Post incorporation matters to take care off after Singapore company incorporation
You can start your business activities immediately after the incorporation of your Singapore subsidiary company. Though, there are a few essential things you must do if applies to you before starting business operations.
You may have to do the following depends on what applies to you:
Opening of bank accounts: 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.
Obtaining a business license: 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.
GST registration: 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.
Obtaining CR: 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.
Applying for EP: If you are interested in hiring foreign employees with yourself, you need to obtain EP (Employment Pass). We also assist with EP applications.
Opening of CPF accounts: 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.
Tracking income and expenses: Keeping track of all the 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.
