Things to Do After Incorporation of Your Singapore Company

If you want your business up and running in Singapore, then the first and foremost thing you have to do is apply for company incorporation to ACRA. But things do not end here. You must take various steps to ensure your business runs smoothly without hiccups. If you don't know what to do next after Company Incorporation Singapore, we have curated some post-incorporated tasks that you need to complete!

List of Important Things to Do After Incorporation

• Schedule a First Board Meeting

After company registration, its director's responsibility to pass the first board resolution in which they cover the following documentation:

1. Adopting the constitution of the company.
2. Release share certificates.
3. Company seal.
4. Designate company officers like company secretaries, auditors etc.
5. Verify the registered company address.
6. Specify the first financial year-end.
7. Apply to open corporate bank accounts

These are the following things you have to accomplish next after incorporation.

• Company Seal

Another term for company seal is "common seal". The company seal holds the company name and registration number used to endorse official documents. In Singapore, many companies use it for various purposes, such as:

1. Certify official documents like a share certificate.
2. Verification and execution documents such as contracts or deeds.
3. Communicating government and other legal information stipulated by the law.

• Specify Financial Year End for the Company

The board of members has to specify the company's financial year-end date. Afterwards, you must file various annual reports with IRAS and ACRA yearly. The company's financial year-end will determine the dates and deadlines for submitting these reports.

If you don't specify the financial year-end date, then it will have a direct impact on these tasks:

1. Filing for Estimated Chargeable Income (ECI)
2. Submitting Annual Reports
3. Holding the Annual General Meeting

• Appoint a Company Secretary

A Company Secretary Singapore must be appointed within 6 months of company incorporation. They are responsible for administrative tasks such as drafting or notifying the changes regarding the company's name, structure, or board of directors. In addition, when the annual filing and general meetings are due, they must notify the shareholders and directors.

• Hire an Auditor

An auditor is a public accountant responsible for your company's reporting standards. You have to appoint an auditor for your company within 3 months of incorporation, depending on the type of your business you are operating. Small enterprises are discharged from this requirement.

• Issue Share Certificates

The share certificate is issued to the shareholders that certify the ownership in the number of shares issued by an enterprise. This will aid you in keeping a record of how many shares you have issued in total, how many you issue to the shareholders and the number of shares you have kept as a company owner. This data will be considered valuable in the future for financial purposes.

• Apply for Business License

You must apply for essential licenses and permits before commencing business operations. In addition, they must communicate with appropriate Singaporean agencies like customs, HDB, URA, etc.

• Organize Accounting System

In Singapore, it is stated by the law to maintain your accounting books up-to-date by following the Singapore Accounting Standards. Therefore, you must keep all the profits and expenses accounts from the first day of company registration. In addition, it will inform you about the business's profitability and your company's financial status.

• Maintain Statutory Books

Statutory books are the legal records of the company that are maintained at the registered office. The company secretary is responsible for setting up the statutory books after the company's incorporation.

The list of necessary documents maintained in your company statutory books:-

1. Information regarding the company's directors, auditors, or secretaries, including registration and resignation dates.
2. Shareholders information
3. Minutes of meetings
4. The resolution passed in the annual general meeting.
5. Information on fixed and floating charges and debentures is used to secure any loan for the company.

• Open Corporate Bank Account for Company

There are several local and international banks available in Singapore. You can select a bank according to your business account type, need, size, minimum balance, monthly charges, etc. Opening a corporate bank account will provide you with smooth-running cash flows.

• Set Up Company Office

You have to establish a space where you can work in Singapore. It means you must find the office space to rent or buy in Singapore after signing the necessary contracts on behalf of the company's name.

Now you know all post-incorporation tasks you must complete right after incorporation. If you need assistance to complete these tasks, you can take advantage of BT Consultants, Company Setup Services Singapore.