Importance of Selecting a Good Company Incorporation Service Provider
Singapore is well known for its favourable and strategic location for starting businesses, given its efficient banking systems, ready supply of skilled workers, political stability, and good government support, among other reasons.
In fact, the World Bank has ranked Singapore second globally for ease of doing business, and many entrepreneurs choose to incorporate a company in Singapore due to the low barriers of entry. Hence, it is important that entrepreneurs are able to effectively make use of all available resources to help their businesses grow and become successful.
To do so, business owners need to be free from all peripheral activities to focus on their core activities relating to business management.
Thankfully, there is a one-stop solution where a company incorporation service provider can handle other essential but non-core processes such as company registration, secretarial function, accounting and other matters so as to allow the business owners to focus on the management aspect. Selecting a good company service provider, however, goes beyond merely taking care of such processes.
The intangible benefits are often overlooked by entrepreneurs in the process of company registration in Singapore, but are crucial for the well-being of the business.
The Need for a Good Company Service Provider
The importance of selecting a good company incorporation service provider rests in three broad areas—the peace of mind to the business owner, the possibility of networking, and the potential for innovation. They offer services beyond the initial stage of company registration in Singapore, and can be trusted to do your administrative work.
Peace of Mind
A quick search on the Internet will reveal numerous service providers offering their services at attractive rates, with speedy completion of the process to incorporate a company in Singapore from as low as S$50. A rational business owner needs to look beyond this cost factor. One salient factor that needs to be taken into account is the confidentiality of the company’s information.
Company incorporation service providers are likely to know sensitive details about the company, such as its profits and losses, legal matters, and sustainability.
During the procedure of company registration in Singapore, they would know all the administrative details of the company as well. Needless to say, it is important that business owners select service providers with a demonstrably good track record, such as numerous awards won for their excellent service over the years.
Such a provider should also be able to honour the confidentiality of the information of the business, hence giving the owners a peace of mind. It is important to ensure professionalism and confidentiality from these service providers, so that it would not cause further problems after you have completed your company registration in Singapore.
A service provider’s good track record implies that it has been in operation for a number of years, having worked with a large number of clients, both locally and globally. Indeed, another reason for selecting a good company incorporation service provider is its ability to provide key networking services.
Such service providers, with a good record of reliability and trustworthiness, are able to offer a wider perspective on how a particular company can proceed and flourish in the industry, which may be unpredictable and continually evolving.
They can connect your company with big names in the industry, or even fellow entrepreneurs who have just completed the process to incorporate a company in Singapore. Forming partnerships or collaborating with these companies will surely be beneficial in promoting your brand name. Thus, selecting a good service provider enables business owners to look beyond the local context and take on a more regional and even global outlook.
A company that has just completed its company registration in Singapore may start up small, but it will need to expand and mature in time to come. This can be made possible with the expertise of a reliable and trustworthy service provider. Of benefit to the business owner is naturally the economies of scale, the lowering of cost with more effective and workable ideas and solutions.
Potential to Innovate
Having a good company service provider also helps in the business’s potential to innovate. A company fresh from the process of company registration in Singapore has numerous competitors in the industry and will inevitably face many challenges.
Selecting a good, forward-looking service provider is crucial as it is able to offer a prognosis of the best course of action as the company moves forward. Such a service provider will take stock of the present situation and provide valuable advice on future scenarios.
The current Covid-19 pandemic is a case in point. This pandemic has resulted in the retrenchment of workers, and worse, the shutting down of businesses. Many entrepreneurs who had just completed the process to incorporate a company in Singapore are forced into a fragile economy. With the current practice of social distancing and the restriction of access to malls and retail shops, how would a business owner continue to get by during these hard times?
If customers cannot physically purchase items, a good service provider will be able to think of an innovative solution to maintain the business. One immediate solution is to make use of information technology and artificial intelligence; most businesses will need to begin operating online, not only during this period of the Covid-19 pandemic but also in the future.
This is because the convenience of online shopping has become immensely popular and will only continue to grow in popularity in time to come.
Many retailers are now turning to sell their goods and services online because this convenient new way of shopping has a strong appeal with many customers. Retailers such as “Redmart” and food delivery services such as “Grab Food” have seen a sharp increase in home delivery orders. Even many hospitals and quarantine areas resort to using artificial intelligence—such as the use of robots—to deliver food and medicine to patients in quarantine centres. A good company service provider will be able to provide suggestions or even help your company upgrade their technological prowess.
Because Singapore is such a strategic hot spot for businesses, a good service provider will be essential in helping entrepreneurs keen to incorporate a company in Singapore grow and thrive in the competitive market here.
Good, trustworthy service providers will allow business owners to have a peace of mind as they can be rest assured that the sensitive information of the company will be kept safe and confidential.
These service providers should also have good connections, not only regionally but internationally, that will allow the company to grow and connect beyond Singapore’s borders. Over the years, a good service provider with many years of experience working with clients all around the world, will be able to guide a company well with their expertise and international experience.
Lastly, a good company incorporation Singapore service provider must be able to think on their feet when problems arise and be able to innovate solutions for their clients to overcome challenges.
There are many service providers out there, but companies must look beyond cost to avoid more losses in the long run. So why is it important to select a good company provider? The answer lies in these three broad areas—the peace of mind of business owners, networking, and the potential to innovate.
If you are seeking to incorporate a company in Singapore, contact us for a Free Singapore Company Registration consultation today!