Livspace viewed expansion to Singapore and needed an experienced partner and advisor.
Livspace started in India and rapidly expanded across the country. The founders recognised an opportunity to expand the business across Southeast Asia and looked to incorporate in Singapore as a base. That required the services of Acclime Singapore to fulfil the essential role of corporate secretary.
- Client industry:Home interior & renovation
- Services:Corporate secretary, Tax filing, Corporate governance
Livspace is a curated marketplace for homeowners and home designers that provides an end-to-end home design experience. The company offers an online marketplace for home interior solutions and also offers software tools for designers to streamline their workflow. It currently has its presence across a number of cities in India (and keeps expanding). Livspace marked its entry into Singapore in 2019, where it enjoys a partnership with IKEA providing IKEA customers with interior design solutions.
After setting up in Singapore, Livspace went through several rounds of funding, and by 2017 it was ready to attract funding from larger investors, but that required a highly competent corporate services partner who would not only ensure accurate corporate compliance, but who would also facilitate negotiations with potential investors.
We reached a point where it became essential to have a partner fulfilling the corporate secretary role who would not only keep the company fully compliant proactively, but who would also have the experience and expertise to manage investment rounds.
Acclime proposed a corporate secretarial function that was focused on a fast response allowing for multiple time-zones, proactive and professional communication, and competent filing. The latter was especially stressed due to the fact that the high level of investor being sought would have a requirement that the company was fully on top of compliance.
Livspace’s new investors were based in the US, the legal team in Singapore and Livspace’s finance team was in India. Acclime proposed a system that allowed flexible hours to accommodate the communications across the numerous time-zones.
Acclime proposed a support role in the due diligence processes and the establishment of a comprehensive and well organised data room to allow the legal teams timely access to documentation. The Acclime team also suggested becoming the main point of contact for various stakeholders in the restructuring, auditing and banking process.
Acclime successfully serviced Livspace’s corporate governance needs in Singapore by providing the following support:
- Corporate secretarial services in financing rounds (advice on the process, planning of steps to meet the targeted completion date, timely delivery of required documents, working with legal teams, communication with the Board and shareholders, providing information for investors’ CDD checks, and responding to investors’ legal teams)
- Audit processes, and completion of annual compliances
- Corporate and personal tax filing
- Local agency for tasks such as legalising documents
- Assistance in establish a subsidiary in Singapore and helping to expand to other countries in the region; for example, assisting Acclime’s Malaysian team with KYC checks for Livspace branch establishment in Malaysia
- Advise both the Singapore and India teams on maintain compliance with the regulations of the constitution, SHA, and Singapore Companies Act
Acclime has been fortunate to have Livspace as a client for the last four years, and we value our long-term commitment to them. We are grateful for the referrals that have come through Livspace.
We are delighted with the quality and flexibility the Acclime team have shown and look forward to a lasting relationship.