What is Next? Procedures after Incorporation of Company
Sep 20
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Procedures after Incorporation of Company
Congratulations on your company registration!
Successfully incorporating your Singapore company marks a significant milestone, but it's merely the first step in establishing a compliant and operational business. The post-incorporation phase involves a series of critical procedures and deadlines that determine your company's regulatory standing and operational capability.
Understanding these chronological requirements ensures smooth business operations while avoiding costly penalties and compliance issues that could jeopardize your company's future.
Immediate Actions: First 30 Days After Incorporation
Securing Essential Company Documents
Upon receiving confirmation of incorporation from ACRA, your first priority is securing and organizing critical company documents. The Certificate of Incorporation arrives as an electronic notification containing your company's unique business registration number (UEN). This document serves as your company's official certificate of incorporation and will be required for virtually every business transaction.
Simultaneously, ACRA provides a Business Profile (BizFile) containing comprehensive company information, including registration details, principal activities, paid-up capital, registered address, and stakeholder information. This document functions as your company's official identity card and is frequently requested by banks, government agencies, and business partners.
Our corporate secretarial services ensure you receive these documents promptly and maintain accurate records throughout your company's lifecycle. We help organize your corporate documentation and provide guidance on proper document management procedures.
Opening a Corporate Bank Account
Opening a corporate bank account should commence immediately after incorporation, as this process typically requires 2-6 weeks for completion. Local companies with Singaporean directors may complete the process within 1-2 weeks using digital banking platforms and SingPass authentication. Foreign-owned companies face enhanced due diligence requirements extending the timeline to 4-6 weeks.
Required documentation includes:
Certified copies of the Certificate of Incorporation and the Company Constitution
Latest ACRA business profile
Identification documents for all directors and shareholders
Proof of residential addresses
Business plans and projected transaction volumes
Singapore banks now emphasize tax substance verification, requiring evidence of genuine local business operations. This includes local suppliers, employees with CPF contributions, or operational activities demonstrating economic substance.
Opening a business account is essential to ensure clarity for future accounting and tax documentation. Select a bank of your choice, taking into account whether you require multicurrency accounts. Otherwise, bank charges and customer support are usually the deciding factors for selecting a bank. For local entrepreneurs, DBS Bank, UOB Bank, and OCBC Bank are amongst the many banks that offer a smooth account opening process.
Business Administration
If you do not have an external corporate service provider acting as your company secretary, ensure that you maintain your company's business profile, company registrar, constitution, memorandum, articles of association, share certificates, and company seal (if applicable).
Of course, you may appoint a corporate service provider who is experienced in assisting you with business administrative matters. Otherwise, do bear in mind that this position cannot be vacant for more than 6 months after incorporation.
Day 30 to 60: Establishing Operational Framework
Business Licenses and Permit Requirements
Depending on your business activities, specific licenses or permits may be required before commencing operations. While most businesses operate without special licenses, regulated industries are required to obtain the necessary approvals.
Common licensing requirements include:
Educational institutions require MOE approval
Travel agencies need STB licensing
Real estate agencies must secure IRAS licensing
Financial services require MAS authorization
Food establishments need health department permits
The GoBusiness Licensing Portal provides comprehensive guidance on industry-specific requirements and streamlines the application process. Some licensing approvals may take several months, making early application essential for a timely business launch.
Our regulatory advisory services help identify applicable licensing requirements and guide you through the application process, ensuring compliance with all industry-specific regulations.
Getting Operationally Ready - Staffing
With your bank account in place and well settled into your registered office or premises, it is time to be operationally ready. This is usually the time when you finalise and execute the operations of your business. Apart from ensuring that all the hardware (equipment, machinery, computers, and apparatus) is in place, do not forget that all businesses are run by humans.
For certain industries, you may be required to refer to the Ministry of Manpower for hiring. In contrast, others will require a recruitment and onboarding process to comply with statutory regulations. From employment contracts and employee handbooks to CPF (Central Provident Fund) compliance, the human resource function will require significant emphasis.
At OakTree, our professional Human Resource Outsourcing services seek to help you with all functions of HR. We offer templates, hiring guides, payroll outsourcing solutions, work pass applications (employment passes), and talent recruitment services for your business entity.
Insurance
It is also essential for companies to start exploring insurance options to protect themselves. For certain industries, insurance policies may be required before a business is operational. There may also be a need for specialized insurance policies, such as professional indemnity, public liability, or workers' compensation insurance.
At OakTree Accounting, although we are not a licensed insurance broker, we partner with a strong team of insurance brokers who can recommend the right option for you. Our clients can leverage our extensive network for a comprehensive suite of business solutions, ensuring that everything is within reach.
GST Registration Considerations
If your company anticipates annual revenue exceeding S$1 million, GST registration becomes mandatory within 30 days of reaching this threshold. However, voluntary registration is permitted for companies expecting to qualify, providing input tax credit benefits.
GST registration entails ongoing compliance obligations, including quarterly returns and maintaining detailed transaction records. Early planning helps establish proper accounting systems and procedures to manage these requirements effectively.
Month 2-6: Corporate Secretary Appointment (Critical Deadline)
Mandatory Corporate Secretary Requirement
All Singapore companies are required to appoint a corporate secretary within six months of incorporation. This represents one of the most critical post-incorporation deadlines, with penalties of up to S$1,000 for directors who fail to fill the position within six months.
