Essential Post-Incorporation Compliance: Your First 90 Days Checklist

Incorporating a business in Singapore is just the beginning. Once your company is officially registered, the next crucial step is ensuring compliance with regulatory requirements. The first 90 days are particularly important, as missing key deadlines can lead to penalties, fines, or even regulatory scrutiny. This checklist will help newly incorporated businesses navigate their post-incorporation obligations efficiently.

1. Setting Up Statutory Records and Corporate Bank Accounts

Maintain Statutory Registers

• Ensure that your company’s registers, including the Register of Members and Register of Directors, are properly maintained.
• Keep records of share allotments, transfers, and significant company resolutions.

Open a Corporate Bank Account

• Choose a bank that suits your business needs and submit the required documents, such as the Certificate of Incorporation and company constitution.
• Ensure that authorised signatories are properly documented for account operations.

2. Appointing Key Officers and Compliance Roles

Company Secretary Appointment

• Singapore regulations require that a company appoint a qualified company secretary within six months of incorporation.
• The company secretary ensures compliance with statutory obligations, including annual filings and corporate governance matters.

Nominate Directors and Key Personnel

• Ensure that all directors are officially appointed and their particulars are updated with the Accounting and Corporate Regulatory Authority (ACRA).
• Appoint an auditor within three months if your company is not exempt from audit requirements.

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3. Understanding Tax and Financial Reporting Obligations

Register for Goods and Services Tax (GST) if Applicable

• Businesses expecting an annual taxable turnover exceeding SGD 1 million must register for GST.
• Consider voluntary GST registration if your business incurs substantial input tax that can be reclaimed.

Set Up an Accounting System

• Implement an efficient bookkeeping system to track revenue, expenses, and tax obligations.
• Ensure compliance with Singapore Financial Reporting Standards (SFRS) for financial statements.

File Estimated Chargeable Income (ECI)

• Submit your company’s ECI to the Inland Revenue Authority of Singapore (IRAS) within three months from the end of the financial year.

4. Complying with Employment Regulations

Register for Central Provident Fund (CPF) Contributions

• If your company hires local employees, CPF registration is mandatory for employer contributions.
• Ensure compliance with CPF contribution rates and timely payments.

Issue Employment Contracts

• Prepare legally compliant employment contracts that outline salary, benefits, and working conditions in accordance with Singapore’s Employment Act.

5. Meeting Annual Filing and Compliance Deadlines

Prepare for Annual Return Filing

• Companies must file their Annual Return with ACRA, which includes details on company officers, shareholders, and financial statements.
• Ensure timely submission to avoid penalties.

Hold the First Annual General Meeting (AGM)

• Private limited companies must hold their first AGM within six months after the end of their financial year.
• Exemptions may apply for small companies that meet specific criteria.

Summary

The first 90 days after incorporation set the foundation for long-term business success. By staying on top of statutory requirements, financial reporting, and compliance obligations, businesses can avoid regulatory risks and operate smoothly. Staying organised and proactive with post-incorporation compliance ensures a strong start for your company in Singapore’s business-friendly environment.

Using a Company Incorporation Service as an extension of your team

Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email [email protected], or use our  contact form to get started.

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