top of page
Ming Zhi

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

After company setup have you missed these key steps

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.


Company secretary taking notes during a directors' meeting to maintain compliance.

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.


Accountant preparing financial statements and reviewing company financial records.

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.


Tax agent consulting with a business owner about tax return preparation and filing.

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.

Auditor examining financial reports to ensure regulatory compliance and accuracy.

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.


KBW Group provide one-stop professional services such as secretary, accounting, audit, tax, HR service, Xero/Quickbooks cloud accounting software

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.

18 views2 comments

2 Comments


Corey taylor
Corey taylor
Nov 12

ปัจจุบันหลายค่ายพัฒนาเกมได้ใช้ระบบที่มีความยุติธรรมและโปร่งใสมากขึ้น นอกจากนี้ยังมีการพัฒนาเทคโนโลยีใหม่ ๆ เช่น บล็อกเชน (Blockchain) ที่จะช่วยทำให้ผลลัพธ์ของเกมมีความโปร่งใสมากยิ่งขึ้นไปอีก สล็อต777เว็บตรง ผู้เล่นสามารถตรวจสอบผลการเล่นย้อนหลังได้ด้วยตัวเอง slot777s.online ทำให้มั่นใจว่าเกมนั้นไม่ได้ถูกตั้งค่าให้เอาเปรียบผู้เล่นความยุติธรรมในเกมสล็อตเป็นปัจจัยสำคัญที่ส่งผลต่อความน่าเชื่อถือและประสบการณ์การเล่นของผู้เล่น เกมสล็อตที่ยุติธรรมไม่เพียงแต่สร้างความไว้วางใจให้กับผู้เล่น แต่ยังช่วยให้เกมนี้ได้รับความนิยมต่อไปในระยะยาว การเลือกเล่นเกมสล็อตที่มีระบบ RNG ได้รับการรับรองจากองค์กรภายนอก และมีอัตราการจ่ายที่สมเหตุสมผลจะช่วยให้ผู้เล่นมีความมั่นใจมากขึ้นในการลงทุนและเพิ่มโอกาสที่จะได้สัมผัสประสบการณ์ที่ยุติธรรม

Like

Lumet Sidney
Lumet Sidney
Nov 05

Surveillance UAVs can fly from a high swift camera drone review altitude that allows offering a wide aerial viewpoint without blind spots. With high-quality sensors and HD cameras, drones can detect anomalies or events in low light conditions and from meters away. You can fly your drone without an internet connection! Most drones create their own Wi-Fi network, allowing direct communication with your phone or controller. This means you can control your drone and view live FPV footage without being connected to the internet.


Like
bottom of page