International edition
September 26, 2021

By Ron Mendelson, Fast Offshore Founding Partner

Unhappy with your service provider? Explore new options

Unhappy with your service provider? Explore new options
"Some operators even think that their license or company is tied to the provider, but this is not the case," Ron Mendelson says in his column.
Costa Rica | 06/25/2020

The expert underlines some of the main indicators for choosing service providers, including at least 15 years of experience in both the gaming industry and corporate services, a multi-disciplinary approach, cross-Border Capabilities, and transparency, among others.

Ron Mendelson is the Director of Costa-Rica based International Business & Corporate Services consultancy firm, Fast Offshore. With ... (+ Info)

S

o you have your online gaming license in hand, you have set up the necessary corporate structures, but your service provider isn’t pulling out all the stops to make you happy. Often, clients feel obliged to stay with the company that took care of their setup and applications. Some operators even think that their license or company is tied to the provider, but this is not the case.

Working with a service provider that you trust and that has your best interests at heart is important in your road to success. You don’t have to pay through the nose, buy unnecessary add-ons or tolerate sub-par service. There is another way!

Switching providers after you are up and running doesn't have to be difficult. If managed well, it can be straightforward, stress-free, and save you money. Here is what to look for when choosing another corporate service provider.

Experience

Look for a provider that is experienced in your chosen sector, as well as in the jurisdiction you're operating in. How much experience a company has will have an impact on the level of service they can offer you. A good indicator is having at least 15 years of experience in both your industry and corporate services, and a proven track record in the location you are operating in.

Don’t settle for less as you could find yourself running into problems. This level of experience assumes familiarity with local regulations and requirements, an established relationship with the authorities, and a thorough knowledge of relevant processes and procedures.

Multi-Disciplinary Approach

When choosing a new provider, you need to make sure they have experience in more than just one thing. Ideally, you want someone who can take care of your licensing, tax, settlement accounts, compliance, and corporate structuring. If they are not able to do this, you could end up with multiple providers and higher costs.

Cross-Border Capabilities

The world of business has become increasingly globalised. As a result, you may not want to restrict yourself to operating in just one jurisdiction. Therefore, it is wise to consider teaming up with a service provider that works internationally. If you pick one that works in North and South America, Asia and Europe, you are pretty much covered when it comes to expansion.

If you choose a local provider without cross-border capabilities you may find yourself having to engage multiple providers at a great cost to yourself. Pick a company that has demonstrated experience in several jurisdictions on different continents and can offer the same services there.

Good Time Management

As a business owner, you know that time is money. Few successful CEOs have time to take care of the day-to-day corporate considerations of their companies. By outsourcing these needs to a company with experience in your industry and multiple jurisdictions, you can save a lot of time and money.

Transparency

Sadly, many service providers are not transparent with their fees. Some will even try to sell you services or add ons claiming that they are mandatory when they are not necessary.

Many clients moving their corporate structures to Fast Offshore from other service providers tell us that they were advised that the Managing Director of their company must be a resident from the country of incorporation. In many cases, that is simply not the truth.

By misleading the client into hiring a Nominee Managing Director, when it is not a requirement, such service providers create more initial costs and ongoing costs for their client, needlessly, in order to boost their earnings.

Opt for a partnership with someone who understands your requirements and objectives and listens carefully to your needs, so that a bespoke, all-inclusive solution can be created for you and your business.

This is the key to ensuring your structure is built on a sound foundation.

Value for Money

It’s not always advisable to go for the cheapest provider, or the most expensive. Instead, you need to look closely at what you are getting for that money. Do your research, ask questions, be clear on your needs and expectations and don’t be shy to tell them what you don’t like about your current providers. It’s no good switching to a cheaper provider only to get a lower level of service. Likewise, it is pointless to pay more and not get value for your dollars.

Last Word

The thought of switching providers can be worrying, but if you consider the above, it doesn’t have to give you a headache. Stop settling for overpriced, under-delivering, limited corporate service providers, and start demanding the service you deserve. Making the switch today could help you save money, time and stress in the long run.

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