Because of the rise in the number of start-up companies in Singapore over the years, there has been a growth in the number of platforms that provide online company formation services to keep up with the trend.

The Efficiency It Brings For Your Company

Previously time-consuming analogue operations, like business registration, can now be completed online in minutes. Much important business paperwork is now available on-demand, and application forms have been simplified.

On-time completion of critical duties, such as filing an annual return, can be ensured by using an online incorporation platform, which can assist in reducing the number of incidents of non-completion, which can result in high penalties.

The Cost Depends On Where You Hire The Service From

Incorporation services can cost you up to SGD10,000 each year while using an online incorporation platform may save you up to half of this cost on your incorporation due to automation and decreased overhead fees.

There are multiple online portals that offer services for corporation formation. However, not all platforms are created equal. If you want to make the greatest decision for your organisation, you must understand what to look for when choosing a platform.

Submitting An Application Form

A reputable company incorporation company will reduce the amount of time required to submit and process application forms by condensing the amount of information required down to a few specific questions regarding the firm that is being registered. While almost all online business incorporation platforms provide this feature, a good online company incorporation platform makes the procedure simple to understand while obtaining all of the specific information required to fill out the form.

The application process is a fantastic illustration of this, as it is divided into steps, each of which is backed by clear explanations and ideas to help candidates succeed. Options are prefixed with conspicuously stated prices that are impossible to miss, leaving no room for interpretation on the applicant’s part. Payments can be paid by credit card at the bottom of the form, or by mailing checks if you prefer the old-fashioned approach.

The strategy places a large portion of the initial expense on the user. Typically, the application process begins with an email that requests certain information from the applicant company but does not specify what information is required or give a link to where this information may be accessed. Payment information is not included in the email, therefore the applicant must contact the company directly to inquire about the payment.

Transparency Of Prices

Online business formation services are sold as part of a larger package. Some packages include all the bells and whistles that your firm may never use, while others charge extra for services that are deemed important. Some platforms are guilty of only disclosing government fees in the fine print, leaving it up to the user’s attentiveness to ensure that they are aware of the charges. Failure to account for all spending now may come back to haunt you later.

It is uncommon for a platform to cross-sell other services to a customer; however, the prices for these add-ons are often disclosed later in the registration process. For example, one of the companies provides a number of add-ons to its online business registration service, but the prices of these add-ons are clearly disclosed on their website before you begin the company registration process.

In Conclusion

Running a business necessitates a plethora of formalities as well as a large number of official documents. Standard bank account creation, for example, involves approval from the company board as well as the submission of a form to be authorised, not to mention that different platforms may charge extra costs for documents other than those linked to business formation. Having an incorporation service that can deliver papers for a variety of activities at a fair price is therefore very helpful and has a big impact on your overhead expenses.

Donna Enn