Streamline your business by working with a Corporate Service Provider

22 July 2020

What does a corporate service provider do?

Corporate services commonly refer to the management, support, facilities, functions and consulting services provided by a professional company.

Corporate service providers handle company incorporation and assist company functions needed to run an enterprise. In order to focus on business evolution and growth, managers will turn to corporate service providers to outsource tasks such as accounting, tax, payroll and other corporate compliance.

The main services of corporate service providers are (but are not limited to):

Company incorporation

Business registration can often be time-consuming and complex. Corporate service providers are able to assist you with the hurdles of company incorporation by managing the process fully. CSP’s usually offer bundled offshore services including those for post-incorporation, such as maintaining company records, conducting annual audits, filing tax returns, providing a registered office and occasionally providing meeting rooms for board meetings.

Professional director and shareholder services

Professional director and shareholder services may be requested for company structuring purposes or to meet local requirements in a specific jurisdiction. Corporate service providers can appoint nominee directors based on a nominee service agreement that will be signed between the client and nominee. The same can be done with nominee shareholders. Nominees are professionals known to be performing their mandates with integrity and confidentiality.

Account auditing

Where the proper maintenance of company accounts is mandatory or simply desired, Corporate service providers will often arrange the provision of a service, such as account preparation and auditing, assisting you in being compliant regarding accounting timeframes and submitting tax returns.

What are the key advantages of a Corporate Service Provider?

  • 1. An all-round solution

    Working with a corporate service provider allows you to utilize numerous services through one trusted partner. They can manage every need from taxation, payroll, and company formation as well as the services mentioned above.

  • 2. Cost effective

    In house teams can be expensive, especially for startups where the need for full-time employees for every function is unnecessary. Corporate service providers can allocate time to specific areas of need resulting in time and cost-efficiency. Most corporate service providers will work on a ‘pay if you need’ basis and only specific services are paid on a retained basis.

  • 3. Specialist knowledge

    Working closely with a corporate service provider allows account managers to get familiarized with your business and your needs as a business leader. There are often large teams of professionals who can offer specialized knowledge for your business and can offer help in areas where you may not have expertise. Specific corporate service providers have experience working with companies in different jurisdictions, and therefore are able to offer great support when it comes to expanding your business or penetrating new markets.

For more information on company formation contact SFM today.
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