When it comes to outsourcing firms, business owners have a choice between low-cost providers and expert service providers. When growing your regional business in Singapore, you might need a more professional and specialised team when dealing with business growth.
In this guide, we have listed some reasons why a low-cost provider might not be right for growing your business in Singapore.
Each region has different guidelines, laws and regulations that apply to each industry and sector; therefore, it is necessary that your service provider knows the local regulations and is up-to-date to any changes.
If a company plans to expand regionally, it is necessary that the service provider has local knowledge and an experienced team to be able to assist the client in expanding their company.
Outsourcing firms tend to specialise in only one or two solutions. It is better to engage with an expert corporate service provider who can handle all your outsourcing needs, including accounting, tax filing, HR and payroll, business compliance and immigration.
A company preparing for regional expansion can use company set-up services and other necessary services from one service provider with branches in other regions to save costs and increase efficiency.
Extensive experience in guiding growing start-ups
Expert service providers have more experience and specialisation in assisting start-ups in the growth stage and provide a wide range of services that meet clients’ in-house requirements.
Compared to low-cost providers, professional regional firms also have a great deal of expertise in managing investment transactions and can help start-ups with transactions required to grow their business.
Certified Public Accountants
Certified Public Accountants (CPAs) are not just accountants or bookkeepers but professional accountants who have passed CPA related examinations and hold a CPA license.
Low-cost providers usually cannot afford CPAs which may cause start-ups to face accounting books mishandled and difficulties during audits. Small and medium-sized businesses often need assistance with their accounts, and by engaging with expert service providers to access certified accountants.
Resident director services
A Singapore-based company requires at least one director who is a resident or a permanent resident; however, if the owners are not a resident in Singapore, it is necessary to find a suitable individual to fulfil the role.
Engaging with a professional service provider will enable you to access resident director services with experienced and qualified individuals who will act as the resident director to keep the company compliant.
Tax incentives in Singapore
The Singapore government provides a wide range of tax incentives to start-ups and businesses whose activities encourage economic development.
A professional service provider should be able to provide guidance and advice about optimising tax benefits and whether there are more alternatives that the company may qualify for.
Inbound revenue and transfer pricing to head office
Professional service providers should be capable of helping taxpayers in being compliant with the transfer pricing requirements and any double tax treaties signed between Singapore and another country to avoid taxation on the same income in two countries when there is cross-border trade and investment.
How Acclime can help with growing your business
If you plan to grow your business, choosing a professional service provider may be a more suitable choice because of the wider range of services and more local and/or regional knowledge. If you are looking for an outsourcing firm, we recommend engaging with our services at Acclime.
Acclime has a presence in multiple countries across Asia, which makes dealing with jurisdiction governance and administration hassle-free.
We also have outsourcing services that deal with the very beginning of starting a business, legal, accounting, finance and tax to expanding your offshore business to other regions, and we will take care of every step for you. Our expert teams can guide and support you through each process to ensure your company is compliant and meets any regulations or laws.
We are a premier provider of professional formation, accounting, tax, HR & advisory services in Singapore, focusing on providing high-quality outsourcing and consulting services to our international clients in Singapore and throughout the region.