After successfully incorporating a company in Singapore, the work doesn’t stop there. Registering your business is just the beginning. There are still important administrative and regulatory steps you need to take to ensure smooth operations and full compliance with Singapore’s corporate regulations.
Neglecting these steps can result in penalties, unnecessary delays, or even legal complications. To help you stay on track, here is a list of essential things to do after incorporation!
Choose the Company's Financial Year End (FYE)
The Financial Year End (FYE) determines when your company must file taxes and submit financial reports. Most businesses in Singapore select December 31 or March 31 as their FYE.
Choosing the right FYE is important because it affects your company’s tax planning, reporting deadlines, and potential benefits, such as tax exemptions. Additionally, a well-planned FYE will help to manage financial obligations more effectively.
Appoint a Corporate Secretary
Every company in Singapore must appoint a corporate secretary within six months of incorporation, as required by the Accounting and Corporate Regulatory Authority (ACRA).
A corporate secretary plays a crucial role in ensuring the company complies with regulations, maintains proper records, and submits necessary filings on time. They also help in organizing annual meetings and preparing corporate documents.
Appoint an Auditor (If Required)
Some companies in Singapore are required to appoint an auditor within three months of incorporation. However, small businesses that meet the small company criteria—such as having revenue of less than SGD 10 million—are exempt from audits.
If your company falls under the non-exempt category, hiring an auditor early ensures that financial statements remain compliant with regulatory standards.
Obtain Necessary Business Licenses
Certain industries require specific business licenses before they can begin operations. These include sectors like finance, food and beverage, education, and healthcare.
Before launching your business activities, check if your company needs a license and apply for it promptly to avoid any legal issues.
Open a Corporate Bank Account
A corporate bank account is essential for managing business finances and conducting transactions professionally. It also helps separate personal and business funds, which is necessary for financial transparency.
Setting up a corporate bank account in Singapore is pretty straightforward. You just need to check out our guide.
Issue Share Certificates & Set Up Statutory Books
A share certificate is an official document that proves a shareholder’s ownership in the company. Thus, issuing these certificates is important for maintaining proper records.
Statutory books, on the other hand, contain key company details such as shareholder information, directors’ records, and meeting minutes. Keeping these updated ensures compliance with Singapore's corporate laws.
Register for Central Provident Fund (CPF) & Skills Development Levy (SDL)
If you want to hire employees in Singapore, you must register for the Central Provident Fund (CPF) & Skills Development Levy (SDL). CPF is a mandatory social security saving scheme, and SDL is a small levy that funds training programs to enhance workforce skills.
Registering for these schemes ensures that your company meets employment regulations and provides benefits to the employees.
Register for Goods and Services Tax (GST) (If Applicable)
GST registration is required if your company’s annual revenue exceeds SGD 1 million. However, even if your company does not meet this threshold, you can voluntarily register if it benefits your business.
Set Up Your Accounting System
Keeping accurate financial records is essential for business success. Setting up an accounting system early helps you to:
- Track expenses and revenue efficiently
- Ensure compliance with financial reporting requirements
- Prepare for tax filing and audits
File Estimated Chargeable Income (ECI) with IRAS
ECI is an estimate of your company’s taxable income and must be filed with IRAS within three months after your FYE. Filing ECI on time helps businesses manage tax obligations efficiently and avoid penalties.
To file for ECI, you need to:
- Log in to the IRAS portal
- Submit your estimated taxable income
- Pay any necessary taxes based on the estimate
Hold Your First Annual General Meeting (AGM)
An AGM is a mandatory meeting where directors present the company's financial statement to shareholders. Companies with multiple shareholders must hold their first AGM within six months after the end of the financial year. However, private companies with no shareholders other than directors can be exempted from holding AGMs.
File Annual Returns with ACRA
Every Singapore company must file annual returns with ACRA within seven months after the FYE. This filing ensures that company details remain updated in ACRA’s records. Failure to file annual returns on time can result in fines or penalties, so it’s important to meet the deadline.
File Corporate Tax Returns (Form C-S/C) with IRAS
Corporate tax filing is an annual requirement where businesses declare their taxable income to IRAS. Company will need to fill-in one of the form below, based on it's qualification:
- Form C-S is a simplified tax return for small companies
- Form C is a full tax return for companies that do not qualify for Form C-S
Filing corporate tax returns on time ensures that your company remains in good standing with tax authorities.
Buy a Company Seal (If Required)
While a company seal is not legally required, some contracts and official documents may require one for authentication. Having a company seal can add credibility to your business documents and make them more official.
Conclusion
Registering a business in Singapore is just the beginning. After incorporation, there are several essential steps to complete, including tax registration, financial setup, and compliance filings. These tasks may seem overwhelming, but they are crucial for the smooth operation of your business.
If you need assistance with these post-registration tasks, WealthBridge can help streamline the process and ensure compliance. Contact us today to get expert support for your Singapore company!