In today’s robust startup landscape filled with multiple competitors within every industry, innovation is of the essence to a successful startup. Yet, startups often face the issue of having their ideas stolen due to the absence of legal protection on intellectual property. Hence, more startups are gaining clarity on the importance of company incorporation in protecting their ideas or intellectual property.
However, SMEs’ limited financial and manpower resources meant that they are not well-equipped with the expertise onboard to overcome the tedious company incorporation process. A dedicated corporate service provider curbs the challenge by offering their expertise to SMEs, ensuring a cost-effective yet smooth company incorporation process.
What should you look for when engaging with a corporate service provider?
With 66% of SMEs outsourcing their services to corporate services providers, the biggest challenge faced is choosing the right services provider that is best suited for the company. How could you choose the most cost-effective yet reliable corporate services provider amongst the large pool available?
Understand what your business needs
One of the most common mistakes organizations make is engaging a corporate service provider before fully understanding the job functions that need fixing. As such, businesses are often lost in the wide array of choices within the service provider industry as they are unable to shortlist one that is best suited to their needs and are great at fulfilling the vacant job functions.
By highlighting the specific job functions, clients can turn to corporate services providers that are well-certified. For instance, when incorporating a business the role of a secretary is crucial and a government requirement. Hence, engaging with a company incorporation services provider that consists of certified team members would allow for greater compliance with the standards of corporate governance.
Lower fees, more hidden costs
Transparency of cost remains a huge issue when it comes to hiring a corporate services provider. Corporate service providers often offer lower incorporation rates and charge exorbitantly higher fees on vital ancillary services to attract potential clients and maximize profits.
Eventually, with the additional hidden fees incurred, clients often find higher fee rates than initially agreed upon. With the transparency of cost reflecting the trustworthiness of the corporate services provider, clients should take hidden costs as the first red flag to an onerous company incorporation journey.
Working with a corporate services provider that offers a bespoke concierge service is often more cost-effective than working with one without. Concierge services include an all-rounded package such as bookkeeping, tax, accounting, and company secretarial services.
By providing such packages, clients would not have to worry about outsourcing the various job functions to multiple service providers, ensuring consistency when handling administrative work.
A team highly experience with SMEs
Working with larger companies and SMEs requires different strategies and expertise to address the various concerns from the difference in priorities. SMEs are often challenged with limited resources, manpower, and finance, to grow their business. On the other hand, MNCs are challenged with managing their large workforce to drive maximum efficiency and productivity.
As such, for companies undergoing the tedious incorporation process with less than 200 employees, it is especially critical that they find a company incorporation service that addresses the concerns faced by SMEs to implement the best incorporation strategy that is both cost-friendly and effective.
Relevant experts locally
Currently, there is an increase in corporate service providers offering offshore or remote-based outsourcing services. This is beneficial for foreign entrepreneurs looking to incorporate their business into a different country without the hassle of migrating to a new country.
However, such entrepreneurs should ensure that the service providers are well-equipped with experts.
that are familiar with the laws and regulations of the respective country. For instance, if you are incorporating your business in Hong Kong, the corporate service provider should consist of a team that has been qualified by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Institute of Chartered Secretaries. Furthermore, clients should conduct due diligence by reading reviews on the corporate services provider to ensure that they are not only certified but also well-experienced to solve any challenges faced.
A team that follows you through your growth
Scalability remains one of the biggest goals where entrepreneurs strive to grow their businesses when incorporating a business. As such, choosing a corporate service provider that is able to follow the company’s growth by having extensive experience working with both big and small enterprises is critical to a successful outsourcing journey.
This way, businesses would not have to worry about finding, switching and adapting to a new service provider whenever the businesses move along the growth stages. Instead, having a service provider that offers specialised assistance at each tier and stage of a company’s growth journey will be the most beneficial.
Why choose PikoHANA as your preferred corporate service provider?
✓ Transparency in fee structure. Though we can’t guarantee a fixed price structure as no two clients are alike, we conduct an extensive onboarding process to understand the client’s needs and draft a proposal with a full quotation of the fee. Furthermore, we prioritise growing with our clients and hence, our fees do not increase until our client grows.
✓ Dependent and trustable team. Having helped more than 200 businesses globally, our team consists of certified public accountants that are well-experienced and consistent.
✓ Fully remote-based services. Being 90% remote since 2018, PikoHANA is experienced in working with other remote-based firms and being the preferred provider when incorporating an offshore business.
To learn more about how PikoHANA can help your business today, check us out here!
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