DBS bank has launched an online service that lets entrepreneurs set up their business within a day.
The DBS Get Set portal allows small business owners to appoint a company secretary to help them incorporate their business with the Accounting and Corporate Regulatory Authority (Acra) and open a banking account via a short online application process.
Business owners can also compare the services and fees of up to five corporate secretarial firms at a glance.
In addition, SME owners can work with a range of service providers to help them adopt digital technologies easily and at preferential rates.
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For example, they can tap on Singtel's Shoptiq e-commerce solution for only 99 cents a day to launch an online store.
They can get hands-on support to set up their online store and create online content from students in Singapore Polytechnic's Diploma in Media and Communication and Diploma in Business Information Technology programmes.
This is complemented by online advertising solutions from Singtel's Adtiq, or PurpleClick and Kobe. Other essential business services SMEs can sign up for include free trials on Xero, a cloud accounting software, as well as mobile phone and HR software offers from StarHub and Talenox respectively.
Each year, around 35,000 small businesses are set up here and they all must appoint a company secretary within six months of incorporation, according to Acra regulations.
While company directors can act as company secretary, professional corporate secretarial firms can add value by providing accounting, business structure and tax advice.
HELP FOR ENTREPRENEURS
Being able to shorten the time required to start up a business from weeks to hours with only a small capital outlay helps SMEs concentrate on building their customer base.
MS JOYCE TEE, group head of SME banking at DBS, on DBS Get Set making it easy for small business owners to set up business .
The company secretary is also responsible for ensuring that a firm adheres to the mandatory reporting requirements of the Singapore Companies Act.
''The DBS Get Set portal makes it very easy for small business owners to set up their company,'' said Ms Joyce Tee, the group head of SME banking at DBS.
''Being able to shorten the time required to start up a business from weeks to hours with only a small capital outlay helps SMEs concentrate on building their customer base.''