Incorporating your business is a significant achievement, but it is merely the first step in your entrepreneurial journey. Upon completing the incorporation process, you should follow through on several important post-incorporation steps. These subsequent steps are paramount for maintaining legal compliance and strategically positioning your company for sustained success in Singapore’s competitive business landscape.
This checklist can help guide you through the essential tasks that every new business owner must complete after the company incorporation process, covering business licensing, compliance, and more.
The Essential Post-Incorporation Checklist
1. Securing Necessary Business Licences and Permits
Once your company is incorporated, it’s essential to determine whether your business requires any specific licences or permits. Certain industries in Singapore are regulated by specific authorities, meaning businesses operating in these sectors must secure the appropriate approvals. For example:
- Private schools need approval from the Ministry of Education (MOE).
- Travel agencies require licensing from the Singapore Tourism Board.
- Moneylenders and banks must seek approval from the Monetary Authority of Singapore (MAS).
- Real estate agencies must have a licence from the Inland Revenue Authority of Singapore (IRAS).
To identify the licences you need, visit Singapore’s GoBusiness Licensing Portal, where you can apply for various licences online. Each industry has different requirements, so it’s essential to research the relevant authorities to ensure full compliance.
The licensing process can vary in length, so it’s crucial to start as soon as your business is incorporated to avoid any operational delays. Learn more about how to obtain special permits and licences in Singapore.
2. Setting Up Corporate Bank Accounts
While obtaining the right licences for your business, you should also open a corporate bank account for your business. Separating your personal accounts with your business finances is key to maintaining clear records and ensuring financial transparency.
When choosing a bank, consider factors such as account fees, transaction limits, and digital banking capabilities. Typically, you’ll need to provide the following requirements when opening your corporate account:
- Certificate of incorporation
- Business profile
- Proof of identity and address of directors and shareholders
- Minimum initial deposit
Having a corporate account simplifies tax filing, makes audits easier, and adds credibility to your business.
3. Registering for GST
If your company’s projected annual turnover is beyond S$1 million, you are required to register for Goods and Services Tax (GST). This tax applies to most goods and services sold in Singapore, and it is crucial for businesses that meet the threshold to stay compliant.
To register, you can apply online through IRAS’s e-Services portal. Once registered, you’ll need to charge GST on your goods and services, file regular returns, and remit the tax collected to the government.
Even if your turnover is below the threshold, voluntary GST registration can often be beneficial, particularly if your company deals primarily with GST-registered clients or incurs significant GST on business expenses.
4. Implementing Compliance Measures
Staying compliant with Singapore’s regulations is crucial, particularly when it comes to accounting and tax obligations. All Singapore companies must maintain accurate financial records and comply with the Singapore Financial Reporting Standards (SFRS).
To streamline this process, consider using accounting software such as Xero or QuickBooks, or engage a professional accountant for expert assistance. Some important compliance tasks include:
- Filing annual returns with ACRA (Accounting and Corporate Regulatory Authority)
- Submitting financial statements in accordance with SFRS
- Ensuring timely tax filings with IRAS
Should you fail to meet these obligations, it could lead to fines or penalties, so it’s essential to set up efficient compliance systems from the start. Partnering with a mid-tier accounting company can help you navigate these requirements.
5. Hiring Staff and Understanding Employment Law
When recruiting employees for your business, you should familiarise yourself with Singapore’s labour regulations, particularly the Employment Act. The Employment Act outlines key aspects such as Key Employment Terms (KET), working hours, minimum wage, rest days, and payslip requirements, all of which you need to adhere to as an employer.
Another critical part of the Employment Act is registering your employees with the Central Provident Fund (CPF). This government-mandated savings plan requires both employers and employees to make monthly contributions. As an employer, you must ensure proper CPF contributions and compliance with employment standards.
Beyond legal compliance, attracting and retaining top talent is vital for business growth. Seek individuals who not only possess the necessary skills and experience but also align with your company culture. In return, offer attractive compensation packages and foster a positive work environment where your employees feel valued, respected, and empowered to contribute to your business objectives. It’s important to remember that a motivated and engaged workforce can be a key driver of success.
6. Intellectual Property Protection
By protecting your intellectual property (IP), you can have an advantage in today’s competitive business landscape. Whether your business is built on a unique product, brand, or process, safeguarding your IP ensures that your innovations and assets are legally protected.
You can secure your IP by registering trademarks, patents, and copyrights with the Intellectual Property Office of Singapore (IPOS). The application process is essentially straightforward and can be completed online via their website. However, if you’re unsure about any part of the process or need guidance on protecting specific IP assets, consulting an IP lawyer or a specialist firm is highly recommended. This ensures your applications are comprehensive and meet legal requirements, providing full protection for your business’s intellectual property.
AG Singapore’s Role in Facilitating a Smooth Post-Incorporation Transition
The post-incorporation process can be complex, but AG Singapore offers comprehensive support to guide new businesses through each critical step. Our business incorporation services go beyond simply registering your company and getting a certificate of incorporation. We ensure your business is set up for long-term success.
Our services include:
- Assistance with applying for the necessary business licences and permits
- Setting up corporate bank accounts
- Guidance on GST registration and filing requirements
- Implementation of compliance systems that align with local standards
- Support with employment matters and CPF registration
- Advice on protecting intellectual property through trademarks, patents, or copyrights
At AG Singapore, our mission is to ensure your business remains compliant, efficient, and ready for growth so you can focus on innovation and scaling your operations.
Stay Ahead with AG Singapore
Starting a business is only the beginning of your entrepreneurial journey. Ensuring compliance and establishing robust operational frameworks are also critical steps for long-term success. By adhering to the post-incorporation checklist, small businesses in Singapore can lay the foundation for sustainable growth and avoid costly errors that might hinder their progress.
At AG Singapore, we offer more than just expertise in company incorporation and accounting. We are also a trusted auditing firm that can help your business remain compliant with ever-evolving regulations. Our experienced professionals provide ongoing support, from advising you on how to set up efficient compliance systems to managing your financial and legal obligations.
Work with our team to ensure your business stays on track and thrives in Singapore’s dynamic business landscape.
