Post-Company Registration Steps in Singapore You Need to Know

Starting a business in Singapore is an exciting journey, but the process doesn’t end with company registration. After successfully incorporating your company, there are several post-company registration steps you must take to ensure compliance, operational efficiency, and long-term success. This guide outlines the essential tasks and best practices to follow after registering your company in Singapore.

1. Issuing Share Certificates

Once your company is registered, you must issue share certificates to shareholders. These certificates serve as legal proof of ownership and are crucial for maintaining transparency and avoiding disputes.

• Key Points:
• Share certificates should include details like the shareholder’s name, number of shares, and class of shares.
• They must be signed by the company secretary or director.
• Failure to issue share certificates can lead to legal complications .

2. Opening a Corporate Bank Account

A corporate bank account is essential for managing your company’s finances. It separates personal and business funds, ensuring financial transparency and compliance.

• Steps to Open an Account:
• Choose a bank that aligns with your business needs (e.g., DBS, OCBC, UOB).
• Prepare required documents, such as the Certificate of Incorporation, Business Profile, and identification details of directors and shareholders.
• Some banks may require a physical presence, while others offer remote account opening options .

3. Registering for Goods and Services Tax (GST)

If your company’s annual revenue exceeds S$1 million, you must register for GST. This is a mandatory requirement under Singapore’s tax laws.

• Benefits of GST Registration:
• Allows your business to claim input tax credits on expenses.
• Enhances credibility with clients and suppliers.
• Registration must be completed within 30 days of exceeding the revenue threshold .

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 (e.g., shareholders, directors).
• Ensuring compliance with corporate governance standards.
• Outsourcing this role to professional firms can save time and ensure accuracy .

5. Maintaining Statutory Registers

Your company must maintain statutory registers to comply with Singapore’s regulatory requirements. These include:

• Register of Shareholders: Tracks ownership changes.
• Register of Directors: Records appointments and resignations.
• Register of Charges: Documents company liabilities.
• Keeping these registers up-to-date is crucial for audits and legal compliance .

6. Preparing Financial Statements

All companies in Singapore must prepare financial statements in accordance with the Singapore Financial Reporting Standards (SFRS).

• Key Requirements:
• Financial statements must be submitted annually to ACRA and IRAS.
• Larger companies may require audits, while smaller companies may qualify for exemptions.
• Accurate financial reporting is essential for tax filings and investor confidence .

7. Filing Annual Returns with ACRA

Filing annual returns is a mandatory requirement for all Singapore companies.

• Key Points:
• Annual returns must be filed within one month of the Annual General Meeting (AGM).
• The AGM must be held within 18 months of incorporation and annually thereafter.
• Failure to file annual returns can result in penalties or even company deregistration .

8. Registering for Corporate Taxes

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

• Tax Incentives:
• Newly registered companies can benefit from the Start-Up Tax Exemption Scheme, which offers up to 75% tax exemption on the first S$100,000 of chargeable income for the first three years.
• Corporate tax returns must be submitted annually by November 30 of the following year .

9. Applying for Business Licenses

Depending on your business activities, you may need to apply for business licenses or permits.

• Common Industries Requiring Licenses:
• Food and Beverage
• Financial Services
• Education
• Healthcare
• Travel Agency
• Ensure all necessary licenses are obtained before commencing operations .

10. Ensuring KYC Compliance

Singapore has strict Know Your Customer (KYC) regulations to prevent money laundering and terrorist financing.

• Required Documents:
• Identification details of directors and shareholders.
• Proof of address and business activities.
• Compliance with KYC requirements is essential for opening bank accounts and maintaining good standing .

Best Practices for Post-Registration Compliance

1. Stay Informed: Regularly check updates from ACRA and IRAS to stay compliant with regulatory changes.
2. Engage Professionals: Hire a company secretary or corporate service provider to handle compliance tasks.
3. Leverage Technology: Use digital tools for financial reporting, document management, and compliance tracking.
4. Plan Ahead: Schedule key deadlines (e.g., AGMs, tax filings) to avoid last-minute rushes.
5. Maintain Records: Keep all documents (e.g., share certificates, financial statements) organized and accessible.

Singapore Post-Company Registration Steps

Completing the post-registration steps for your Singapore company is crucial for ensuring compliance, operational efficiency, and long-term success. By following this guide and leveraging professional services, you can navigate the regulatory landscape with confidence and focus on growing your business.

For more information or assistance with your post-registration requirements, consult trusted corporate service providers like Vero, who specialize in helping businesses thrive in Singapore’s dynamic environment .