Why You Should Engage a Corporate Service Provider
Every credible company in Singapore needs some business support services of one kind or another. At the very least, every credible company needs professional secretarial services per law under the Singapore Companies Act.
A corporate service provider is a company that provides business support services to other companies. Business support services vary in type. They can be summarized into the following categories:
- Human Resource Services, such as general HR consultancy and employee insurance.
- Finance and Banking Services, such as preparing financial statements.
- Accounting and Tax Services, such as payroll services.
- Business Advisory and Licensing Services, such as applying for licenses.
- Incorporation Services, such as registering your company.
- Immigration and Relocation Services, such as application for employee visas.
Companies in Singapore have two choices: hire in-house professionals to manage each of these services, or outsource to a corporate service provider. Here are some good reasons why you should go with the latter option.
What a Corporate Service Provider Can Do for Your Company
A corporate service provider has the following benefits to offer your company:
Saving Time and Resources
The paperwork involved in business support services can be lengthy. It takes up resources such as time, human resources, space, and much more. The work is necessary, but it is not productive.
Corporate service providers tend to specialize in a specific line of services. What’s more, they have armies of employees who are dedicated to getting the job done. You do not need them on-site to perform these services – just outsource the work and wait for the flawless paperwork. As such, your company gets to save a lot of time and resources, which can be put to productive use in departments than need these resources more.
Up-to-Date Compliance Knowledge
Singapore’s business laws and regulations are always changing. They are also strict, and the authorities expect you to follow each rule to the letter. Mistakes often come with hefty fines and penalties.
An in-house business support services provider, no matter how good, will have trouble keeping up with all the changes in regulation. Corporate service providers, however, have the necessary resources to keep up. They have entire departments dedicated to monitoring the news and courts to keep up with changes and implement them accordingly. As such, they are suitably positioned to guarantee flawless services.
Business support services offered by corporate service providers are pristine. These companies build their reputation and credibility on quality, so they go the extra mile to make sure that everything checks out. Considering the penalties exerted for seemingly small mistakes, you should invest your money in professionals who cross all the ‘T’s and dot all the ‘I’s.
Cost-Saving and Efficiency
Imagine the number of professionals your company would need to hire to handle all the business support services. Now imagine how much more money and resources you would dedicate to your current workforce. It would be easier and cheaper to hire a corporate service provider.
Corporate service providers are affordable because they specialize in whatever they do. They are in a better position to distribute their resources cost-effectively. One corporate may provide all the services you need at a fraction of what it would cost to hire dedicated in-house service providers. This is the main reason why most companies choose to hire corporate service providers.
Hiring a Corporate Service Provider – Factors to Consider
There are lots of companies that offer business support services in Singapore. Each presents itself as the best. However, there are some factors that distinguish the best of these companies from those that promise more than they can deliver.
Here are some factors to look out for when choosing a corporate service provider:
As mentioned, there are many categories of business support services. These categories vary from one business to another. Depending on your business, you should hire a corporate service provider who specializes in whatever you are after.
Corporate service providers that specialize in certain services often provide better quality services than those that offer a full package. However, some corporate service providers offer the full package under specialized departments. If you are looking for many services at a go, you should consider hiring a company that offers the full package under specialized departments.
Good organization should be the hallmark of every corporate service provider. As mentioned, there is a lot of paperwork involved. There is also a need to keep up with development such as changes in laws and regulations. You can tell how well organized a corporate service provider is by reviewing the company’s inventory or holding a brief interview with its customer service department.
There is often a lot of liaising on between corporate service providers and their clients. A lot of information has to be exchanged, and on many occasions, the service provider will need to confirm some details. You, as the client, may want to check up on the services. This will require a reliable line of communication. As such, your company of choice should have a professional customer care desk, and you should get a direct line to the individual people working on your company’s papers.
What do other companies have to say about their experience working with a particular corporate service provider? It is often said that word-of-mouth is the most honest marketing tool. As such, it is important to take heed of other companies’ honest reviews of different corporate service providers. Conduct a thorough investigation of the companies that interest you and leave no stone unturned.
Guarantees and Assurances
Again, the paperwork associated with business support services can be quite complex. Additionally, mistakes may attract hefty fines and penalties.
Your corporate service provider should provide flawless services. However, the company should be liable for all consequences in case anything ever goes wrong. As such, ask for fool-proof guarantees and assurances on top-quality services.
Business support services are important to any business’ daily operations and stability. However, they are also cumbersome. They demand a lot of time and resources. Smart businesses juggle this by outsourcing these services to corporate service providers. They get to save time, money, and other resources. They are also assured quick turnaround and flawless work. You, too, should consider engaging a corporate service provider.
Timcole is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency. Contact us to find out more on how we can help you with your company today.