Once the Singapore company has been incorporated, what are the post incorporation issues I need to consider before I can start my company business activities?
After your Singapore company has been setup, you can start your business activities immediately. However, you may need to do the following if it is applicable to you.
- Open bank accounts. You may want to choose a bank that serves your corporate banking needs. i.e. Letter of credit, multi currency, location of the bank, banking hours, and check the other services they can offer you, etc.
- If your business requires one or more licenses, you may need to obtain the relevant licences first before you can commence your business activities.
- Register for Goods & Services Tax (GST) if necessary. The registration of GST is not mandatory unless your annual turnover exceeds S$1 million. We can help to register for GST, if you so require.
- If your company activities involves import and exports of goods, you will need to register and obtain a Central Registration (CR) number. The CR number is used in all import, export and transshipment permits, certificates and any other documents issued by the Singapore Customs. We can help obtain a CR number for your company if required.
- If you plan to hire any foreign employee including yourself, your company will need to apply for employment pass (EP) for that person. We can assist you with Employment Pass applications.
- If you intend to hire local employees (Singapore Citizens and Permanent Residents) you will need to open a CPF account with the Central Provident Fund (CPF) Board and a percentage of the local employees’ salaries will be contributed to this Board on a monthly basis as part of their retirement fund. For more details, please visit the CPF website. We can help you register your Company CPF account and manage your staff payroll, if required.
- You will need to decide on your company’s financial year end which can be any date within 18 months from the date of incorporation of your company.
- You will need to keep track of your income and expenses (bookkeeping) according to Singapore accounting standards. Depending upon the volume of transactions, we can provide bookkeeping services either on a weekly, monthly, quarterly or yearly accounting basis
Posted in: Company Incorporation FAQs