Why Outsourcing Corporate Services is a Smart Move for Singapore Companies
Running a business in Singapore comes with many responsibilities, including corporate compliance, tax filings, bookkeeping, and financial reporting. Keeping up with changing regulations can be time-consuming and complex. That’s why many businesses are turning to professional service providers to handle these tasks.
If you’re wondering whether outsourcing is the right choice for your company, here’s why it’s a smart move.
1. Ensuring Compliance with ACRA and IRAS
Singapore companies must adhere to strict compliance requirements set by the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). Failure to meet deadlines or file accurate reports can lead to hefty penalties.
How Outsourcing Helps:
✅ Timely filing of annual returns and financial statements.
✅ Accurate tax calculations and GST submissions.
✅ Regular updates on regulatory changes affecting your business.
2. Cost Savings Compared to Hiring In-House Staff
Hiring a full-time accountant, company secretary, or tax professional can be costly, especially for small and medium-sized enterprises (SMEs). Outsourcing gives you access to experienced professionals without the expense of full-time salaries, employee benefits, and training costs.
Outsourcing vs. In-House Costs:
Service | In-House Cost | Outsourced Cost |
Company Secretary | S$3,000 – S$6,000/year | From S$400/year |
Bookkeeping | S$4,000 – S$8,000/year | From S$500/month |
Tax & GST Filing | S$3,000 – S$5,000/year | From S$600/year |
3. Access to Expert Knowledge & Advisory
Tax laws, corporate regulations, and accounting standards are constantly evolving. By outsourcing, you gain access to professionals who stay updated on the latest changes, ensuring that your business remains compliant and efficient.
Expert Support Covers:
✔ Corporate secretarial compliance (e.g., AGM filing, board resolutions).
✔ Tax planning and tax-saving strategies.
✔ Financial reporting in accordance with Singapore Financial Reporting Standards (SFRS).
4. Focus on Core Business Growth
Handling administrative and compliance tasks in-house takes time away from revenue-generating activities. Outsourcing frees up valuable time so you can focus on growing your business.
🔹 Before Outsourcing: Business owners spend hours managing paperwork, taxes, and filings.
🔹 After Outsourcing: More time is spent on sales, expansion, and strategic growth.
👉 Let professionals handle the paperwork while you focus on scaling your business.
5. Scalability & Flexibility
As your business grows, so do your compliance and financial needs. Outsourcing provides flexibility—you can scale services up or down based on your requirements without worrying about hiring or training staff.
Ideal for:
✔ Startups needing basic compliance support.
✔ SMEs looking for tax planning and bookkeeping.
✔ Large companies requiring full corporate service management.
Why Choose ACCOUNTANCY HUB?
At Accountancy Hub, we provide professional corporate secretarial, tax, bookkeeping, and audit services tailored to Singapore businesses. Our team ensures that you stay compliant while reducing costs and improving efficiency.
📌 Need help with corporate compliance? Contact us today for a free consultation!
