Once you have successfully incorporated your company in Singapore, there are a number of post-incorporation requirements that you need to comply with. These requirements are designed to ensure that your company is operated in a transparent and accountable manner, and that it meets all of its legal obligations.
1. Open a corporate bank account
One of the first things you need to do after incorporating your company is to open a corporate bank account. This will allow you to deposit and withdraw funds on behalf of your company, and to make payments to suppliers and employees.
To open a corporate bank account, you will need to provide the bank with a number of documents, including your company’s certificate of incorporation, Memorandum and Articles of Association, and resolutions appointing your directors and company secretary.
2. Appoint a company secretary
Within six months of incorporation, you must appoint a company secretary. The company secretary is responsible for ensuring that your company complies with all of its statutory obligations, including filing annual returns and holding board meetings.
The company secretary must be a natural person who is resident in Singapore. If you are unable to find a suitable candidate, you can appoint a professional corporate secretarial service provider.
3. Issue share certificates
If you have issued shares in your company, you must issue share certificates to your shareholders. Share certificates are legal documents that prove ownership of shares in a company.
To issue share certificates, you will need to create a register of shareholders and enter the names and addresses of all of your shareholders into the register. You will also need to prepare share certificates for each shareholder.
4. Set up statutory books
Every Singapore company must maintain a number of statutory books, including a register of directors, a register of members, and a minute book. These books must be kept up to date at all times.
The register of directors contains the names and addresses of all of your company’s directors. The register of members contains the names and addresses of all of your company’s shareholders. The minute book contains a record of all of the resolutions passed by your company’s board of directors.
5. Comply with other statutory requirements
In addition to the above requirements, there are a number of other statutory requirements that you need to comply with as a Singapore company. These requirements vary depending on the nature of your business activities.
For example, if you are importing or exporting goods, you will need to register with the Singapore Customs and Excise Department. If you are providing certain types of services, you may need to obtain a license from the relevant government authority.
Conclusion
Incorporating a company in Singapore is a relatively straightforward process, but it is important to be aware of the post-incorporation requirements that you need to comply with. By following the requirements set out in this article, you can ensure that your company is operated in a legal and compliant manner.
If you have any questions about the post-incorporation requirements for Singapore companies, you can WhatsApp us at +65 8822 9376 and we will be happy to help you.
Frequently Asked Questions
What are the post-incorporation requirements for Singapore companies?
The post-incorporation requirements for Singapore companies include:
- Opening a corporate bank account
- Appointing a company secretary
- Issuing share certificates
- Setting up statutory books
- Complying with other statutory requirements, depending on the nature of your business activities
Is it difficult to start a business in Singapore?
To open a corporate bank account in Singapore, you will need to provide the bank with a number of documents, including your company’s certificate of incorporation, Memorandum and Articles of Association, and resolutions appointing your directors and company secretary.
Who can be a company secretary in Singapore?
The company secretary must be a natural person who is resident in Singapore. If you are unable to find a suitable candidate, you can appoint a professional corporate secretarial service provider.
How do I issue share certificates in Singapore?
To issue share certificates in Singapore, you will need to create a register of shareholders and enter the names and addresses of all of your shareholders into the register. You will also need to prepare share certificates for each shareholder.
What other statutory requirements do I need to comply with as a Singapore company?
In addition to the above requirements, there are a number of other statutory requirements that you need to comply with as a Singapore company. These requirements vary depending on the nature of your business activities.
For example, if you are importing or exporting goods, you will need to register with the Singapore Customs and Excise Department. If you are providing certain types of services, you may need to obtain a license from the relevant government authority.