Everything You Need to Know About Corporate Services Available in Singapore

Do you need a corporate service provider? If you are new to a business or just starting out, you are likely going to say No because you don’t know what they are about, and the value they offer to businesses. Well, the truth is that, medium and large enterprises need corporate service providers to thrive and grow quicker. Before you head out to hire the first corporate service provider you can find so that your business will soar, you need to keep in mind that they aren’t going to help you get more customers, or improve the quality of your products. Rather, they will help you perform time-consuming activities that may be preventing you from focusing on the core areas of your business. From keeping your books straight to submitting your income tax returns which is a requirement for businesses in Singapore, the goal of Singapore corporate service companies like https://prelude.sg/ are to lighten the load of business owners.

The following article by gov.gg shed light on some important things you need to know about corporate service providers.

What is a Corporate Service Provider?

A Corporate Service Provider (“CSP”) is an entity that carries on a company administration business. If the CSP is either the company secretary, corporate director, or officer performing the duties of a secretary (by whatever name called) of a company (their client) Read more here.

You likely now know a thing or two about corporate service providers, and why most businesses in Singapore hire them. That said, if you don’t have a clear picture of how they are going to help your business or the value they offer, you are not going to be motivated to hire them. In fact, you may think that you can even do without them.

The following article by the Accounting and Corporate Regulatory Authority of Singapore shed light on the value corporate service providers offer to businesses.

Corporate Service Providers

Background to Filing Agent and Qualified Individual Registration and Renewal of Registration as a Filing Agent Procedure to Register or Renew Registration as a Filing Agent Registration and Renewal of Registration as a Qualified Individual  Read more here.

You likely now know a thing or two about the things you will enjoy when you employ the services of a corporate service provider in Singapore. As a business owner, it is important that you know that the corporate service provider terrain in Singapore is by no means stable, as regulations and policies are regularly changed and updated.

The following article by Ann Wiiliams shed light on a special test for corporate service providers.

New compulsory training and proficiency test for corporate service providers, starting Nov 15

CORPORATE service providers will soon have to take a new mandatory training and proficiency test aimed at boosting professional standards in the industry and Singapore’s reputation as an international financial and business hub. Read more here

You likely know about a compulsory training that corporate service providers are going to undergo starting November 15th before they will be allowed to renew their registration. The obvious reason for the proficiency tests is to improve, boost Singapore’s reputation as a trusted and reputable financial business center, and to solidify the CSP sectors resilience against illegal activities like terrorism, financing, and money laundering.

Final note

See, you don’t have to bury yourself with work to make it big in business. Smart business owners know the importance of outsourcing time-consuming tasks that have little or no correlation with the growth of their company.

If you are serious about growth, you must adopt that mindset. Of course, Singapore is a great place to start a business, but if you don’t focus on the most important facet of your business, chances are, you will struggle.

There is no better time to act than now, so take a leap of faith and hire any of the reputable corporate service providers in Singapore. You won’t regret it.