You've just wrapped up your Singapore company incorporation, and that's a huge accomplishment - especially if you're just starting out with a business.
But here's the thing: incorporation is just the first step in a whole series of tasks that need your attention before things can start running smoothly.
A lot of business owners put a ton of effort into researching how to incorporate a company in Singapore, but many of them don't know what comes next. Once your company gets the green light from ACRA, there are a bunch of other important things you need to take care of.
Here's what you can expect to happen after your company is incorporated - and what you should be ready for.
Your incorporation documents start to have some real significance
First off, you'll get confirmation that your company has been successfully set up.
From there, you'll be able to access your company's registration details and other important incorporation documents through ACRA. You're going to need these, especially when it comes to opening a corporate bank account, dealing with suppliers or the government, or getting any necessary licenses,if required.
Keep a copy of these documents in both digital and physical form, because you'll be referring to them all the time as your business grows.
You should probably open a corporate bank account pretty soon
One of the first things you'll need to do after incorporation is open a business bank account.
Keeping your personal and business finances separate makes accounting a whole lot easier, and it also makes you look a bit more professional to customers and business partners.
The requirements for opening a business bank account will vary depending on which bank you're using, but you'll usually need to hand over your incorporation documents, identification, and some info about your company's directors and shareholders like their KYC, Address proof etc.
Choosing the right bank is all about figuring out which one is best for your business - how you'll be using the account, where you're getting payments from, and how much you're likely to be doing in terms of transactions.
Make sure to check what licenses you need
Not every business needs extra licenses, but a lot of them do.
For example, if you're running a business in food services, education, finance, travel, healthcare, or recruitment, you might need to get some special permits or approvals before you can start trading.
It's always better to figure this out before you start trading, rather than discovering it the hard way later on.
Get your Corporate Secretary in place
In Singapore, you've got to have a Corporate Secretary in place within six months of incorporation - or else you might be looking at some fines.
The Corporate Secretary is a crucial role that helps your business stay compliant with all the regulatory requirements, keeps track of your company records, makes sure you're submitting all the right documents, and all that jazz.
A lot of businesses use professional company incorporation services in Singapore that can provide you with Corporate Secretary support - which makes it a whole lot easier to keep up with all the compliance stuff.
You need to have a registered office address
Every Singapore company needs to have a registered office address that the government can send official letters to.
This address is an important part of your company's official records, and you should keep it up to date if you ever need to change it.
Missing out on important official letters because of a wrong address can cause a whole lot of unnecessary hassle later on.
Get your accounting records sorted
Good bookkeeping is all about keeping track of your income, expenses, invoices, receipts, and all that other important financial stuff.
It's way easier to get your accounts in order if you start doing it from the very beginning, rather than waiting until the end of the financial year and trying to sort everything out at once.
A lot of businesses opt to take accounting & bookkeeping services right from the get-go to make it all a bit easier.
Understand your GST obligations
Not every newly incorporated company needs to get a GST registration, but some do.
Whether you need to get a GST registration will depend on your company's taxable turnover, and a few other things - all explained by IRAS.
Some businesses might even choose to register voluntarily if it suits their situation.
Understanding your tax obligations right from the start can save you a whole lot of headaches and keep your business in line with the law.
Plan out all your ongoing compliance responsibilities
Company incorporation is just the first compliance milestone.
After that, your business will have a whole bunch of ongoing compliance responsibilities - like keeping up with company records, filing annual returns, preparing financial statements when you need to, and making sure your tax deadlines are met.
Planning out all these responsibilities in advance can make it a whole lot easier than trying to catch up after the fact.
This is where our role comes up as we create a compliance calendar - so they never miss a deadline.
If you're a foreign entrepreneur
The same post-incorporation responsibilities apply to foreign company incorporation in Singapore as they do to locally owned companies.
Foreign business owners might have a few extra things to think about, like appointing resident directors, opening up a local corporate bank account, sorting out work passes if they're relocating, and making sure they're meeting all the right regulatory requirements after incorporation.
Understanding all these obligations up front can avoid a whole lot of unnecessary hassle once your business is up and running.
Common mistakes after incorporation
There are a few common mistakes that a lot of newly incorporated businesses make, and they're all pretty avoidable if you do a bit of planning:
Delaying the opening of a corporate bank account.
Forgetting to appoint a Corporate Secretary on time.
Ignoring licensing requirements.
Mixing personal and business expenses.
Putting off bookkeeping until the end of the year.
Missing statutory filing deadlines.
Assuming just because you've got incorporated you're off the hook for all regulatory stuff.
The bottom line
Completing company incorporation Singapore is a big achievement - but it's only the first step in running a business that stays compliant.
Once your company is up and running, your focus should shift to banking, accounting, licensing, tax compliance, corporate governance, and making sure you're meeting all the requirements for ACRA and IRAS.Whether your a local business owner or planning to go ahead and set up that foreign company in Singapore, staying on top of things from day one is going to make the whole operation run a lot more smoothly in the long run.
If you are on the hunt for reliable company incorporation services Singapore or you need some ongoing help after the formalities are dealt with or you need some ongoing help after the formalities are dealt with - Flyingcolour Singapore Corporate Services will take you by the hand through every stage, helping keep you compliant, and letting you focus on getting your business to grow.
Frequently Asked Questions
What should I do right away after I've got my company set up ?
First things first, get your hands on your incorporation documents, sort out a corporate bank account, check what licensing you need to worry about, get a Corporate Secretary sorted out, and get your accounting records up to speed.
Do I really need to open a business bank account ?
Absolutely. Although it's not a legal must right off the bat after incorporation, a corporate bank account will help keep your business and personal finances separate, and make life easier for day-to-day operations.
Is GST registration compulsory for every new business ?
No way. GST registration depends on your turnover and what IRAS requires. There are some businesses that might also qualify for voluntary registration.
When do I need to get a Corporate Secretary appointed ?
Every Singapore company needs to get a Corporate Secretary sorted out within six months of incorporation. The sooner, the better.
Can I start trading straight away after incorporation ?
In a lot of cases, yes. But if your business needs industry specific licences or approvals, you'll need to sort those out before you can start doing your thing.
Do foreign entrepreneurs have any extra responsibilities after incorporation ?
Yeah - they do. Depending on how you're set up, foreign entrepreneurs may need to sort out resident director requirements, work passes, banking arrangements, and ongoing compliance.
What records do I need to keep a hold of after incorporation ?
You should be keeping proper accounting records, invoices, receipts, statutory registers, company resolutions, and any other documents that support your business doing its thing.
What happens if I miss a compliance deadline ?
Missing deadlines can get you into all sorts of trouble - late filing fees, penalties, or even regulatory action depending on the requirement involved.
Should I be managing compliance myself or using professional services ?
A lot of businesses use professional advisers because they help keep track of deadlines, keep your company records in order, and reduce the risk of getting compliance wrong.
Why do businesses use professional incorporation firms ?
Lots of entrepreneurs choose to use a company incorporation services Singapore because they offer help not just with the actual incorporation, but also with post-incorporation compliance, corporate secretarial support, ongoing business advisory & accounting and regulatory filings.