What to do after incorporating a Singapore company?

Published by Beaufort.SG

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Congratulations on incorporating your company in Singapore! You have taken the first step towards establishing your business presence in one of the most dynamic and competitive markets in the world. But before you can start operating your company, there are some post-incorporation requirements that you need to fulfill. Here are some of the most important ones:

Appoint a company secretary within six months of incorporation.

The company secretary must be a resident in Singapore and qualified to perform the duties of maintaining statutory records, filing annual returns, and ensuring compliance with the Companies Act.

Open a corporate bank account for your company.

You will need to provide the bank with your company’s incorporation certificate, business profile, constitution, and resolution of directors. Some banks may also require personal identification documents and proof of address for the directors and shareholders.

Register for Goods and Services Tax (GST) if your annual taxable turnover exceeds or is expected to exceed S$1 million.

GST is a consumption tax levied on the supply of goods and services in Singapore. The current GST rate is 7%. You will need to file GST returns and pay GST to the tax authority every quarter.

Apply for any necessary business licenses or permits depending on the nature and activities of your company.

For example, if you are engaged in food and beverage, retail, education, or health services, you may need to obtain specific licenses or permits from the relevant government agencies.

Hire employees and comply with the employment laws and regulations in Singapore.

You will need to register your employees with the Central Provident Fund (CPF) Board, which is a mandatory social security scheme for Singapore citizens and permanent residents. You will also need to pay income tax, skill development levy, and foreign worker levy for your employees. Additionally, you will need to adhere to the minimum wage, working hours, leave entitlements, and other employment standards set by the Ministry of Manpower.

WhatsApp Now +65 6536 5227 for inquiries about incorporating a company in Singapore.

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