Asia, Business

5 Things to Keep in Mind When Choosing a Singapore Corporate Services Firm

Corporate services firms in Singapore are a dime a dozen, and it certainly is a tough challenge to weed out the bad from the good. Since a majority of them offer the same kind of services, you need to be really thorough during your search and give emphasis on your needs and requirements to be able to find the one that truly fits your company to a T. After all, you want a partnership that will last.

Before going on the prowl, it is best to arm yourself with everything you need to know about a corporate services firm.

What Is A Corporate Services Firm?

A corporate services company is a professional services provider engaged in delivering business and administrative services to clients. Most of these clients are startups, local companies, or offshore firms involved in various industries.

To be able to operate as a legitimate corporate services firm, corporate services providers in Singapore should get accreditation from the Accounting and Corporate Regulatory Authority (ACRA), the government agency that regulates business entities, public accountants, and corporate services providers in the country.

What Does A Corporate Services Firm Do?

Corporate services firms in Singapore provide corporate services functions (accounting, taxation, offshore company incorporation, Singapore company incorporation, company secretary services, and audit & assurance) to companies who are looking for a more efficient and professional way of handling their administrative and compliance requirements.

Whilst these administrative activities can be tackled by an in-house staff, outsourcing them to a professional services provider ensures that these functions are done with diligent care and in compliance with the rules and regulations as mandated by ACRA.

Should You Hire A Corporate Services Firm For Your Singapore Business?

New and existing companies are highly encouraged to engage a corporate services firm, especially during company incorporation. Corporate services providers in Singapore possess the expertise and experience necessary to incorporate a company with ease and efficiency, with particular focus on ensuring that all the compliance requirements are met to avoid any legal issues in the future.

On top of providing company incorporation, corporate services firms in Singapore are proficient in delivering business financial services that help streamline your business operations. Imagine the time and money you can save when there’s a local firm to handle your monthly payroll or your accounting requirements. You save money on monthly salary, benefits, and training of an in-house staff whilst benefitting from the efficient and quality work that an outsourced personnel can provide.

Factors To Consider When Choosing A Corporate Services Company In Singapore

When scouting for a corporate services provider in Singapore, these questions may come in handy during your screening process. You can add in more questions later, should you feel the need for more information that can help you make an informed decision.

  1. Level of experience
    When was it established, registered, and accredited? How many clients had it served through all the years of its operation? A local firm’s industry experience and the clients it has served (and continues to have) are the perfect gauge when measuring its level of experience in providing corporate services.
  2. Accreditation
    Does it have proper licence and accreditation to provide corporate services? Has it met all the essential requirements to operate such business? A corporate services firm in Singapore should be able to show you all the documents that prove it has adequate knowledge and skills in delivering professional corporate services.
  3. Team
    Does its staff hold relevant certifications that prove their level of experience? Do they continue to receive trainings to update their knowledge and skills? The professional services provider you should engage must boast a highly qualified and trained team who can do all your administrative and compliance requirements effortlessly. Conduct a background check on the team and review their work experiences and qualifications. These are the people who will handle your administrative and business requirements, so you have to make sure that they can be trusted to do the job well.
  4. Portfolio of services
    Are they offering all the necessary services you need for your company? Do these services fit your business requirements? Do they offer any value-added services that can help make your business run more efficiently? A reputable corporate services firm in Singapore should provide a comprehensive portfolio of services and be able to tailor its services to suit your unique needs.
  5. Cost
    What does its rate cover? Is this rate reasonable and commensurate to the company’s expertise and experience? The local firm you outsource to should be able to reflect transparency when it comes to the prices attached to its services.

Keep in mind this criteria when on the lookout for a corporate services firm in Singapore that can be your company’s partner in the long run. Remember that the success of your company depends on the people and partnerships you keep.

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I’m a tax accountant, a corporate secretary and a general manager. I manage a wide range of accounting, audit and tax clients portfolio.

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