Key Steps to Take After Setting Up Your New Company in Singapore: A Must-Read Guide

Starting a business in Singapore is an exciting achievement, but addressing the crucial follow-up steps is essential for establishing seamless operations. This guide outlines the vital actions you need to take to meet post-incorporation requirements in Singapore, ensuring compliance, financial health, and long-term success.

1. Appoint a Company Secretary: An Essential Compliance Step

Timeframe: Within 6 months of incorporation

Mandate by: Accounting and Corporate Regulatory Authority (ACRA)

Meeting post-incorporation requirements in Singapore involves appointing a company secretary to maintain corporate compliance.

Their responsibilities include:

• Informing directors and shareholders of their legal obligations, such as annual return filings.

• Preparing and maintaining minutes of meetings.

• Keeping up with and informing management about changes in corporate regulations.

  
  

Consequences of Non-Compliance: Failure to appoint a company secretary can lead to penalties of up to S$1,000 for directors.

2. Hire an Accountant: A Strategic Choice for Financial Health

Requirement: Optional but highly recommended

Hiring an accountant is a strategic step to comply with post-incorporation requirements in Singapore and safeguard financial health. An accountant can:

• Keep accurate financial records.

• Prepare financial statements and reports.

• Ensure adherence to financial regulations.

• Assist in budgeting and strategic financial planning.

• Manage tax and GST returns efficiently.

  
  

Pro Tip: Partnering with professional accountants early on can ensure your business’s financial operations remain error-free and compliant.

3. Engage a Tax Agent: Navigate Singapore’s Tax Laws with Confidence

Regulatory Requirement: Timely tax filing is a must to avoid penalties.

A key post-incorporation requirement in Singapore is timely and accurate tax filing. A tax agent can:

• Prepare and submit Estimated Chargeable Income (ECI) and Form C tax returns.

• Offer tax planning and optimization.

• Represent your business in case of disputes or queries from the Inland Revenue Authority of Singapore (IRAS).

Consequences of Late or Incorrect Filings:

• Penalties and fines.

• Section 65B(3) notices requiring directors to provide missing information.

• Possible legal actions against the company or its directors.

4. Know When to Appoint an Auditor: Singapore Audit Requirements Explained

Audit Requirement: Applicable to companies that do not qualify for audit exemption.

Understanding audit requirements is an essential part of meeting post-incorporation requirements in Singapore.

Audit Exemption Criteria:

• Annual revenue of S$10 million or less.

• Total assets of S$10 million or less.

• Fewer than 50 employees over the last two financial years.

Auditor’s Role:

• Examining financial statements for accuracy and compliance.

• Providing an audit report assessing the company’s financial health.

• Identifying potential financial risks and suggesting improvements.

  
  

Conclusion

Successfully navigating post-incorporation requirements in Singapore is crucial for sustainable business growth. From appointing a company secretary to engaging professional accountants, tax agents, and auditors, these steps create the foundation for a compliant and thriving company. Addressing these key areas ensures that your business meets all regulatory obligations and is well-positioned for long-term success.

At KBW Group, we offer comprehensive, one-stop professional services tailored to your business needs. Whether you need assistance with company secretarial duties, accounting, tax planning, audit services, HR solutions, or cloud software integration, our experienced team is here to help you every step of the way.

Contact us today to see how we can simplify your business processes and ensure seamless compliance. With KBW Group, you can focus on growing your business while we handle the complexities.