5 Things to do After Company Incorporation Singapore
Once you are done with your company incorporation Singapore formalities with ACRA (Accounting & Corporate Regulatory Authority), you must take care of the few things prior to commencing the business activities.
Technically, you have to fulfill a few post-incorporation formalities to keep the business compliant with the set of statutory obligations laid down by the authorities. Below are some of the incorporation formalities that one must fulfill in order to legitimate his company incorporation in Singapore. You can also ask one of the incorporation services Singapore for the assistance.
Get the Certificate of Company Incorporation in Singapore
The Company Registrar, i.e., ACRA (Accounting &Corporate Regulatory Authority) will send the certificate of company incorporation to your registered email id. The soft-copy of the certificate is treated as the official copy, and it includes company’s registration number which is also called as Unique Entity Number (UEN). Once you receive the certificate, you are legally allowed to commence business in Singapore.
Hire a Company Secretary
As per the legal compliance of ACRA, every company must at least appoint a company secretarial services within six months of company incorporation. You can also meet the requirement at the time of company incorporation Singapore. No matter what, make sure to fulfill the requirement. He/she must have good knowledge of Singapore Companies Act. Essentially, the person must be a local resident of the company.
A Corporate Bank Account must be opened
As per the rule of the authority, you must open a corporate bank account in any of the major banks in Singapore such as HSBC, Standard Chartered, DBS, Citibank, OCBC, etc. The physical presence of the authorized person is needed during the opening of the bank in many of the major banks in the city-state. You will be using this corporate bank account for doing financial activities of the business. The statement of this bank account is used as a vital element of the company’s annual financial report.
GST (Goods & Services Tax) Registration
Goods and Services Tax (GST) registration is compulsory for the businesses earning actual or expected annual revenue beyond S$1Million. Since your company incorporation in Singapore is new, you just can anticipate the annual income on a retrospective basis. You can file GST return on a quarterly basis with the Singapore tax authority. The current rate of GST is 7%, and you must charge the amount to the customers of your products and services.
Secure the Business Licenses & Permits
A few sections of Singapore businesses are mandated by the law to secure business licenses and permits. It includes restaurants, travel agencies, financial services, educations centers, trading (Import/Export of goods), etc. If your business falls in any of these types of industry, you must obtain the business licenses and permits prior to commencing the business.
Besides these five things, you must consider few more things to remain compliant with the law. Upon company incorporation Singapore, your registered office must remain open for public for at least 3 hours per day on the business days. Also, you must print the UEN of your company on all communication documents such as Letterheads, invoices, brochures, newsletter, notices, etc. If you wish to have a smooth sailing experience in business, be sure to adhere to these post-incorporation formalities. You may also take the help of incorporation services Singapore in this concern.
Contact us:
SBS Consulting Pte. Ltd.
Phone:+65-6536 0036
Email: info@sbsgroup.com.sg
