Things to Do After Incorporation of a Company in Singapore
You have to complete a few tasks after incorporating your Singapore company and starting your business activities. You need to set up statutory registers and open a corporate bank account. Experienced accounting services in Singapore can help you set up bookkeeping and accounting processes.
A provider of taxation services in Singapore can assist you in registering for taxes likes GST and corporate tax and in tax planning. You also need to order a company seal, acquire business licenses and permits, pay the statutory contributions, take out business insurance, and buy or rent an office space.
Tasks to Complete After Company Incorporation
After Singapore company incorporation, complying with your statutory obligations helps streamline your workflow. If you are a first-timer, these post-incorporation activities may seem daunting at first. However, a professional corporate services provider can take the bite out of it.
Appoint At Least One Company Secretary
It is mandatory to appoint at least one qualified company secretary within six months of your company's incorporation. You need to find someone ordinarily resident of Singapore who has knowledge of Companies Act and experience of acting as a corporate secretary.
You need to choose someone who is either a:
Singaporean or permanent resident
Singapore Employment Pass or EntrePass or Dependant Pass holder
The company secretary acts as the chief compliance officer of your company.
Appoint At Least One Auditor
Unless you are exempted, you need to appoint at least one auditor within three months of the incorporation of your company. The companies tagged as 'Small Company' qualify for audit exemption.
Open a Corporate Bank Account
Opening a corporate bank account in a local Singaporean bank can go a long in streamlining your expenses and earnings, i.e. cash flow. It will also help you in separating your personal and business finances.
A large number of international and local banks operate in Singapore. So, you have plenty of choices in banks. Select a bank depending on your business needs. Your bank may ask for the physical presence of authorized signatories and company directors for the task.
Acquire Business Licenses and Permits
Check if your business needs business licenses or permits to operate. Apply to the concerned authorities, pay the required fees and acquire them so that you will be free to get on with your business activities.
If you intend to import into or export goods out of Singapore, you must register your business with the Customs Department. A permit from the Customs department is mandatory for such companies.
Register for Goods and Service Tax (GST)
Your provider of accounting and bookkeeping services in Singapore can help you assess the need to register your business for GST.
In Singapore, businesses having projected or annual turnover over S$1 million must compulsorily register for GST. You can also choose to register your business for GST voluntarily. It will help you claim the input GST you paid on your business purchases.
Set Up Company’s Financial Year End (FYE)
You can practically set your company's FYE as you want. However, you need to be careful here as it can impact company's:
Annual filing reports
Conveying of the Annual General Meeting (AGM)
Estimated Chargeable Income (ECI) filing
A wrong FYE can affect your business' taxation. On this matter, you can take advice from the consultants working for taxation services Singapore. They can point out the tax exemptions and benefits your business can claim rightfully.
Issue Share Certificates
After incorporating your business, it is the responsibility of the company secretary to issue share certificates to its shareholders. Share certificates denote the ownership of a shareholder in your company. It can be issued with or without the company's common seal.
Company secretaries communicate with the shareholders and handle their queries. They are also responsible for keeping track of the number of shares issued to the shareholders and movements in shares. Ideally, as the company owner, you should own the majority of shares to be in the company's control and find finance for its growth in future.
Set Up Company's Statutory Registers
Company's statutory registers hold the legal records of your company. Your company secretary needs to compile and update statutory registers regularly.
As per ACRA's law, you have to store them at your registered office in Singapore. These are public records that IRAS or ACRA officials visiting your office can ask to inspect at any time.
Your company need to maintain:
Updated statutory register of company officers: auditors, directors and secretaries. It should contain their appointment and resignation dates
Details about your shareholders: number of shares they own and updated stock transactions
Details of company loans secured using fixed or floating charges and debentures
Minutes of AGM and resolutions adopted
Set Up Accounting System
Your provider of bookkeeping and accounting services in Singapore can help you in setting up an accounting system for your company. It is a vital task that you should perform on registering your business.
Though the present trend is to appoint an outsourcing accounting services provider, a well-built accounting system is essential in recording your business expenses and profits.
Regularly updated records are useful in understanding the company’s financial health and profitability. It is also a mandatory requirement imposed by ACRA. You also need to maintain your accounting books following the SFRS.
Purchase Business Profile for Your Company
The business profile describes your company. It contains details like company name, unique registration number, incorporation date, principal business activities, registered address and particulars of its officers.
Purchase and download the business profile for your company in PDF format within an hour of purchase.
Few Other Tasks to Take Care After Company Incorporation:
You need to purchase or obtain the following things after successfully forming your Singapore company.
If required, pay for the PDF version of the incorporation certificate of your company to print its hard copy.
Purchase and distribute share certificates to company's shareholders
Order and pay for Company Seal or Common Seal
Order and pay for Business Cards
Get a Business website, i.e. suitable domain name registration and email addresses
Order and pay for Invoice book, Company Letterhead, and other official documents. Make sure to print the UEN of your company on it
A professional accounting services provider or a registered filing agent can help you immensely in registering your company. They can also guide you in completing the post-incorporation tasks to ensure compliance. It is a great help if you are new to the Singapore business environment or a first-time business owner.