Fast Facts about Formalities to be Done After Company Incorporation Singapore

The onus of fulfilling legal formalities does not end with the process of company incorporation Singapore. The real game begins afterward only. Yes, you heard it right. The task of company incorporation in Singapore is not as easy and simple as you have assumed. The job of running the business can be little tricky and challenging if you are not fully aware of the post-incorporation formalities.

 

The good news is that all your burden and worries could be outsourced to some incorporation services Singapore. The professionals of the firms assist their clients right from the start to finish of the incorporation process. Fortunately, the good firms offer all allied services related to business. So, if you hire a good incorporation specialist, you will be in peace of mind knowing that your post-incorporation formalities are being carried out perfectly. Nevertheless, it is always wise to be aware of all aspects related to your business.

Following are the post-incorporation formalities that you must meet to sustain your company in the local jurisdiction:

  • Upon company incorporation Singapore, your registered office must be kept open and accessible to the public for at least three hours per day between 9 am to 5 pm on business days.
  • It is mandatory to appoint an auditor within three months of company incorporation unless your company falls under the concept of “Small Company.”

A small company is referred to a company it meets any two of the below-stated conditions:

  • The number of employee is not more than 50;
  • Your revenue is below S$10 million; and
  • The asset values of your company are below S$10 million.
  • Every company must appoint a company secretary within six months from its incorporation. He has to be an ordinary resident of Singapore (Citizen, PR or holder of Employment Pass). The person must be well versed with the rules and regulations of the local jurisdiction.
  • Opening a corporate bank account in any of the major banks in Singapore is mandatory after company incorporation in Singapore. You may take the assistance of incorporation services for handling the bank account opening activities.
  • It is a statutory requirement to print the company registration number (UEN) on all official documents such as company letterheads, invoices, official notices, publications, etc.
  • The common seal of your company must be kept under the safe custody of the corporate secretary. It is mandatory requirement to have a common seal of the company.
  • Your company may require obtaining business license or permits based on the industry you will operate in. It is better to take the advice of the professionals or experts in his concern.
  • GST registration is compulsory as long as your expected annual turnover exceeds the threshold of SGD 1 Million. The current rate of GST (Goods & Services Tax) Singapore is 7%.
  • Obtaining the CPF submission number is required. Every employer must contribute an amount to CPF board on behalf of every local Singaporean employee of his organization.

Make sure to follow the statutory obligations of the authority to avoid any legal issue in the very nascent stage of your company incorporation Singapore.

 

Contact Info:

SBS Consulting Pte Ltd

Visit: https://www.sbsgroup.com.sg/

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg