Should I engage a corporate service company? Now that you have learned the steps on how to incorporate your company in Singapore, you might ask yourself if you can outsource the process. Good news! You most certainly can, and there are plenty of companies in Singapore who provide the service as well as other relevant services that support your companies. For a comprehensive list and description of corporate services, you can check out this article. But here is a summarised list of services.
– Business Advisory and Licensing Service (Registering of trademarks, licenses, and legal services, etc.)
– Incorporation Services (Registering your company, filing relevant documents, etc.)
– Immigration and Relocation Services (Application for visas, permits, etc.)
– Finance and Bank Services (Setting up of corporate accounts, financial statements, applying for loans, etc.)
– Accounting and Tax Services (Tax planning, Payroll services, etc.)
– Human Resource Services (Employee insurance, General HR Consultancy services, etc.)
As you can see, corporate service providers are like a one-stop solution for business support services. Of course, they tend to vary from firm to firm, but they generally provide similar ranges of services for your company’s needs. We at Incorporate.sg have a list of corporate service providers in Singapore, and we have compiled pricing and reviews all for your convenience. And it’s free! To check out our listings, click here.
Without further ado, let us dive into the reasons you should engage one.
First, one of the requirements for setting up a business in Singapore is to have a company secretary.
Under the Singapore Companies Act, a Singapore company must appoint a secretary within six months after incorporation. A sole director or shareholder cannot be appointed as a company secretary. So, this means that you must either hire someone full-time or utilize the services of a corporate service company.
Second, a company secretary is essential, having to maintain your legal framework as a business. The company secretary will have to help you go through the incorporation process, meeting regulatory requirements, and filing relevant documents. Hiring a competent one may save you from the financial losses brought by failure to meet the legal needs of establishing your business in Singapore.
Running a company requires a lot of administrative work, even if you exclude the incorporation part of it. By outsourcing, you will remove a lot of unnecessary workload off your shoulders. When you are just starting up, you have limited time and resources and unlimited problems. You should direct as much of your efforts to growing and managing your young company, instead of annoying administrative issues. If you do select the right corporate secretarial partner, this professional firm could provide the service in a hassle-free manner.
For example, for incorporation, there are many legal details that you need to know, such as filing requirements. Instead, of fussing over them, you save time and resources by outsourcing.
When you engage a corporate service company, you will have access to their network of professionals and service providers, from lawyers and accountants to even marketing. All of these people have specialized knowledge that you probably don’t have. It will be tough to juggle all of these responsibilities while wearing the hats an entrepreneur has to wear. If you do try to tackle all of these issues head-on by yourself, you will most likely find yourself burned out, or run into problems that you did not foresee. But these people know the ins and outs of their niches. Rely on them, and you can focus on what is essential for an entrepreneur- running your business well.
This is especially crucial for overseas business owners. A well-established service provider can help you deal with the corporate paperwork needed to maintain your company in Singapore, saving a lot of precious time.
As seen from the points made above, there is a good reason to outsource all of your administrative duties to a corporate service company. The only drawback would be that money spent on hiring them. But you should consider if it is worth it. Do you really have to do all of these yourself, or can you spend the time better and work on your business instead?
For other types of corporate services, you can find the best services recommended for you based on hundreds of companies reviewed on our platform.