A corporate service provider (CSP) is a business entity that provides compliance services such as bookkeeping, unaudited financial statements and tax services. CSP also assists with the formation of new business entities, generating payroll calculation and payslips for the client’s employees, and even handling the administrative functions of the client’s business.
The value of a corporate service provider lies in the professional assistance they provide to the companies that hire them, be it MNC (Multinational Corporation) or SME (Small-Medium Enterprise), towards the overall functioning and running of the client’s business. Singapore is a modern nest of entrepreneurial activities. New businesses and concepts may be coming to life in the country every day, but not every entrepreneur is familiar with the ins and outs of running a corporate enterprise. This is where a Corporate Service Provider can step in and help their clients, by providing preventive measures to avoid being penalised for non-compliance acts.
SHOULD I CONSIDER HIRING A CORPORATE SERVICE PROVIDER IN SINGAPORE?
Singapore is a country that welcomes and encourages the growth of new ideas and enterprises, especially when they can benefit the country and its people. It is also one of the countries where more people engage in business and entrepreneurial activities than in many other places in the world. In keeping with the growth of the businesses and startups, there has also been a rise in Corporate Service Providers being engaged as well.
The primary benefit of outsourcing various company tasks to a CSP lies in obtaining professional and personalized approaches to managing administrative tasks and overall functioning of the company. Instead of having to manage the various administrative tasks internally (such as handling expense claims, paying the employees, or even maintaining the accounting registers), the CSP whom you hire will manage those tasks for you.
If your company is not equipped to proficiently handle the administrative tasks associated with running a company, especially if the entity is a start-up or a brand new venture, a Corporate Service Provider can give you the space to focus on your core concepts and ideas while they manage the internal functioning of your company. A CSP will ensure that all the internal processes of your company are proceeding smoothly, and managed by individuals who have experience in what it takes to maintain the internal functions in a professional and overall cost-effective manner.
WHAT IS A CORPORATE SERVICE PROVIDER?
A Corporate Service Provider is a professional firm that provides business solutions to any company, with the intention of providing quality and value-added services in the sector of company management, business advisory, statutory submissions within the stipulated deadlines, clearance of accounting backlogs, other compliance requirements, as well as various internal processes within the company.
Singapore is an ideal business hub for new enterprises. If you are thinking to start your own business, you might be aware that there are many more thoughts which go into the success of a business venture than a concept or idea. While the core concept is ultimately that draws consumers to the company, it is the overall management of the company which determines the success or failure of the venture.
If you are a new entrepreneur and want to start your business journey in Singapore, then outsourcing your company’s compliance duties to a Corporate Service Provider should be high in your agenda. Many new companies fail to keep up with the business rules and regulations, as well as the various internal processes such as proper bookkeeping and payroll management, which are important in managing a company.
WHAT DOES A CORPORATE SERVICE PROVIDER DO?
A Corporate Service Provider will help you in running your business, by providing you with assistance when it comes to the internal management of your company. The services include:
- Company Incorporation: Business registration is one of the first hurdles faced by business makers. At Mighty Glory Corporate Solutions, our experienced professionals can easily tackle this hurdle for you by managing the entire process of incorporation and preparing the necessary post-incorporation kit for your company. Upon hiring our services, you can focus on the establishment or growth of your company, while we, as the appointed Corporate Service Provider, will handle the other compliance requirements.
- Corporate Secretarial Service: A good company secretary has to be equipped with the right skills as their roles and responsibilities in a company are vast. One has to ensure that all relevant statutory obligations are met, business interest of the company is always protected and good corporate governance is practiced. Also, to serve as an advisor to the directors and to provide any practical support, whenever required.
- Payroll and Taxes: Managing employees is another important part of maintaining and running a company. To that extent, payroll management becomes very important. Any mistakes in managing your company’s taxes can also cost you dearly. A CSP will handle all these for you, so you neither have to spend time away from your core idea on it, nor do you have to worry about any mistakes regarding it.
- Maintaining Proper Accounts: CSP professionals also ensure that all the company’s fiscal expenditures, revenue, other income, and other related aspects of your revenue are carefully monitored, tracked, and recorded within the company’s accounts. This helps to maintain an air of transparency and provides you with all the information that you need to understand the financial performance and position of your company.
ADVANTAGES OF HAVING A CORPORATE SERVICE PROVIDER
Running a business is a challenging task. It is a speculative process and there is never any guarantee that your business will take off and take you to the heights you envision for yourself. A key reason why many companies fail to even take off is due to the bad internal management within the company.
The internal structure and foundation of your enterprise are crucial to building an overall sustainable superstructure in your business. A Corporate Service Provider takes care of the internal processes and allows you to focus on your company’s growth and market success. You will find it easier to recruit new employees through a CSP, find people that can help to build your business, as well as engage services that help in the maintenance and administration of your company.
Especially in the earlier stages of your business endeavour, it is most important to focus on the business itself and expand it. This is where a good internal management team is required to ensure that the company’s processes flow smoothly and without any hiccups.
A lack of transparency within the company management or an overall mismanagement can even lead to incur business losses. A CSP steps in by acting as a professional guide that is experienced in navigating through these hurdles and can enable you to take your company to a foundation where you can focus on developing yourself not just as an entrepreneur, but as an established figure in the world of business and marketing.
CONSIDERATIONS IN HAVING A CORPORATE SERVICE PROVIDER
A CSP is crucial to the success of new businesses, and a useful friend to those who have already been in the world of business for long periods of time. However, not every Corporate Service Provider will suit you. Not only do you need to consider which CSP you are approaching, but also who they have previously worked with, and to what extent they can help you in successfully setting up and managing your business.
Aside from other successes in working with different companies, the fields that your corporate service provider specializes in will also help you in moving up the corporate ladder. Before you hire a Corporate Service Provider to help you manage and run your company, here are a few things to keep in mind:
- Support Services: The kinds of support services you require will decide the Corporate Service Provider whom your company shall approach. Look for a CSP that specializes in what your company requires, whether that be internal financial management or administrative responsibilities.
- Transparency: If your CSP is unwilling to be open about all the processes that they will undertake to help you run your company, these names should be removed from your short list. As you are approaching your CSP with the intention of growing your business, they should ideally be open with you about what they intend to do and why they intend to adopt. A lack of transparency indicates a lack of trust going forward and this should be avoided.
- Cost-effectiveness: The point of hiring a Corporate Service Provider is not just to outsource the tasks or responsibilities of your company to professionals, but also to reduce the internal costs that you might need to undertake, should you have to hire employees for internal management. A good CSP will help you to manage your company in a way which fits your budget, and would promote cost-effectiveness by reducing your overall business expenditure.
Singapore is experiencing a growth in businesses and an expansion in startups. In this corporate atmosphere, a Corporate Service Provider can give you a competitive advantage in ensuring that your business stays on path and follows all the stipulations, which every company needs to maintain to enhance corporate success and sustainability.