The corporate secretary must be a natural person ordinarily resident in Singapore. This includes Singapore citizens, permanent residents, or eligible pass holders. If your company has only one director, that person cannot simultaneously serve as the corporate secretary.
Corporate secretary responsibilities include:
Maintaining statutory registers and records
Filing annual returns and regulatory documents
Recording and filing board resolutions
Ensuring ongoing compliance with Companies Act requirements
Coordinating board meetings and shareholder communications
Our professional corporate secretarial services provide qualified, experienced corporate secretaries who ensure full compliance with statutory requirements. We handle all administrative obligations, allowing you to focus on business operations while maintaining regulatory compliance.
Establishing Accounting Procedures
It is essential to ensure that your business's accounting is done accurately. While there is no hard deadline for a company to establish its accounting procedures, having a system in place to track and record its business transactions is a critical post-incorporation process. After the flurry of events setting up the business, it is always ideal to have a good accounting and payroll support for the following purposes:
1) Compliance with statutory regulations - Tax Returns and annual return filing are statutory regulations that are founded on accounting records.
2) Payroll compliance - Ensure your payroll and HR practices conform to statutory regulations
3) Having good accounting records allows you to work within budget, track your expenses, and understand cash flow patterns.
Our bookkeeping and accounting services ensure accurate record maintenance and provide regular financial reporting to support informed business decisions. We establish robust accounting systems from inception, preventing compliance issues and supporting business growth.
Months 6-12: Ongoing Compliance Framework, Planning & Expansion
Record Keeping and Register Maintenance
Companies must maintain various statutory registers, including shareholders, directors, secretaries, and charges. These records must be current and available for inspection at the registered office. Proper maintenance helps prevent compliance issues during regulatory reviews and audit processes.
Incentives and Tax Planning
Companies in certain industries may be eligible for sector-specific tax incentives. Business entities may also consider tax planning early to foresee their tax position, optimise tax positions, anticipate and rectify potential tax issues, and remain tax compliant.
Employment and Payroll Compliance
When hiring employees, companies must register with CPF and establish a payroll system within one month of the first day of employment. Certain companies, such as service-based firms, may see the need for hiring much later than labour-intensive industries.
Our HR outsourcing and payroll services handle all employment-related compliance, from CPF registration to monthly payroll processing, ensuring accuracy and adherence to regulations for statutory submissions.
Months 12-18: First Year Compliance Milestones
Accounting for the year
It is time to review your first year's performance. Many business owners are so overwhelmed with their business operations and had negleted on the importance of accounting. Most corporate service provider offer monthly, quarterly or yearly accounting packages that can assist you with the financial statements preparation but without the hassle.
For a newly incorporated company and a young entrepreneur, it is advisable to partner a firm that deliver more than just financial statements. What you would need are likely to be advice derived from financial figures, consultation on future plans from a financial standpoint and having the right guage of your firm's financial performance. Our OakTree partners go way beyond furnishing financial statements and would be happy to engage our clients periodically should you require advice.
Annual General Meeting Requirements
Companies must hold their first Annual General Meeting (AGM) within 18 months of incorporation. Subsequent AGMs must occur within 15 months of the previous meeting. The AGM serves to present financial statements and conduct essential corporate governance functions.
For companies with a financial year ending on or after August 31, 2018, AGMs must be held within six months after the end of the financial year for private companies and within four months for public companies.
Annual Return Filing
Annual returns must be filed with ACRA within 30 days of the AGM or seven months after the financial year end, whichever is earlier. Late filing incurs progressive penalties starting at S$300.
Annual return components include:
Updated company particulars and officer details
Financial statements in XBRL format
Auditor's report (if required)
AGM resolutions and declarations
ECI Filing / Corporate Tax Filing
The Estimated Chargeable Income (ECI) Filing is to be done three months after the end of the financial year. The estimated chargeable income is computed based on accounting records and should be filed directly on the IRAS (Inland Revenue Authority of Singapore) portal.
Corporate Income Tax returns must be filed with IRAS by November 30 each year. Companies benefit from various tax exemptions including Start-up Tax Exemption (SUTE) and Partial Tax Exemption (PTE) schemes.
Our comprehensive tax advisory services optimize your tax position through strategic planning while ensuring full compliance with filing requirements and deadlines.
Professional Support for Post-Incorporation Success
Managing post-incorporation requirements demands expertise in corporate law, accounting standards, and regulatory compliance. The complexity increases significantly as businesses grow and face evolving requirements.
Our integrated corporate solutions include:
Complete corporate secretarial services ensuring statutory compliance
Ongoing regulatory guidance and support
Contact our experienced team today to discuss comprehensive post-incorporation support tailored to your business needs. We provide end-to-end solutions that maintain compliance while supporting operational efficiency and business growth.
Our proactive approach anticipates compliance requirements and implements systems to manage ongoing obligations seamlessly. From corporate secretary appointment to annual return filing, we ensure your company meets every deadline while optimizing operational effectiveness.
Partner with us to transform post-incorporation complexity into streamlined compliance management, allowing you to focus on building and growing your business with confidence in your regulatory standing. Speak to OakTree team now!
DISCLAIMER: The views and opinions expressed in this article are those of the author and do not necessarily represent the views and opinions of any individuals or organizations with which the author may be affiliated, either in a professional or personal capacity, unless explicitly stated.
