Becoming an entrepreneur is one of the most exciting journeys a young professional can take on. In fact, seeing your vision develop into a business is a rewarding accomplishment for aspiring business owners. Finally seeing your own products or service on the market is a milestone that many professionals hope to reach. However, the staircase to making your vision a reality is steep. Many entrepreneurs underestimate the hassle associated with building a business from the ground up.
Using a third party to manage your incorporation process mitigates the legal pressure as well as some of the unknown risks throughout the journey. For foreign entrepreneurs who incorporate in Singapore, there may be many business requirements that are unfamiliar to you. From obtaining your business registration to choosing a bank, acquiring the service of a third party can provide clarity to many of your important decisions.
If you think that a third-party service might be right for you, keep reading to see four commonly offered services in Singapore.
Corporate Secretary (and more)
Believe it or not, having a corporate secretary is part of a legal compliance required by all businesses in Singapore. Luckily, finding a corporate secretary has been made very simple. Singapore has many corporate secretarial firms dedicated entirely to the bookkeeping of your business. These firms offer the service of highly trained secretarial experts, many of whom have over ten years of experience. Many of these firms also offer services in accounting and visa and immigration as well! If you are looking to outsource some parts of your business, these companies we have reviewed are an excellent place to start!
Obviously, a bank is one service that you will need to outsource. How do you pick the right bank for your company? Partnering with a third-party service can help you make an informed decision about which bank is right for your business. Companies like Incorporate.sg offer vast reviews on different services across Singapore, including banks! Check out this article for some useful information about Singapore’s most popular banks.
Finding the right legal service might be the most crucial step in building your business. To incorporate in Singapore, you need many legal documents including a signed constitution of the company, signed consent to act as a director, signed consent to act as the company secretary, share certificates, and more. The extensive paperwork that comes with starting a company can often times leave entrepreneurs feeling distracted from their vision or bogged down by the immense logistics of owning a business. At some point, the paperwork exceeds the amount of work you put towards your business unless you acquire the service of a third party. Delegating these responsibilities to a third party allows you to dedicate more time and energy towards the business you are building rather than the documents that need signing. Check out these reviews of legal services in Singapore.
When starting your own business, the foundational plan should include things like finding a bank or hiring a legal service, but what about the services you don’t know you need? Using a third party is a great way to get linked in with local services that you may not have considered using before such as a printing service to make posters or flyers. Even hiring a service such as web design can have a major impact on the success of your business. Choosing a third party to help you incorporate your new business will help you navigate the process of getting your business up and running.
By operating your incorporation through a third party, you will allow yourself to dedicate extra attention to the growth and development of your business. Outsourcing gives entrepreneurs a chance to focus on their company and stick to what they love—creating products and services. Not only does outsourcing remove stress but it also guarantees accuracy throughout your process. Using a third party can stop you from making some mistakes that may be irreversible and costly. As an entrepreneur, you have to be willing to invest in your business’s success, and this investment starts with the basics. Building a company, especially your first, is one of the most rewarding times of your career, hire a third party to help you incorporate so you can enjoy it!