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Practice and SME sales

Data room for selling an SME in Singapore

Short answerSelling an SME usually means one or two serious buyers and a few hundred documents. A simple data room with a clear index, permissions and an audit trail is enough, at a published monthly price, and saves weeks of emailing files.

How it works in Singapore

Most Singapore companies are SMEs, and many owners sell to a competitor, a larger group, an investor or their managers. Brokers and accountants often run the process.

Buyers still want the essentials: accounts, tax, contracts, staff, licences and ACRA records.

Best data rooms for sme sales

Our five measures re-weighted for this use case, with a small bonus for rooms built for it. Prices before 9% GST.

  1. 1 Ellty ~S$191/mo 9.6 Visit Ellty
  2. 2 iDeals On quote 8.5
  3. 3 Ansarada On quote 8.3
  4. 4 SecureDocs ~S$320/mo 8.3
  5. 5 Datasite On quote 8.3
  6. 6 Firmex On quote 8.3
  7. 7 Citrix ShareFile ~S$70/mo 8.1
  8. 8 Box ~S$19/user/mo 8.1
  9. 9 CapLinked ~S$382/mo 8.1
  10. 10 Drooms On quote 8.0
19%Security18%Deal tools16%Permissions23%Ease of use23%Cost

Folder index for sme sales

01
CompanyBizFile profile, constitution, registers.
02
FinancialsThree years of accounts and current year management accounts.
03
TaxTax returns and GST filings.
04
Customers and suppliersKey contracts.
05
StaffAnonymised list and key contracts.
06
Premises and licencesLeases and business licences.

Singapore rules that apply

Stamp duty

0.2% on share transfers, or buyer's stamp duty if property is involved in an asset deal.

PDPA

Anonymise staff data for early buyers and mask NRIC numbers.

More detail: Stamp duty on shares, PDPA.

Features you need

FeatureWhy it matters hereRooms in our top 10 that list it
View and download controlEach file can be set to view-only, print or download, and the setting can be changed later.9 of 10
Audit trailTime-stamped history of who opened, printed or downloaded each document, exportable for a dispute, insurer or regulator.10 of 10
Dynamic watermarksThe reader's name, email and time are stamped across each page as it opens, so a photographed page can be traced.10 of 10

How to set it up

  1. Collect the basicsAccounts, tax, contracts, staff, licences.
  2. Use a simple indexSix folders are often enough.
  3. Track the buyer's readingAnalytics show what the buyer is focused on.

Mistakes to avoid

  • Sending files by WhatsApp and email.
  • Unclear ownership of property used by the business.

Questions people ask

Does a small business sale need a data room?

It is not required, but it organises documents, protects them and shows the buyer you are prepared.

How much does a data room cost for an SME sale?

Published plans start from under S$200 a month; quote-based vendors are usually more.

How long does an SME sale take?

Often two to four months from first buyer contact to completion.