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Epica FAQ Series

What post-incorporation issues must I consider before starting my business activities in Singapore?

Company Incorporation

What post-incorporation issues must I consider before starting my business activities in Singapore?

Post incorporation matters to take care off after Singapore company incorporation

You can commence your business activities immediately after setting up your company in Singapore. However, you may be required to do some or all of the following activities in case they apply to you:

  • Bank account opening: You must open your corporate bank account from a bank that would serve all your corporate banking needs, including multi-currency, Letter of Credit, banking hours, bank’s location, and other services that you need.
  • Get your business licenses/permits: Some business activities require business licenses or permits to perform. You have to obtain the relevant licenses/permits before the commencement of your business activities. We will help you obtain the relevant business licenses for your business.
  • Register for GST (if applicable): If you expect your annual turnover to exceed S$1 million, you are liable to register for GST. We can help you with GST registration.
  • Get CR number: You need to register and get CR (Central Registration) number if your business activities include exporting and importing of goods. A CR 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 application: If you are willing to hire foreign employees with yourself, you need to obtain EP (Employment Pass). We also assist with EP applications.
  • CPF account opening: For local Singaporean employees you are planning to hire for your company, you must open a CPF (Central Provident Fund) account with CPF Board. You will have to contribute a fraction of your local employees’ salaries 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.
  • Deciding the company’s FYE: You are required to determine the FYE (Financial Year End) of your company. An FYE can be on any date within 18 months from the incorporation date of the company.
  • Bookkeeping: Keeping track of all your expenses and income, also called bookkeeping, is required and must comply with the Singapore accounting standards. We can provide you the bookkeeping services on a weekly, monthly, quarterly, or yearly accounting basis depend on the volume of transactions.

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