You can start your business activities from the moment your foreign branch is registered in Singapore. But you must consider and have to do a few things if they apply to you before commencing your business operations.
Such things are:
- Bank account – You need to open a bank account that would serve all your corporate banking needs. These needs include multi-currency, bank’s location, Letter of Credit, and other corporate services that could be beneficial for your business.
- License – Your business may require a license/permit to carry out specific operations. You need to obtain those licenses or permits from the respective agencies. We can help you with applying for relevant licenses as per your business.
- GST – You should register for GST (Goods & Service Tax) in case your expected annual turnover exceeds S$1 million. It is not mandatory otherwise. We can help you register for GST if it is applicable.
- CR – CR, also called Central Registration, is required if importing and exporting of goods is a part of your business operations. This number is used for all the import and export activities, transshipment permits, and other essential documents that are issued by Singapore Customs. We can help you with obtaining a CR.
- EP – You must apply for an EP (Employment Pass), in case you wish to hire foreigners to work in your company, you will need an EP for them as well. We also assist with EP applications.
- CPF – If you are going to hire local employees (citizens or permanent residents), you are required to open a CPF (Central Provident Fund) account for them with the CPF Board. You will have to contribute a fraction of your local employees’ salary to their CPF accounts every month to build up their retirement funds. We can help you with the CPF account registration for your company and can also manage the payroll of your employees if needed.
- Accounting – You are required to keep track of your business expenses and income, also known as bookkeeping, as per the accounting standards of Singapore.