Most successful business owners will require some form of business management and administration support during the lifetime of their business, be it to save costs, to optimise operations or to fill a resource gap.
Often, some companies choose to personally perform their secretarial work, administration, Human Resources and Accounting work. These includes logging directly into the Accounting and Corporate Regulatory Authority (ACRA).
Hiring a specific skill set internally is often costly, not just from a financial perspective but in the time and resources required as well. Outsourcing the areas of your business in which you are lacking the staff or knowledge and expertise you require can be a cost-effective solution, and can allow you to focus on the more important tasks in hand to operate and grow your business.
However, making the decision to bring a third party, such as a corporate service provider, into your business can be difficult, particularly when you are required to give them access to some of your most important and private business information. We explore some of the reasons why choosing to engage a corporate service provider is not as scary as it sounds and the benefits one can provide to your business.
BUT FIRST…
What is a Corporate Service Provider?
Corporate Service Providers provide company formation and administration services and back-office support to private and corporate clients. They often employ a team of highly qualified professionals with knowledge and expertise across a range of sectors and industries.
A traditional corporate service provider’s services ordinarily comprise Company Formation (incorporation), Statutory Administration, Provision of Officers (including nominee shareholders, directors, company secretary, and registered agent), Goods and Services Tax (GST) Registration and Administration, Bookkeeping and Accounting, Tax Compliance and Payroll.
Why Should You Engage a Corporate Service Provider?
Time – Administrative tasks such as incorporating a company, preparing and collecting documents, opening bank accounts, etc. can be confusing, complex, and significantly time-consuming, especially when you are unsure of what you are doing.
Time is money so don’t waste it trying to do things yourself that could end up taking you longer and costing you more. Engaging an experienced professional to whom you can hand over these tasks, will save you both time and money.
Experience – If you are not familiar with the process or the requirements of the jurisdiction in which you wish to establish your company, it is easy to make mistakes.
You may experience obstacles including language barriers, and cultural differences, or if unfamiliar with local laws, rules and regulations, could miss a crucial step, get something wrong and consequently further delay the process. Engaging a corporate service provider immediately can enable you to turn your needs into actions more efficiently and with less stress.
Knowledge – Whether legal, statutory, or compliance related; the rules and regulations that govern your business and the obligations you are expected to meet continually evolve and differ from one jurisdiction to another. All of this can be difficult to understand and comprehend let alone implement any changes or relevant processes required by your business. A corporate service provider is expected to stay abreast of any such changes so that they can ensure their clients and their entities remain compliant at all times.
Tax Efficiency – Tax regimes vary from jurisdiction to jurisdiction and depending on your type of business and what it does i.e. holding or trading, local or international trade, so can the tax impact.
Choosing a tax-efficient jurisdiction and the right corporate structure can optimise your business and its profitability. Engaging a corporate service provider will provide access to the appropriate professional advice and guidance you need to ensure your proposed company is fit for purpose and will yield results.
Company Administration – Most jurisdictions, albeit some are more stringent than others, require the preparation and submission of some form of annual report and/or return. A corporate service provider can ensure that your business fulfils any such requirements in an accurate, timely and professional manner whilst you continue with its day-to-day business activities.
Efficiency – When trying to do something you do not quite understand, the process can become frustrating and is likely to take much longer. With the relevant experience and understanding, a corporate service provider will be able to undertake such tasks quicker.
Multi-jurisdictional knowledge – Corporate service providers often have multiple office locations as well as knowledge of other jurisdictions in which they can provide company formation and administration services. Access to such local knowledge and experience as well as their network in these location can prove invaluable.
Cost – To try and pay for all of the resources and skillsets you require for your business can be costly, particularly in the initial phases of your business journey. A corporate service provider will often have a range of resources and a team of professionals with the skills and knowledge you require, be it for performing statutory administration, tax compliance or bookkeeping and accounting. Outsourcing these tasks can be more cost effective than having to employ and retain individuals yourself internally.
Trust the Experts – A corporate service provider can provide guidance into the most suitable jurisdiction and corporate structure to meet your business needs and requirements. Once established they can ensure that your company remains compliant and that your business’ statutory and filing obligations are met accordingly.
As a privately owned group of independent, modern corporate and trust service providers, who between them have a solid track record of over 10 years, we provide bespoke international business solutions to a broad spectrum of international clients.
Not only do we offer a wide range of services that are efficient, flexible and cost effective, our team of professionals offer in-house expertise as well as experience within a number of niche industry sectors.N
We are committed to providing the highest level of customer care and ensure that the services we provide are delivered professionally, reliably and with complete integrity. We are proud to be more than just a corporate and trust service provider.
