According to the Bureau of Labor Statistics, 45 per cent of businesses fail after five years because of a lack of planning and organisation at the beginning of their incorporation. Establishing a company is a great start, but the real work lies in building its success.  

After incorporation, a company needs to handle a lot of paperwork, including MOA, board resolutions, permanent account number, tax deduction and collection account number, financial records, tax registration, etc. This workload highlights the significance of post-incorporation support for newly formed businesses.  

Post-incorporation support pertains to the essential measures to transition to functional operations, ensuring the company’s legal compliance, operational efficiency and financial stability. 

The Key Services of Post-Incorporation Support

Compliance and Legal 

Compliance and legal services ensure that new companies adhere to all applicable regulations that may vary across countries. The following legal services include: 

• Drafting bylaws 
• Managing annual reports   
• Ensuring tax compliance 

Effective support safeguards a company from law violations, fines and penalties. This builds trust with the authorities, target market and relevant stakeholders. 

Financial Management 

Financial management services monitor a company’s financial health. This includes setting up financial systems. Providers build accounting software to track income, expenses and assets, as well as maintain financial records.  

But this goes beyond bookkeeping and accounting. Additionally, this service also processes employee payroll and tax requirements.  

Financial management services help provide financial insights that guide business owners in making informed decisions.  

Administrative 

Administrative services include managing daily tasks to keep a company running smoothly, ensuring efficient business operations and improving overall productivity. Corporate administration services also cover compliance by keeping and organising official company records.  

Operational 

Operational services are the practical daily functions that allow a business to run effectively. They include establishing physical or virtual working space, procuring and setting up the appropriate equipment and communication channels and developing standard operating procedures (SOPs) and customer relationship management (CRM) systems. Without these systems, a business cannot efficiently conduct its daily activities.  

Human Resources and Employee Management 

Human Resources and Employee Management support is necessary for a successful and compliant workforce. Providers of such services develop HR policies and procedures, comprising employee handbooks, code of conduct and performance management. They may also be responsible for developing recruitment strategies and onboarding new employees. Primarily, HR fosters a positive work environment by addressing concerns and resolving conflicts. Effective HR results in a productive, engaged and satisfied workforce, which equates to the further growth of a business. 

Technology and IT 

Technology and IT develop and maintain the company’s digital systems and set up digital infrastructure such as hardware, software, networks and cloud services. Most importantly, IT ensures data management and cybersecurity, which are both paramount in enabling efficiency, security, and growth for long-term success. 

Why should you outsource post-incorporation support?

Post-incorporation activities may be overwhelming due to the complexity and time demanded. Managing these workloads alone can hinder you from focusing on your core strategies. That being the case, outsourcing post-incorporation support may be an attractive option for you as a business owner. Here are more benefits to outsourcing post-incorporation support:   

1.  Cost efficiency: Outsourcing saves on costs and office space because there is no need to hire in-house staff. 
2. Increased efficiency and productivity: By outsourcing, businesses can focus on their core responsibilities. 
3. Access to expertise and resources: Outsourcing provides access to experts in areas such as legal compliance, financial management, administrative, operational, HR and IT. 
4. Time-saving: Outsourcing frees management time so businesses can focus on strategic initiatives and growth. 

Conclusion

Effective post-incorporation support bridges the gap between legal incorporation and full operations. It organises vital aspects such as legal, financial, operational administrative HR and IT into proper working places. Proper post-incorporation support allows your company to evolve from a legal entity to a fully operational and thriving business. 

How we can help

We understand that the work does not end when the company is established. The real work begins post-incorporation.  

At Bolder Group, our team of experts assists businesses from development to post-incorporation and ongoing compliance, ensuring that all your requirements are well-managed while you maximise your business potential.   

With our local experts present globally, you can connect with us regardless of your location and time zone. Get in touch with us today to set your business off to the right start.   

Bolder Group does not provide financial, tax or legal advice and the information contained herein is meant for general information purposes only. We strongly recommend that before acting on any of the information contained herein, readers should consult with their professional advisers. The Bolder Group accepts no liability for any errors or omissions in the information, or the consequences resulting from any action taken by a reader based on the information provided herein.

Bolder Group refers to the global network of independent subsidiaries of Bolder Group Holding BV. Bolder Group Holding BV provides no client services. Such services are provided solely by the independent companies within the Bolder Group which are each legally distinct and separate entities and have no authority (actual, apparent, implied or otherwise) to obligate or bind Bolder Group Holding BV in any manner whatsoever. The operations of the Bolder Group are conducted independently and have no affiliation with third party financial, tax or legal advisory firms or corporations.