Incorporating a company in Singapore is a fast and efficient process. However, many entrepreneurs mistakenly believe that receiving the Certificate of Incorporation marks the end of the compliance journey.

In reality, company incorporation in Singapore is only the beginning. A range of statutory obligations arise immediately after registration, and failure to meet them may result in penalties, fines, or operational disruptions.

Here’s what you must take care of after incorporating your company.

1. Appointment of Company Secretary

Under the Singapore Companies Act, every company must appoint a company secretary within 6 months of incorporation.

The company secretary must:

• Be a resident of Singapore

• Not be the sole director of the company

The company secretary plays a crucial compliance role, including maintaining statutory registers, ensuring timely filing with ACRA, monitoring regulatory deadlines, and advising directors on corporate governance matters.

Failure to appoint a company secretary may result in penalties.

2. Opening a Corporate Bank Account

Although company incorporation is completed online via ACRA, a corporate bank account must be opened before business operations begin.

Banks typically require:

• Certificate of Incorporation

• Company Constitution

• Board resolution approving account opening

• Identification documents of directors and shareholders

• Proof of business activities

Due diligence checks under Anti-Money Laundering (AML) regulations may extend the timeline, so early preparation is advisable.

3. Issuance of Share Certificates

After incorporation, the company must update the Register of Members and issue share certificates to shareholders. This formalizes ownership structure and equity allocation.

Maintaining accurate share records is especially important for future fundraising, investor onboarding, or ownership restructuring.

4. Appointment of Auditor (If Required)

Companies that qualify as small companies are exempt from appointing an auditor.

A company qualifies if it meets at least two of the following criteria:

• Total annual revenue not exceeding SGD 10 million

• Total assets not exceeding SGD 10 million

• No more than 50 employees

If the company does not qualify, an auditor must be appointed within 3 months from incorporation.

5. Corporate Tax Registration & Compliance

After incorporation, companies must assess their tax obligations, including:

• Filing Estimated Chargeable Income (ECI) within 3 months after the Financial Year End (FYE)

• Registering for GST if annual taxable turnover exceeds SGD 1 million

Proper tax planning from the beginning ensures smooth compliance with IRAS requirements.

6. Business Licences (If Applicable)

Company registration does not automatically grant permission to operate in regulated industries.

Examples include:

• Food businesses – licence from Singapore Food Agency (SFA)

• Financial services – regulated by Monetary Authority of Singapore (MAS)

• Employment agencies – licence from Ministry of Manpower (MOM)

Ensuring proper licensing prevents operational delays and regulatory breaches.

7. Annual Return Filing & Ongoing Compliance

To remain compliant, companies must maintain proper accounting records, where applicable hold Annual General Meetings (AGMs), and file Annual Returns with ACRA.

Timely filing ensures your company remains in good standing.

Conclusion

Receiving your Certificate of Incorporation is just the first milestone. Post-incorporation compliance in Singapore is critical to maintaining regulatory standing and ensuring smooth business operations.

Early planning and professional guidance can significantly reduce risks and allow you to focus on growing your business.

Call to Inquire

If you have incorporated a company in Singapore — or are planning to — FAST ACCOUNTING provides professional corporate secretarial and compliance services to ensure full regulatory adherence.

Contact us today to safeguard your company and build a strong foundation for long-term growth.