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An incorporated company in Singapore must meet specific requirements to ensure compliance with laws and regulations. This includes, but is not limited to: opening up a corporate bank account, appointing a corporate secretary, setting up accounting services, hiring employees, and more.
Some of these requirements are easy to complete, while others can be more challenging, often requiring guidance from professionals. If you have incorporated a company in Singapore and need help with the next steps, you’ve reached the right place!
Here’s What You Need to Do After Incorporating Your Company in Singapore
Setting up Corppass
After you incorporate your company, you must register for Corppass—an authorisation system that allows you to manage the digital service access of employees who complete corporate transactions. For more information on how to register for Corppass, click here.
Opening a Corporate Bank Account
To conduct business in Singapore, you must open a bank account. Fortunately, there are many international banks that a company can choose from to do so.
To open a corporate bank account in Singapore, a bank requires the following items:
- The Company’s Bizfile
- The Company Constitution (Previously known as the Memorandum and Association)
- A board resolution for the opening of the bank account (this is usually provided by the bank)
- Proof of identity from beneficiaries
- Presence of account signatories and directors (some banks offer virtual onboarding for foreigners on a case-by-case basis)
- The banks will have their own Know-Your-Client (KYC) forms to be filled up
After opening the bank account, shareholders must deposit their share capital towards the company’s initial capital. For more information, you can check out our guide here.
Opening a Digital Business Account
While opening traditional corporate bank accounts may provide a sense of security, the lengthy processing times of up to 5 business days, and even longer for foreign directors, can be a major setback. As entrepreneurs, we know that time is money, and every second counts when it comes to getting your business up and running.
That's where digital business accounts come into play. They offer a refreshing alternative, allowing you to skip the visits to bank premises. With a few simple steps, you can upload digital copies of your official business documents and identification to the service provider. In just 1-2 business days, you'll receive the approval you need. This streamlined process saves you a staggering 259,200 seconds of your valuable time. It's truly mind-blowing!
But there's more to digital business accounts than just expense tracking. Let's take a look at Grof, our latest business account, as an example. With Grof, you can enjoy up to 70% savings on foreign exchange rates when securely making local and overseas transfers to over 190 destinations. Additionally, you can generate statements in seconds, seamlessly manage records, and effortlessly track expenses. And that's not all! Exciting features such as corporate cards, seamless bill payments, enhanced document management, and more are on the horizon.
The best part? All of this comes at no cost to you. There are no monthly fees, and no minimum balance is required. In addition, we will be offering personal onboarding calls to ensure a seamless sign-up process. However, it's important to note that not all services out there offer such incredible benefits. So, for anyone who seeks to experience the future of hassle-free business banking, start now.
Appointing a Corporate Secretary in Singapore
According to the Singapore Companies Act, a business must appoint a company secretary within six months of the company’s incorporation. A company secretary is responsible for all administrative duties, including keeping records of and filing of any changes made to the company.
If the company has only one director, the company cannot appoint the director as the secretary. A company secretary must meet the following requirements:
- The secretary must be a natural person and be a resident in Singapore
- For public companies, the secretary must be a professionally qualified secretary (e.g. lawyers, accountants and chartered secretaries)
It is best to appoint a secretary immediately after incorporating a company, as many legal formalities and statutory requirements follow incorporation, requiring an experienced secretary's expertise.
When you set up a company, it is critical that you hire an accounting service to take care of financial statement compilation and to keep track of your company’s expenses and income. Accounting is essential for financial management, profitability, and tax regulations.
To abide by Singapore's tax laws, your company must maintain accurate financial records of all transactions. Consult with your accounting executive about selecting an accounting software immediately after incorporating your company and before completing any transactions.
If you do not need full-time accounting staff in the early stages of your business, outsourcing accounting services in Singapore is something you should consider.
Getting a Business License
Depending on your company's industry, you may have to obtain a business license to begin your operations. Some industries that require a business license include:
Applying for a Singapore business license is a relatively simple process as long as you meet all the necessary licensing requirements. A corporate services firm like Sprout Asia can do all the work to help you fulfil the requirements to attain a business license.
After incorporating your company, you will likely need to hire employees. It is essential to familiarise yourself with Singapore employment regulations to ensure that you comply with the Employment Act and the Employment of Foreign Manpower Act if your company is planning on hiring foreigners. You should also remember the employment contracts and statutory filings such as Central Provident Fund (CPF) and Skills Development Levy (SDL) for your employees.
Registering for Goods and Service Tax
Your business must register for GST if your company’s taxable turnover for the past four quarters is over $1 million or if it expects its taxable turnover to go over $1 million in 12 months.
Keeping Your Company in Good Standing
After incorporating your company in Singapore, it is essential to meet specific requirements in a timely manner to ensure your company remains in good standing. Stay current and informed on all requirements, laws, and regulations after incorporation to ensure that your company runs successfully.
At Sprout, we are dedicated to helping businesses incorporate and grow. We provide company formation services and guidance through the registration of a Singapore company. Find out more about our services here.