If you are one of them who want to incorporate a business in Singapore, then there are some steps you have to go through after the incorporation of your company has finished.
For example, just after the incorporation of your new business, you will have to perform some specific tasks to gear up your business. These nays include purchasing a company seal, setting up the statuary books, registering for taxes and other licenses. This is just a limitation of the regulatory chores you will have to complete.
Some tasks, on the other hand, are related to the essentials of a business startup such as setting up an office, unlocking a business bank account, and collecting business insurance.
If you are a new entrepreneur then completing these tasks may seem disheartening and complicated. But, in Singapore, these chores are normally easy, and as long as you have the essential documentation, you can complete them shortly. The following is a schedule of the tasks that will be finalized within the first six months of your company-
- Decide the financial year of your company
You will be compelled to document several annual reports with IRAS and the Accounting and Corporate Regulatory Authority, for an annual purpose. The duration and deadlines for documenting these announcements will be inferred from your company’s financial year-end (FYE).
- Appointment of an auditor
An auditor is a civil accountant or an ACRA-approved accounting corporation that is in charge of the company’s reporting standards for your company.
Relying on the category of business or company you will be regulating, you will be expected to elect an auditor within the first three months of Singapore incorporation.
- Appoint a corporate secretary
A corporate secretary is responsible for executive chores like drafting and notifying councils of modifications to your company’s structure, name, or board of directors. They will also document any paperwork that the Singapore authorities instruct. When the Annual General Meeting (AGM) and annual filing are due, the company secretary must inform the directors and shareholders. A corporate secretary must be elected within six months of the company’s incorporation.
He is the one to make sure that there is no such practice of tax avoidance and tax evasion in the company. As he will always try to avoid any sort of illegal activity and penalty on the company’s name.
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- Issue share certificates
The Share Certificate is a lawfully enforceable document that certifies a shareholder’s possession of the number of percentages issued by a firm. It might be handed out with or without the common stamp of the company. A track should be kept of how many shares you’ve issued in whole, how many you’ve handed out to your shareholders, and how many you’ve maintained with the company’s owner. This data will be desired in the future for a variety of financing objectives.
- Set up your statuary books
Statutory books are the formal titles of your corporation and should be stocked at your registered office in Singapore. Because this is a public record that can be ordered by authorities at any time, it must be revised on a formal basis in case a bureaucrat from ACRA or IRAS comes down to examine.