Case study: Malaysia-based Sonno sets up in Singapore with Sleek
3 minute read
Sonno may be in the business of sleep, but they’re not sleeping on the job. Read our latest case study about this Malaysian-based startup, their regional expansion and how they were able to incorporate their Singapore company entirely online.
Waking up to big opportunities
“In an old-fashioned industry, the fact that I could process the incorporation all online in just a few steps definitely caught my attention.”
Sonno sells Italian-designed high-quality mattresses made of natural latex and memory foam with the vision that when you sleep well, you live better. The difference – the mattress comes compressed in a beautiful box, and customers have 100 nights to see if it’s right for them.
Founder Fabio Miceli originally started the business in 2017 in Malaysia. Soon enough, however, he had regional expansion on the mind. Recognising Singapore as a market with huge potential, he quickly chose the city-state as the company’s first target country. Miceli was attracted to the idea of having a local entity operating in the market as well as setting up his headquarters here.
“We still maintain much of our operations in Malaysia”, Miceli says. “But Singapore has great infrastructure and higher spending power – it was a natural fit for us to be here.”
Once he had identified Singapore as a market he wanted to have a presence in, it was a search online that bought Miceli to Sleek. “I was looking for a company secretary that was properly making use of technology at a competitive price”, he said.
Onboarding and bank openings
“Sleek caught my attention because of their useful resources for doing business in Singapore, competitive and transparent pricing, and use of technology.”
Having talked with the incorporation team about his requirements and chatting with the Sleek team at Tech in Asia’s headline event in May, Miceli got set up with “the works” – registered address, nominee director, and a company secretary. “It’s given me the freedom to grow my Singapore operations at a rate that fits the rest of my business,” says Miceli.
Opening a bank account was also a breeze. After an introduction to a banker (a service provided free of charge by Sleek), Miceli arrived at Sleek’s offices where he met with a representative from the bank, a day before he was set to fly to Italy. All documents were signed in the meeting.
Incorporation was the easy part – now it’s time to sell. Miceli’s excited to see how he can disrupt the otherwise fairly traditional market. “The bed-in-a-box concept hasn’t been done before in Singapore”, he says. “Particularly with our 100-night trial, we hope to gain great traction in the market.”
“Our mission is to make people’s lives better, one night’s sleep at a time – we want to give people the energy they need to get through busy days.”
For more information about Sonno, click here.