Incorporating your business is a major milestone, but it’s just the beginning of your entrepreneurial journey. Once you’ve completed the incorporation process, there are several crucial post-incorporation steps to take. These actions are vital for ensuring legal compliance and setting your company up for long-term success in Singapore’s competitive business environment.
This checklist will walk you through the key tasks every new business owner must tackle after incorporation, including obtaining business licenses, meeting compliance requirements, and more.
The Essential Post-Incorporation Checklist
1. Securing Required Business Licenses and Permits
After incorporating your company, it’s important to check whether your business needs specific licenses or permits. In Singapore, certain industries are regulated by government authorities, and businesses in these sectors must obtain the necessary approvals. For example:
- Private schools require approval from the Ministry of Education (MOE).
- Travel agencies must be licensed by the Singapore Tourism Board.
- Real estate agencies must secure a license from the Inland Revenue Authority of Singapore (IRAS).
- Moneylenders and financial institutions need approval from the Monetary Authority of Singapore (MAS).
To identify which licenses you need, visit the GoBusiness Licensing Portal, where you can apply for various licenses online. Each industry has its own requirements, so it’s essential to research the relevant authorities to ensure compliance. Licensing timelines can vary, so it’s best to start the process promptly to avoid operational delays. Find out more about obtaining specific permits and licenses in Singapore.
2. Opening Corporate Bank Accounts
While working on obtaining your licenses, don’t forget to set up a corporate bank account for your business. Keeping your personal and business finances separate is crucial for clear record-keeping and financial transparency.
When selecting a bank, consider factors such as account fees, transaction limits, and online banking features. You will typically need to provide the following documents when opening a corporate account:
- Certificate of incorporation
- Business profile
- Proof of identity and address of directors and shareholders
- Minimum initial deposit
A corporate bank account simplifies tax filings, audits, and adds credibility to your business.
3. Registering for GST
If your company’s projected annual revenue exceeds S$1 million, you must register for Goods and Services Tax (GST). This tax is applicable to most goods and services sold in Singapore. It is crucial for businesses that meet the turnover threshold to ensure compliance.
To register, apply online through IRAS’s e-Services portal. Once registered, you will need to charge GST on goods and services, file regular returns, and remit the tax collected.
Even if your turnover is below the threshold, you might want to consider voluntary GST registration, especially if you primarily deal with GST-registered clients or incur significant GST on business expenses.
4. Ensuring Compliance with Regulations
Compliance with Singapore’s laws is essential, especially regarding accounting and tax obligations. All businesses must maintain accurate financial records and adhere to the Singapore Financial Reporting Standards (SFRS).
To simplify this, consider using accounting software such as Xero, or engage a professional accountant. Key compliance tasks include:
- Filing annual returns with ACRA (Accounting and Corporate Regulatory Authority)
- Submitting financial statements as per SFRS
- Ensuring timely tax filings with IRAS
Failure to meet these obligations can result in fines or penalties, so it’s important to set up efficient compliance systems early on. Partnering with a mid-tier accounting firm can help you navigate these requirements.
5. Recruiting Employees and Understanding Employment Law
When hiring employees, familiarize yourself with Singapore’s employment laws, particularly the Employment Act. This law covers key aspects like Key Employment Terms (KET), working hours, minimum wage, rest days, and payslip requirements.
One essential aspect of the Employment Act is registering employees with the Central Provident Fund (CPF), a mandatory government savings plan that requires both employers and employees to contribute monthly. Ensure compliance with CPF contributions and employment standards.
In addition to legal compliance, attracting and retaining top talent is crucial for your business’s growth. Look for individuals who not only have the required skills but also align with your company culture. Offering competitive compensation packages and fostering a positive work environment will help keep your employees motivated and engaged, driving the success of your business.
6. Protecting Intellectual Property (IP)
Protecting your intellectual property (IP) is vital for staying competitive. Whether your business revolves around a unique product, brand, or process, securing your IP ensures that your assets are legally protected.
You can register trademarks, patents, and copyrights with the Intellectual Property Office of Singapore (IPOS). The process is straightforward and can be done online via their website. However, if you need assistance or have questions about protecting specific IP assets, consulting an IP lawyer or specialist is highly recommended. This ensures your applications meet legal standards, offering full protection for your business’s intellectual property.
WLP Singapore’s Role in Ensuring a Seamless Post-Incorporation Transition
The post-incorporation phase can be challenging, but WLP Singapore is here to provide comprehensive support to guide your new business through every crucial step. Our business incorporation services go beyond simply registering your company and issuing a certificate of incorporation. We focus on setting your business up for long-term success.
Our services include:
- Helping establish corporate bank accounts
- Providing guidance on GST registration and filing requirements
- Implementing compliance systems that meet local regulations
- Offering support with employment matters and CPF registration
At WLP Singapore, our goal is to ensure that your business remains compliant, efficient, and ready for growth, allowing you to focus on innovation and scaling your operations.
Stay Ahead with WLP Singapore
Starting a business is just the first step in your entrepreneurial journey. Achieving long-term success also requires establishing robust operational frameworks and maintaining compliance. By following the post-incorporation checklist, small businesses in Singapore can lay a strong foundation for sustainable growth while avoiding costly mistakes that could slow their progress.
WLP Singapore provides more than just expertise in company incorporation and accounting; we are a trusted auditing firm committed to keeping your business compliant with ever-changing regulations. Our experienced professionals offer ongoing support, helping you set up efficient compliance systems and manage your financial and legal responsibilities.
Contact us today to ensure your business stays on course and flourishes in Singapore’s dynamic business environment.
Laying the Foundation for Success
A smooth and correctly executed incorporation process is key to a company’s long-term success. At WLP Singapore, we understand how important this initial step is and ensure every part of the registration process is handled with professionalism and precision.
Whether you’re a local entrepreneur or an international business looking to expand in Singapore, our company incorporation services are designed to provide the solid foundation your business needs to succeed. Contact us today to learn how accounting firms can assist with your business incorporation needs.
