Post-Incorporation Requirements: What to Do After Your Company is Registered in Singapore

When your company is registered in Singapore, it marks the start of your business journey. However, incorporation is just the first step. To ensure compliance with Singapore’s regulatory framework, there are several post-incorporation requirements that every business must meet. These steps are crucial for smooth operations, legal compliance, and setting up your business incorporation for long-term success.

1. Issuing Share Certificates

Issuing share certificates to shareholders is one of the most important post-incorporation requirements. These certificates serve as legal proof of ownership and must be signed by the company secretary or director.

Key Points:

• Share certificates specify the shareholder’s ownership in the company.
• They prevent disputes over equity allocation.

Example:
If your company has three shareholders, each must receive a certificate that clearly states their ownership stake in the company.

2. Opening a Corporate Bank Account

Once your company is registered in Singapore, you’ll need a corporate bank account for business transactions. This ensures financial transparency and separates personal and business finances.

Required Documents:

• Certificate of incorporation.
• Business profile from ACRA.
• Identification of directors and shareholders.

Example:
A newly registered private limited company opens a corporate bank account by submitting the required documents, such as its business profile and shareholder details.

3. Registering for Goods and Services Tax (GST)

If your company’s annual revenue exceeds S$1 million, registering for GST is a mandatory post-incorporation requirement.

Key Details:

• Registration Deadline: Within 30 days of exceeding the revenue threshold.
• Benefits: Allows businesses to claim input tax credits on expenses.

Example:
A retail company with S$1.5 million in annual revenue registers for GST to comply with regulations and claim tax credits.

4. Appointing a Company Secretary

Under the Singapore Companies Act, every company must appoint a qualified company secretary within six months of incorporation.

Responsibilities of a Company Secretary:

• Filing annual returns with ACRA.
• Maintaining statutory registers.
• Ensuring compliance with corporate governance.

Example:
A company hires a professional company secretary to handle filings and maintain compliance with Singapore’s corporate regulations.

5. Maintaining Statutory Registers

Maintaining up-to-date statutory registers is a legal obligation for all companies in Singapore.

Statutory Registers to Maintain:

• Register of Shareholders: Reflects ownership changes.
• Register of Directors: Records appointments and resignations.
• Register of Charges: Documents company liabilities.

Example:
Your company keeps a register of shareholders that is updated when new shares are issued or transferred.

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6. Preparing Financial Statements

Financial statements provide a clear picture of your company’s financial health. These must comply with the Singapore Financial Reporting Standards (SFRS) and are a critical part of tax and compliance filings.

Filing Requirements:

• Financial statements must be submitted annually to IRAS and ACRA.
• Larger companies may require audits.

Example:
At the end of the fiscal year, your company prepares audited financial statements for submission to IRAS.

7. Ensuring KYC (Know Your Customer) Compliance

Singapore has strict KYC regulations to prevent money laundering and terrorist financing. Ensuring compliance with KYC requirements is a crucial step after incorporation.

Required KYC Documents:

• Identification for directors and shareholders.
• Proof of address and business activities.

Example:
Your company submits KYC documentation, including directors’ passports and proof of address, to open a corporate bank account.

8. Filing Annual Returns with ACRA

Filing annual returns with the Accounting and Corporate Regulatory Authority (ACRA) is one of the key post-incorporation requirements.

Key Points:

• Deadline: Annual returns must be filed within one month of your company’s Annual General Meeting (AGM).
• Accurate filings ensure compliance and avoid penalties.

Example:
Your company holds its AGM in June and files its annual return with ACRA in July to stay compliant.

9. Registering and Filing Corporate Taxes

All companies must register for corporate tax with the Inland Revenue Authority of Singapore (IRAS).

Tax Considerations:

• Start-Up Tax Exemption Scheme: Eligible companies enjoy significant tax savings in the first three years.
• Corporate tax returns must be submitted annually.

Example:
Your company applies for the Start-Up Tax Exemption Scheme to reduce tax liabilities during its initial years of operation.

10. Complying with Employment Laws

If your company employs staff, you must adhere to Singapore’s employment laws.

Key Obligations:

• CPF Contributions: Employers must contribute monthly to employees’ CPF accounts.
• Employment Contracts: Contracts must meet Singapore Labour Laws.

Example:
Your company hires its first employee and ensures CPF contributions are made monthly as required by law.

Summary

When your company is registered in Singapore, fulfilling post-incorporation requirements is essential for compliance and long-term success. By issuing share certificates, opening a corporate bank account, filing annual returns, and adhering to employment laws, your business will be well-positioned for growth. Meeting these obligations ensures you remain legally compliant and maintain a strong foundation for success in Singapore’s competitive business landscape.

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At Counto, we empower entrepreneurs with seamless business registration and expert company secretary services. Our all-in-one platform ensures your business stays ahead of Singapore’s regulations. Let’s simplify your business journey. Speak to us directly on our chatbot, email [email protected], or use our contact form to get started.

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