Congratulations! Your company is officially registered. The name’s approved, the documents are filed, and you’re ready to take on the world. But hold on—incorporation is just the beginning. To operate legally and efficiently, there are critical steps to tackle next. Here’s a clear guide to what comes after incorporation.
1. Open a Corporate Bank Account
Mixing personal and business finances is a recipe for trouble. A corporate bank account is a must to keep things legal and organized.
Banks typically require:
- Incorporation certificate and company constitution
- A board resolution approving the account opening
- IDs for directors, shareholders, and authorized signatories
- Proof of business address (e.g., a tenancy agreement)
Some banks may insist on an in-person visit, even for solo founders. When choosing a bank, consider transaction fees, digital banking features, and customer support quality. A secretarial services provider can streamline this process, recommending banks known for efficiency and guiding you through the paperwork.
2. Secure Necessary Business Licenses
Not all businesses need licenses, but certain sectors—like food and beverage, education, or finance—have specific requirements. Operating without the right permits can lead to fines or even forced closure.
For example:
- A café needs food safety and premises licenses.
- A financial advisory firm may require a license from the Monetary Authority.
- A childcare center needs approval from the Early Childhood Development Agency.
Licensing rules vary and can be complex. Checking requirements early is key. Company secretarial services can help identify what licenses your business needs and assist with applications, ensuring you stay compliant.
3. Register for GST (If Applicable)
In Singapore, Goods and Services Tax (GST) registration is mandatory if your business:
- Generates over S$1 million in taxable turnover in the past year, or
- Is expected to exceed S$1 million in the next 12 months.
You can also register voluntarily if your turnover is lower, which may appeal to businesses working with other GST-registered companies or aiming to project a professional image.
GST registration means:
- Adding 9% GST to your invoices
- Filing periodic GST returns
- Maintaining detailed records of taxable transactions
Mistakes in GST compliance can lead to hefty penalties. A secretarial services provider or accountant can help set up your GST processes correctly, saving you from last-minute scrambles.
4. Get Compliance Fundamentals Right
Post-incorporation compliance involves routine but essential tasks. These include:
- Appointing a company secretary within six months (a legal requirement in Singapore)
- Issuing share certificates to shareholders
- Filing your first annual return with ACRA
- Maintaining a register of significant controllers (those who control the company)
These tasks may seem minor, but neglecting them can attract regulatory scrutiny. A reliable corporate secretarial services team proactively manages these obligations, keeping your records clean and compliant from the start.
5. Establish Accounting and Payroll Systems
Setting up proper accounting early prevents chaos during tax season. Without a system, you risk errors, missed deductions, or penalties.
Choose a simple accounting tool or hire a bookkeeper to track income, expenses, and receipts. If you have employees, payroll is another priority. This includes:
- Calculating CPF contributions
- Issuing itemized payslips
- Handling tax withholdings
Your secretarial services provider may offer accounting support or connect you with trusted professionals to get this right.
6. Keep Up with Documentation
As your business grows, administrative tasks multiply. Every decision—board resolutions, share transfers, or loan agreements—needs proper documentation. This isn’t just busywork; it’s critical for audits, loan applications, or potential business sales.
For instance, if you’re seeking investment, investors will scrutinize your records. A corporate secretarial services team ensures your documentation is thorough and up-to-date, saving you headaches down the road.
Final Note: Partner for Success
Launching a business is exhilarating, but the post-incorporation phase—bank accounts, licenses, GST, and compliance—determines whether you thrive or get bogged down by red tape. You don’t need to master every detail, but you do need support from experts.
A secretarial services provider is your ally here, handling compliance, flagging deadlines, and ensuring your business is built on a solid foundation. Focus on growing your company, and let professionals manage the administrative heavy lifting.
