60% of Singaporean entrepreneurs confused about starting a company

Good thing Futurebooks is launching an iPhone app to help them setup a company in Singapore.

According to a release, Futurebooks have launched an application designed to help foreigners and Singaporean entrepreneurs setup a company and incorporate in Singapore.

Titled 101 Singapore Incorporation, the application is available free on the iPhone, and includes the most essential tasks for starting a company in Singapore including checking the availability of a company name, purchasing URLs, choosing incorporation packages, finding suitable office space and deciding on a suitable online accounting method.

In 2010 Futurebooks market researched entrepreneurs who had been in business for less than two years in Singapore, and discovered 60% of entrepreneurs were unsure what their incorporation service was suppose to provide. Entrepreneurs also complained that complementary services like office rental and cloud service were difficult to find.

The application will remedy this issue by presenting incorporation in a clear, concise manner. “The app provides more than incorporation. It encapsulates many services entrepreneurs need when starting a company,” says Anthony Coundouris, Marketing Director of Futurebooks.

Similar applications are planned to be rolled out regionally in the first quarter of 2012, providing entrepreneurs a one-stop place for incorporating a company in any part of South-East Asia. The application will be marketed locally and to foreigners from the UK, US, Europe and Australia.

“It’s particularly useful for foreigners who are time-poor. The app puts everything in one place so they know exactly what to do before arriving in Singapore,” says Anthony. “It is likely the Ministry of Finance will lift the audit exemption for companies from S$5 million to S$10 million dollars in turnover this year. Combined with the three-year company tax exemption, we are expecting to see the number of incorporations in Singapore rise from 2,500 per month to 3,000. Handling incorporation more efficiently is a real benefit.”

The application is available for download from the Apple App Store.