6 important things you need to do after company incorporation in Singapore
Congratulations! So you took the step and incorporated company in Singapore and you are now ready to kick-start business 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. Here are the 6 important things you need to do for your post-registration of Singapore company:
1. Appoint a Company Secretary in Singapore Company secretary in Singapore has a fiduciary responsibility to ensure that directors and shareholders are informed when their annual filing and AGM needs to happen. The Singapore company secretary is also responsible for the storing of important company documents in the company’s minute book and maintaining an up-to-date registers.
2. Goods and Service Tax (GST) registration A company is required to register for GST on a compulsory basis if • It’s taxable turnover for the past 4 quarters is more than $1M and the company is not certain that it’s turnover will not exceed $1M in the next 12 months • The company can reasonably expect it’s taxable turnover to exceed $1M in the next 12 months.
3. Acquire business license in Singapore A business license in Singapore is a permit issued by a Singapore government agency that allows you to conduct a specific type of business. While the business license in Singapore is not required for every type of business, there are certain business types for which the license is required. This includes running retail shop, construction business, trading activities, hotel/restaurants, spa, medical clinic, employment agency or travel agency.
4. Open corporate bank account In order to make transactions to and fro for a Singapore company, a valid Singapore or other countries’ bank account is must, considering that the bank statements are important element of annual financial report.
5. Registration for the Central Provident Fund (CPF) CPF contributions are payable for Singapore Citizens (SC) and Singapore Permanent Residents (SPR) who are: • working in Singapore under a Contract of Service and • employed under a permanent, part-time or casual basis.
6. Registration for the Skills Development Levy (SDL) As required by law under the Skills Development Levy (SDL) Act, employers are required to pay a monthly SDL for all employees rendering services in Singapore, including foreign employees and employees employed on casual, part-time, or temporary basis. Domestic servants, gardeners or chauffeurs are exempted from the SDL Act.
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