Singapore better for entrepreneurs, Lion City-based ‘gov-tech’ firm Osome says as it eyes Hong Kong’s larger market
- Companies can be incorporated within an hour in the Lion City, a process that can take up to a day in Hong Kong
- Hong Kong requires that some documents be signed and filed in person
Singapore is more entrepreneur friendly than Hong Kong, according to Osome, which offers a paperless service that helps start-ups with registration and operations.
The Singapore-based company, which launched in Hong Kong this month and was fully operational starting Tuesday, said a firm can be incorporated within an hour in the Lion City, a process that can take up to a day in Hong Kong.
“In Singapore we can send all the information to the local government agencies online. In Hong Kong, it takes a bit longer, but we can still incorporate a company within a day,” said Victor Lysenko, Osome’s founder and chief executive.
The company said on Tuesday it had secured US$3 million in a fresh round of funding from venture capitalists and angel investors led by Target Global. Founded in January 2018, Osome assists companies with accounting, taxation, company formation and the filing of reports through its online platform.
And six months of anti-government protests have not deterred it from expanding in Hong Kong. The company said there were plenty of reasons to set up shop in the special administrative region – one being the bigger market it can offer. Hong Kong has about 1.2 million registered entities, while Singapore has only 300,000.
Osome’s platform suits the Hong Kong market, which will also maximise its investment in product development, the company said. Both former colonies of the United Kingdom, Singapore and Hong Kong are former members of the Commonwealth and essentially share the same legal framework.