Engaging a corporate services provider saves you time, money, and effort, and lets you focus on other important parts of the business. By delegating corporate matters to an experienced provider, the process will run smoothly and save any issues, or delays.
In this article, we will provide you with some useful tips on what to expect from a corporate service provider, and how to ensure you get the maximum from them.
Key services on offer
When opening a company
As an entrepreneur, you need to pick a suitable jurisdiction for your particular company needs. There are many options out there, and it can be confusing to know which one is ideal for you. This is where your corporate service provider comes in!
After working in the sector for years, they’ll know the advantages and disadvantages of the main locations in the context of your needs. They’ll advise on set up costs, compliance, tax optimization, benefits, and ongoing maintenance. They can also help with a range of other matters that are essential to incorporating a company.
When opening merchant accounts
When opening an offshore company or business, you need an account to go with it. Banks typically prefer to gain clients via referral, and some may refuse to work with people that approach them directly. For this reason alone, it makes sense to partner with a corporate service provider. They will provide you with several options and approach them on your behalf. The application process can then be handled by them, along with any account-related negotiations.
If you’re operating an iGaming company or working eCommerce, you may find it harder to open an account. Some industries are considered high-risk due to increased chargeback rates, risk of fraud, and a high number of higher-value transactions. As such, you will need a high-risk merchant account that is especially suited to your business needs. Opening a high-risk account can be complex, but with assistance from a professional provider, it should run smoothly.
When getting a license
If you’re operating in a regulated sector, you will need a license to do so. Online gambling, forex, trading, (sometimes) cryptocurrency and blockchain, and investment activities may require approval from the authorities.
Typically, you submit documents and an application form, pay a fee, and get the license after some weeks. But each jurisdiction is different and comes with its own set of challenges and obstacles. For example, the requirements for a gambling license can vary significantly between Curacao and Malta. As can the time it takes, the cost, and the complexity of the application. When assessing the differences between each jurisdiction, it can be overwhelming. There is a lot to digest, plenty of legal lingoes to navigate, and reams of obligations to adhere to.
Getting a corporate service provider on board helps you make the right decisions, and speeds up the application process. They can avoid problems, let you know if your documents are in order, and liaise with authorities on your behalf. The truth is, that engaging a professional to help with licensing can significantly increase your chances of approval. It will also make it happen faster, which in turn saves you money.
Additional services your corporate services provider should offer
These are just basic services a good corporate services provider will offer. However, any provider worth their salt will also offer various ancillary services to support your goals. These can include legal roles, administrative roles, regulatory and compliance assistance, planning, and the certification of official documents.
Accounting, payroll, and creating financial statements are essential parts of running a business. Additionally, running and submitting audits through licensed partners are often required by many jurisdictions. You might also have to pay annual fees for licenses and your company incorporation. Save significant time and energy by delegating this task to your corporate services provider for an additional fee.
Business and financial planning is an integral part of starting a business. Submitting these plans is also often required by regulators and authorities. But they can take a lot of time to compile. Also, if this is your first business venture, you might not be clear on what to include or how to go about it. A top-notch provider will be able to review or help you draft them. This can ensure they are in line with the standards of your jurisdiction.
Compliance and Due Dilligence
When working in iGaming, forex, or any other regulated industry, you will need to comply with certain laws. Most jurisdictions require a Data Protection Officer, others may need a Key Compliance Officer. You might need people for accounting and finance, legal matters, internal audits, and risk management. There may be other roles specified by your license issuer or similar. Your provider should either provide these for you or connect you with someone that can.
Notarization and apostilled documents
When incorporating a company or applying for licenses, you will have to provide various documents. These include copies of ID, utility bills, police conduct checks, references, bank statements, and similar. Often these will need to be translated (where applicable), certified, and sometimes apostilled. To save you time, this can usually be taken care of by your corporate services provider.
Some jurisdictions require you to have a registered office in-country and to use a local address. This is used for registration purposes and also for the receipt of documents and communications.
Corporate service providers can provide a registered office service and also assist with scanning and forwarding any correspondence for the company owners and directors.
You may find you need a local company director and, or company secretary to fulfil incorporation requirements. Similarly, you may need to appoint a local representative as an official liaison with the authorities. In terms of fiscal matters, having tax representation and professionals to take care of filing tax returns or claims can lessen your administrative burden. Lastly, you may need nominee services such as nominee directors or shareholders. A good corporate services provider will be able to offer you all these services.
So which corporate services provider to pick?
Fast Offshore provides all the above services and more. With 23 (and counting) years of experience in corporate services, with a focus on iGaming, forex, and other regulated services, we are a perfect choice. To find out more about what we can do for you, you can contact us here!
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