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There's a way to beat the system though: outsourcing the mundane and repetitive work to robots. The solution has been pioneered in the field of business administration by Osome, a tech-savvy Incorporation, Secretarial Services, and Accounting agency. By automating the routine, they freed the certified agents to focus on great user experience and achieved significant cost cuts. SGD2,550 (about US$1,800) — that's the total cost of Singapore company formation for foreigners with Osome. The 'Bonanza' package (Bonanza meaning an unexpected source of wealth) includes Incorporation, Company Secretary, Address, and the Nominee Director for a year, which is everything a foreigner needs to start their business in Singapore and run it for the first 12 months. Company incorporation for Singaporeans and PRs is even cheaper being only around SGD350.
"We built Osome because we wanted to give our customers time, and technology is a great way to achieve that. Once the routine is automated, you are free to analyze, create, and make a difference, which is why we all start businesses in the first place", says Victor Lysenko, Osome CEO.
As they reduced the costs, Osome worked on providing better value as well. First, they got rid of the Security deposit. For years taking a deposit when hiring a Nominee Director has been the industry standard in Singapore. While very common, it seems fairly unjustified to the customer. So when you employ a Nominee Director service from Osome, you just pay a yearly fee, that's it. The other benefit is the Unlimited Corporate Secretarial services. Those cover all standard resolutions you might need throughout the year. It means no matter how many changes you go through, there will be no extra charges. And they provide additional service with their address (included in the deal): they notify you about your correspondence, scan, and send it to you. Very convenient if you want to manage your company from abroad. Of course, if you plan to move to Singapore, Osome also helps with working visas for you and your family.
Osome is a poster child of modern technology advantages: they have even been named Pioneers of Cloud Community Network by Infocomm Media Development Authority of Singapore. So far, they have enrolled over 800 customers and just recently raised US$2 mln in funding to develop and expand. Read more about the company's development in its official blog.
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