Businesses rely on so much more than capital to get going. It’s not enough to simply source for funding to launch operations.
To get properly started with your business organization, you need to ensure legal compliance in whichever country you’re based in. This implies business incorporation.
You simply cannot neglect your business operations. For various reasons, your organization may be unwilling or unable to take on the additional workload involved in recruitment and human resource management, accounting and taxation, sales, marketing, customer service, and other crucial business operations.
As a result, outsourcing your business operations is a no-brainer. This way, you can leave a considerable portion of operations to professionals and focus on the commercial side of your business.
If your business organization is located in Singapore or Hong Kong, you can expect to learn everything there is about business operations outsourcing in this article.
Read on!
What are Business Consultancy Firms?
It is a given that your business structure will inherently be ill-equipped to deal with every single issue that arises in the long and short run.
Sometimes, certain matters arise that require knowledge and expertise beyond what you, your workers, and your executives can rectify.
This is where business consultancy firms come in.
In a nutshell, a business consultancy firm is an organization with an active interest in providing highly specialized and professional services for businesses. More often than not, the services offered are unavailable in-house, leaving business organizations with a need to outsource to business consultancy firms.
Business consultant firms work closely with the client organization to optimize efficiency and operations. They help to address, identify and surmount various obstacles to achieving your company’s long and short-term goals.
What type of Singapore business solutions can your company outsource?
Business consulting services are of various kinds. Depending on your business needs for a specific period, you may choose one solution over the other.
More often than not, your business may require multiple or wholesome integrated solutions to boost your operations. Whatever your business needs are, there you’re sure to find a solution that perfectly applies.
If your business is in Singapore or Hong Kong, here are a handful of solutions that are right for you:
Technology
Here, you can expect the business consulting service to help your organization identify workable technological solutions to boost growth, meet future challenges and cut operational costs.
Such a business consultancy firm is conversant with evolving industry technologies and can collaborate with your organization to recommend apt IT solutions.
Marketing and Sales
Your business may also need to acquire specialized marketing and sales consultancy to help optimize its efforts in this crucial sector.
The required expertise is in relevant fields like branding, channel and sales management, digital marketing, and customer lifecycle management.
Business incorporation
As a business owner in Singapore, one of the most important steps to cementing your status in the industry is to incorporate your business.
Per legal requirements, all businesses in Singapore must be registered with the Accounting and Corporate Regulatory Authority (ACRA) and adhere to the stipulations of the Companies Act.
The right business consultancy firm can provide you with the necessary guidance and expertise to navigate the complex procedures involved in business incorporation.
Accounting and taxing
As a private limited liability company in Singapore, you’re not exempted from corporate taxes.
Corporate taxes and filings are due at a certain time annually, as is the accompanying accounting paperwork.
Additionally, your company must conduct an annual general meeting and prepare a comprehensive financial report for the fiscal year.
You can outsource these solutions to a business consultancy firm to optimize your business operations.
Human Resources and Recruitment
By law, companies incorporated in Singapore must have a Singaporean director, whether a native or a permanent resident.
A business consultancy firm can help you to navigate such complexities in incorporating your business in Singapore.
What are the advantages of outsourcing Singapore business solutions?
As a CEO or business owner, you can greatly benefit from outsourcing business operations in Singapore, as you’ll achieve the following:
- Low operating costs
- Increased efficiency
- Flexibility in meeting changing business needs and demands
- More focus on core business operations
- Increased competitive advantage
- Increased reach
- Risk mitigation
- Enhanced project management
What is the role of the government in supporting organizations seeking Singapore business solutions?
The Government of Singapore helps businesses as it demands relatively low corporate tax rates (17%) compared to other countries in the Far East. With additional tax incentives and schemes, Singapore is a thriving haven for business, with discounts on foreign-sourced service income, branch profits, and dividends available for businesses.
Additionally, withholding tax rates are low, while its robust regulatory and legal policies are highly transparent.
Also, investment vehicles like the Variable Capital Companies framework make doing business in Singapore highly attractive to foreigners and locals.
In addition, the government provides useful resources and directories to support local companies seeking Singapore business solutions. One such resource is the Connections Concierge, set up by the Singapore Economic Development Board (EDB).
This is a government-approved, curated list of trustworthy local services providers who offer a wide range of professional Singapore business solutions for all your company needs. We are proud to announce that Premia TNC is listed on the Connections Concierge – we are the only Korean business consulting firm to be an official partner of EDB Singapore.
Why You Should Choose Premia TNC for Singapore Business Solutions
Premia TNC provides optimum business solutions for your organization, reducing the workload and stress of managing multiple aspects of your business simultaneously.
With Premia TNC, business incorporation in Singapore is a breeze. Your company can count on easy, seamless registration and accurate incorporation, relevant advice, expertise, and recommendations on fiscal matters like accounting and taxing.
This way, you can ensure that your organization operates within the confines of the Singaporean legal and corporate framework.
As a result, you can focus your efforts on core business operations, leaving your business registration and legal incorporation processes to our seasoned experts.
What is ACRA?
ACRA stands for the Accounting and Corporate Regulatory Authority, which is a statutory subsidiary of the Singaporean Ministry of Finance.
Can I start a business as a foreigner in Singapore?
Yes. Singapore is one of the best places in Asia to establish a business, and you can easily do this as a foreigner with an Employment Pass.
Are corporate taxes high in Singapore?
No, they're not. The rates are just 17% per government regulations, and many other financial channels provide investment funding for businesses in Singapore.
Who can become a company director in Singapore?
Only a natural citizen or an individual with a Permanent Residency can be appointed director.
