*Disclaimer: All information, commentary, recommendations or statements of opinion provided in this article are for general information purposes only. We do not claim to be authoritative. Please contact ask@lendingpot.sg if you have any questions or rectification requests.
Congratulations on finalizing your business idea after months of the brainstorming process. The next step now would be the incorporation of your business.
There are mainly two ways of incorporation, self-registration via ACRA or outsourcing the process to another firm. If you choose the latter, you will be spoilt for choice due to a plethora of firms offering this service.
In this article, we will be comparing the process of self-registration, as well as the outsourcing process of two firms, Osome and Sleek.
ACRA, or the Accounting and Corporate Regulatory Authority, is Singapore’s national regulator for companies. All companies in Singapore must be registered with ACRA to commence business operations.
First and foremost, the table below serves as an overview of the self-registration process.
*Processing time in this article refers to the time incurred on the part of the applicant (i.e. time spent) and not the time taken for the registration to be completed, unless otherwise stated.
For foreigners, self-registration is prohibited, and it is mandatory for individuals to hire a third-party firm for the registration process. To run a company locally, you will need an Employment Pass or Entrepreneur Pass issued by the Ministry of Manpower. The table below serves as a comparison between the outsourcing process of Osome and Sleek.
The table above illustrates that DBS, OCBC and UOB all provide an option for an online application. UOB still prefers a physical meet-up for their larger Current Accounts, while OCBC does not provide crystal-clear clarity about the eligibility of its online application.
*Processing time in this article refers to the time incurred on the part of the applicant (i.e. time spent) and not the time taken for the registration to be completed, unless otherwise stated.
The most valuable resource that business owners have is time. If you treasure your time, you should make use of the time to grow your business instead.
Lendingpot.sg operates a Business Loan Marketplace that allows an SME to connect to multiple lenders with just one application, allowing the SME to know who its prospective lenders are and the rates that they offer, in a very short time.
Lynn Chan is an avid music lover, a travel buff, as well as a serial potato chips eater. She once hiked a dormant volcano in Hawaii.
