Steps to Take After Company Registration in Singapore
After completing the Singapore company registration process, a new company must complete several important tasks and procedures to start operating legally and ethically.
These tasks include setting up and managing business operations like opening a bank account, establishing an office, and getting a reliable insurance policy. Similarly, it is also important to fulfill legal obligations and regulations like hiring a company secretary, buying a company seal, and tax registration.
If you are not aware of these procedures, they can become quite complicated for you, especially if you are a new entrepreneur. The good thing is that most of these tasks are straightforward and can be completed easily in a short period of time. Yet, due to potential legal issues, it is always better to get help from experts like an audit firm in Singapore.
In this article, you will get to know the important steps you have to take after company registration in Singapore:
1. Incorporation Certificate
Once you have registered your company, you will get an email as an official notification to confirm that your company has been incorporated. The confirmation email will contain the registration number of your company. You should save the email because it acts as a Certificate of Evidence, as you do not have to obtain a hard copy nowadays.
2. Open a Bank Account
Singapore is one of the leading financial centers in the world due to its business-friendly rules and regulations. You will have to open a local bank account to benefit from these local and international banks.
Generally, you will need the certificate of incorporation, the company’s Constitution, and approval from the Board to open a corporate bank account. Most banks also require a majority of the company’s directors and account signatories to appear when opening a bank account.
Once the bank account is opened, every shareholder will deposit their investment share capital into the initial capital of the company.
3. Hire Company Secretary
Other than the application of the general rule for local residents, foreigners or non-Singapore residents have to consider some important factors before going through the Singapore company registration process.
First of all, it is important that you contact a professional firm to help you register a company to ensure maximum compliance with the law.
Moreover, if a non-resident is planning to move to Singapore, he or she must get an Employment Pass. Foreigners can complete Singapore company registration without visiting Singapore.
4. Purchase Company Seal
The law makes it compulsory for all companies in Singapore to buy a company seal or common seal to stamp official documents. These are metallic, ink-free seals that create an impression of the company’s name and registration number on official documents like share certificates and loan documents.
Moreover, the company has to pass a board resolution to agree on a common seal, and the company’s documents must also be signed by the director(s) or company secretary. The company secretary is responsible for keeping the company seal.
5. Establish Accounting Procedures
From the first day of operation, it is critical to maintain precise records of your business’ revenue and spending. This will help you monitor and manage your business’ profitability and meet the legal requirements as well.
Modern tools and technologies make accounting procedures much easier as you can use an accounting system to handle most of your accounting functions, especially in the first days of your business. You can also contact an accounting or audit firm in Singapore to get help in setting up an efficient and transparent accounting system.
Outsourcing this job to an external accounting company is an option to put up your own accounting system. Your demands may be so restricted in the early phases of your organization that you don’t need full-time workers for this role; in this instance, outsourcing might be highly cost-effective.
All in All
The bottom line is that you should focus on post-registration tasks for your company as much as you focus on completing the Singapore company registration. It is important that you do not miss any compliance issue or regulation after setting up your company because it can result in legal issues and negative publicity.
Ultimately, establishing a transparent and compliant company will help you make your mark in your target industry and maximize your profits and productivity.
