After Incorporation: Your Blueprint for a Solid Business Start

You’ve incorporated your company—fantastic! The name is official, the paperwork is complete, and you’re ready to make your mark. But incorporation is just the first step. To operate legally and efficiently, you need to complete several post-incorporation tasks. Here’s a practical blueprint to ensure your business starts strong and stays compliant.

1. Open a Corporate Bank Account

A corporate bank account is essential to keep your business finances separate from your personal ones. Mixing the two can lead to legal issues, accounting chaos, and tax complications. A dedicated account ensures clarity and professionalism in your financial operations.

To open an account, banks typically request:

• Your company’s incorporation certificate and constitution
• A board resolution approving the account
• IDs for directors, shareholders, and authorized signatories
• Proof of business premises, such as a rental agreement or utility bill

Some banks require an in-person visit, even for solo entrepreneurs. When selecting a bank, consider fees, online banking functionality, and customer support responsiveness. A secretarial services provider can make this process smoother by recommending banks with fast onboarding and assisting with document preparation, helping you avoid delays.

2. Obtain Necessary Licenses

Certain industries require specific licenses or permits to operate legally. Sectors like hospitality, finance, education, or transportation often have strict regulatory requirements. Operating without proper approvals can lead to fines or forced closure.

Examples include:

• A food stall needing a hawker license and hygiene certifications
• A financial advisory firm requiring MAS approval
• A preschool needing registration with the Early Childhood Development Agency

Licensing rules can be intricate and vary by industry or location. Missing a permit could disrupt your operations, so early research is critical. Corporate secretarial services can identify the licenses your business needs and manage the application process, ensuring you meet all regulatory requirements without hassle.

3. Handle GST Registration

In Singapore, Goods and Services Tax (GST) registration is mandatory if your business:

• Generates over S$1 million in taxable revenue annually, or
• Is expected to exceed this threshold in the next 12 months.

Voluntary registration is an option for smaller businesses, especially if you deal with GST-registered clients or want to claim input tax credits. It can also make your business appear more established.

Once registered, you’ll need to:

• Charge 9% GST on your invoices
• File regular GST returns (typically quarterly)
• Keep detailed records of taxable transactions

GST compliance is strict, and errors can lead to hefty fines. A secretarial services provider or accountant can set up your GST system, guide you through filings, and advise on the benefits of voluntary registration for your business model.

4. Meet Compliance Requirements

Post-incorporation compliance involves several ongoing tasks to keep your business legally compliant. These include:

• Appointing a company secretary within six months (required by Singapore law)
• Issuing share certificates to shareholders
• Filing your first annual return with ACRA
• Maintaining a register of significant controllers (those who control the company)

These tasks may feel like administrative chores, but neglecting them can lead to penalties or regulatory issues. A corporate secretarial services team handles these responsibilities proactively, ensuring your records are accurate and deadlines are met without distracting you from growth.

5. Set Up Accounting and Payroll

Proper financial management is critical from day one. Delaying your accounting setup risks errors, missed deductions, or penalties during tax season. Use accounting software like Xero or hire a bookkeeper to track income, expenses, and receipts.

If you’re hiring staff, payroll is another priority. This includes:

• Calculating CPF contributions accurately
• Issuing compliant payslips
• Managing employee tax filings

Your secretarial services provider may offer these services or connect you with professionals to establish robust accounting and payroll systems, ensuring you’re audit-ready.

6. Keep Documentation Organized

As your business grows, documentation becomes increasingly important. Every key decision—board resolutions, share transfers, or loan agreements—must be recorded. These records are vital for compliance, audits, or future transactions like investments or sales.

For instance, if you’re pitching to investors, they’ll expect a clear paper trail. A company secretarial services team ensures your documentation is thorough and organized, so you’re always prepared for scrutiny.

Closing Note: Build with Support

Starting a business is exhilarating, but the post-incorporation phase—bank accounts, licenses, GST, and compliance—can be overwhelming. Going it alone risks costly mistakes. A secretarial services provider handles the administrative details, keeping you compliant and letting you focus on growth. With their support, you’ll launch your business with a solid foundation.