singapore companies want to be lean and stay focused on their core business goals. The trend is to outsource important but non-core tasks of the business. These companies search for reliable corporate services providers. At the very least, they invest in professional secretarial services to ensure their compliance.
The top-notch corporate service providers render all types of business support services to other companies. These providers are always in demand as they can leverage their experience and knowledge to render quality services to their clients. Their services can be summarized as follows:
- Singapore Company incorporation (registers a company for you)
- Accounting & tax services (bookkeeping, taxation, payroll services, Etc)
- Finance & banking services (financial statements and management reports)
- Business advisory & licensing services (applying & acquiring business licenses & permits for your business)
- Immigration services (application for an employment pass, entrepass, Etc)
Singapore companies outsource to corporate services providers to save time, skilled human resources, money and benefit from their expertise. Let see in detail some of the benefits of this move.
The businesses have to do a lot of paperwork to secure their compliance. The task is lengthy and needs time, expert human resources, office space, infrastructure, Etc. However, this non-core administrative task, though it is necessary, is a fruitless task. It does not produce any profits for the business. It does not help them in their survival.
Corporate services providers render their specialized services. Their experienced staff gets the job done, and the paperwork is flawless. Outsourcing to them enables their client to reassign their resources to achieve their business.
Singapore takes pride in keeping with the time. The government changes its laws and regulations to reflect the market needs. They are swift and strict in enforcing the rules. Offenders end up with fines and penalties.
The experts working for corporate service providers keep up with all the updates in their field. They monitor the news and courts to know about the changes and implement them for the benefit of their clients. It helps them in providing flawless service.
You may want to take care of all the business support services for your organization in-house. You will need experts, time, resources, infrastructure, office space, Etc. What about the cost? How much will a mistake in the output cost you?
Will it shift the workplace focus from profits to compliance? Well, the stress, anxiety, and the uncertainty involved in doing this task in-house are great. It is far cheaper to appoint a corporate services provider to get the task done.
Your business need decides who you should hire as your corporate services provider. If your needs are specific and need a speciality, you will need to research the market for that particular expertise. Anything less could lead to a disaster.
Every corporate services provider keeps up with the changes, has the expertise, and ability to deliver the prompt output. The question is how organized they are at the moment. You could ask around and find what people think of them. You could also discuss your needs with their customer service department to take a bearing on their ability to do the work.
You should expect a healthy exchange of data, queries, and advise, and opinions with your corporate services provider. Try to find out how good they are at communicating. Also, find out the channels of communication they are using and how prompt they are with it.
Ensuring a business’ compliance is complex work. The outcome generally depends on the calculations, processing, and paperwork involved in it. A small mistake in it may get you wrong results. It may attract fines and penalties from authorities.