DBS has launched an online portal at https://www.dbs.com.sg/sme/business-registration.page to help entrepreneurs set up their business within a day. Through the DBS Get Set portal, small business owners can appoint a company secretary to help them incorporate their business with the Accounting and Corporate Regulatory Authority (ACRA) and open a banking account at the same time, via a short online application process.

Each year, around 35,000 small businesses are set up in Singapore and according to ACRA regulations, every company must appoint a company secretary within six months of incorporation^[1]. While company directors can act as company secretary, professional corporate secretarial firms can value-add by providing accounting, business structure and tax advice. The company secretary is also responsible for ensuring a company adheres to mandatory reporting requirements of the Singapore Companies Act. From the DBS portal, business owners can compare the services and fees of up to five corporate secretarial firms at a glance.

In addition, through the portal, SME owners can work with a range of service providers to help them adopt digital technologies easily and at preferential rates. For example, they can tap on Singtel’s Shoptiq e-commerce solution for only SGD0.99 per day to launch an online store. They can get hands-on support to set up their online store and create online content from students of Singapore Polytechnic’s Diploma in Media and Communication and Diploma in Business Information Technology. This is further 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.

“The DBS Get Set portal makes it very easy for small business owners to set up their company. 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,” said Ms Joyce Tee, Group Head of SME Banking, DBS Bank. “We continue to focus our efforts on helping SMEs build and enhance their capabilities in e-commerce and becoming more efficient by adopting web-based solutions.”

For more information, SME owners can visit https://www.dbs.com.sg/sme/business-registration.page.

^[1]Except for sole proprietorship or limited liability partnership (LLP) structures

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About DBS
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.

DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.

DBS launches portal to help entrepreneurs set up their business in a day