Post-Registration Business Formalities in Singapore
Starting your business in Singapore is quite easy and convenient. The availability of taxation incentives and financing services provided by the government, makes Singapore one the most thriving business hubs in the world. But starting your business comprises of much more than just the registration phase. You will need to fulfill several post-registration formalities to make sure that your business is on the right track.
Our company, 3E Accounting Pte Ltd, provides multi-dimensional services to local and foreign entrepreneurs who are looking to establish their business in Singapore without going through the hassle to complete all the required steps for the company’s establishment and registration. We provide incorporation, accounting as well as immigration services to make your descent into the business world easy and problem free.
Here are some of the registration formalities that you will need to fulfill in order to legitimize your business.
1) Incorporation Certificate
The company registrar will send out a formal notification through email, claiming the incorporation of your company. This confirmation should include the company’s registration number, as this will be treated as a Certificate of Evidence, which will legitimize the incorporation of your company in Singapore. A hard copy is not require nowadays, but if you need one, you can put in an online request with the company registrar, the official confirmation letter of incorporation can be collected within two days from the registrar’s office.
2) Establish a Company Profile
The Singapore Registrar of Companies requires that a new profile is made for every newly incorporated company. This is provided to the owner, after they make an online request and pay an application fee. Within an hour of making the request, a downloadable PDF file becomes available to you, containing the following details about your company:
- Company name and registration number
- Date of incorporation
- Details of directors
- Details of shareholders
- The primary activities of the company
- Previously registered name for the company (if any)
- The start-up capital
- The registered address of the company
- The details of the company secretary
After you acquire the soft copies of the above mentioned documents, you can legally start the operations of your company, as these are the only legal contractual prerequisites that are needed for bank accounts, office leases and subscription services for phone and internet facilities.
It is however, necessary that you acquire the share certificates of each shareholder, a company seal and stamp, as well as a share inventory, which will keep a comprehensive record of all the shareholders and the number of shares each of them possess.
Moving onward, some of the activities that follow the registration of your company are briefly explained below.
Opening a Bank Account
If you have registered your company in Singapore successfully, you can open a bank account in any of the major banks in the country. The company principals will however, need to be physically present at the time of account opening.
Business Licenses and GST Registration
Before your company can start its operations, you will need to obtain a license for the business, depending upon your company’s activities. Remember that not all businesses require licenses. If you want to know whether your business would require a license, check with the official Singapore Business License office.
Moreover, if your annual projected profit is more than S$ 1 million, you must register your company for the goods and service tax (GST). If your company is GST registered, you will need to charge your clients a 7% tax on acquiring your product and services.