Local businesses contribute distinct benefits to the local economy, and this is true in Singapore. In fact, according to Enterprise Singapore, a statutory board under the Ministry of Trade and Industry that supports start-ups at different stages of growth, the 180,000 SMEs in the city-state make up 99 per cent of its enterprises, and contribute to nearly half of the GDP while employing 70 per cent of the workforce.
The Singapore government encourages individuals like you who desire to become an entrepreneur and make a positive difference in society. As such, it has made doing business easy in Singapore, from registration to sourcing funding to compliance during actual business operations.
Engaging a corporate services provider to help register your business so you can open shop fast is a smart thing to do. In fact, there are many companies offering this type of service. Which one would you choose?
Engage an accredited Corporate Services Provider (CSP)
First, what should you look for in a corporate services provider? What qualifications should a CSP have?
According to the Singapore Companies Act, a corporate secretarial agent is an individual who —
- is carrying on the business of providing company secretarial services for one or more companies and has been doing so for at least 3 years in the preceding 5 years; and
- has been a secretary of a company for at least 3 years in the preceding 5 years
As a customer, you may engage qualified CSPs to file and register your business with ACRA on your behalf.
Additionally, a person is a qualified to become a filing and registration agent who is accredited with ACRA if he or she is:
- an advocate and solicitor;
- a public accountant registered under the Accountants Act (Cap. 2);
- a member of the Institute of Singapore Chartered Accountants;
- a member of the Association of International Accountants (Singapore Branch);
- a member of the Institute of Company Accountants, Singapore;
- a member of the Singapore Association of the Institute of Chartered Secretaries and Administrators;
- a corporate secretarial agent
An accredited corporate services provider manages to keep abreast of ever-changing compliance laws and procedures. They receive relevant training from ACRA to make their knowledge relevant, thus benefiting your business with timely and up-to-date compliance.
What’s a good price to pay for a Corporate Services Provider?
Company incorporation firms are ubiquitous; it can get challenging to choose the right one for your business.
The cheapest service provider may not necessarily be the best. Time and again, business owners have been warned that getting things done right the first time is important to avoid costly mistakes and wasting time.
From the registration all throughout business operations, expertise on compliance holds paramount importance.
A wise measure in choosing a service provider is that you don’t shop around looking for the cheapest price; focus instead on proven track record of how a corporate service provider has helped other SMEs and whether they understand your business.
Trust only an ACRA-registered business registration company today to position your business for success tomorrow. Contact Corporate Services Singapore today.