Good job! So you are done with incorporating a company in Singapore and you are now ready to kick-start company operations. While you’ve taken a great leap, there are post-company registration requirements you need to meet in order to ensure your company is compliant with Singapore laws and policies.
At first glance, completing these tasks may appear daunting and complicated, particularly if you are a new entrepreneur. However, in Singapore, these tasks are generally simple, and as long as you have the necessary documentation, you can complete them quickly. In addition, you have the option of hiring a professional corporate services firm to guide you through these tasks.
Issue Share Certificates
The Share Certificate is a legally enforceable document that certifies a shareholder’s ownership in the number of shares issued by a firm. It might be issued with or without the common seal of the company.
You’ll need to keep track of how many shares you’ve issued in total, how many you’ve issued to your shareholders, and how many you’ve kept as the company’s owner. This data will be needed in the future for a variety of financing purposes.
Set Up Your Accounting System
It is critical to keep account of all expenses and profits from the day your Singapore company is registered. This allows you to be informed about the company’s financial status and the profitability of your business while also following Singapore’s tax requirements.
Make sure you stay on top of things to avoid being penalised with tax evasion penalties, as it is required by law to keep your accounting books up to date following the Singapore Accounting Standards.
Open a Corporate Bank Account
To open a corporate bank account, you must submit the bank with your company’s certificate of incorporation, constitution, copies of the board resolution authorising the opening of a bank account, and proof of the beneficiaries’ identities.
When opening a corporate account, most banks will require the physical presence of the account signatories, as well as at least two business directors, or one secretary and one director.
Your shareholders must deposit their investment share capital into your business bank account once it has been effectively established.
The work of expanding your company has only just begun. Setting up your business entails a significant amount of administrative work. You don’t have to do everything by yourself if you want to jump right into growing your business.
Check the full version of this article at Singapore Company Incorporation.