Isn’t it amazing that you have registered your own company in Singapore successfully? You already have taken one step towards a bright future. But there are so many other things to do after the company’s incorporation in Singapore.
Before one year after the company registration, you have to complete the following procedures. This ensures that the company functions smoothly while you don’t violate any norms or regulations of the Singapore government. Let us take a look at things that you should do once the company registration is successful.
1. Define the financial year end for your company:
Any company registered in Singapore has to file the financial reports annually to ACRA. ACRA stands for Accounting and Corporate Regulatory Authority or IRAS. You can choose to report to any one of the two bodies and the deadline will be given accordingly.
The date for submission of the reports could be any date of your choosing. But generally, companies submit the reports either on 31st March, 30 June, 30 Sept, or 31st December. These are some of the most preferred dates of the year.
Based on the date of selection, the following will have dates around it:
- Submission of Estimated Chargeable Income (ECI)
- Filing the annual reports.
- Conducting the Annual General Meeting
2. Hire an audit professional:
An audit professional or an auditor is a public accountant who is approved by ACRA. He takes the responsibility of maintaining the company’s reporting standards. You have to hire an audit professional within the period of three months of your company’s registration.
Your company does not require an Audit professional if:
- Your company’s annual revenue is not over S$10 million.
- The total assets of your company for the FYE into consideration do not reach beyond S$10 million.
- You don’t have full-time employees more than 50.
Most startup companies do not have to follow the above-given steps as they fulfill the above three conditions.
3. Recruit a company secretary:
A CS or Corporate Secretary is someone who fulfills administrative responsibilities. This includes the development of draft and acknowledging the authority changes, name of the company or the structure.
They are the ones who file all the documents to the Singapore government according to the compliances. A CS will also inform the shareholders and directors about the annual filing and Annual General Meeting (AGM) details. The CS will submit all the details within 6 months of company registration in Singapore.
4. Send out the share certificates to the shareholders:
A share certificate legally binds the document that acknowledges the shareholder’s share in the company’s shares. It is generally issued with the company seal.
The company owner has to keep track of the number of shares thus issued. Also, you should know how many shares does the company have. These shares are helpful in the future for financing purposes.
If you issue the share without the common seal, then they should be signed by
- Two company directors, OR
- 1 director and a company secretary, OR
- 1 director with a witness present at the time of signing the shares.
5. Establish the statutory books for your company:
Statutory books are used to maintain the company’s legal details and records. This book is stored in the registered company building in Singapore. Since it is a public document, the authorities are free to go through them anytime they want to. But, they have to be updated regularly so that the right and the latest information is available for reference.
Following things should be included in these books:
- Latest information about company officers. This includes directors, auditors, and secretaries. It should also include their appointment dates and resignation dates.
- Details of the shareholders that include the number of shares in their possession and details of the share transfers if any.
- Information that shows fixed or floating charges and debentures used to acquire loans by the company.
- Time details and resolutions from Annual General Meeting (AGM).
The CS is responsible for maintaining the Statutory books.
6. Define an accounting system within the company:
A company may incur various expenses and costs from day one. Therefore, it is important to acknowledge and record all the expenses. These records offer a detailed view of the company’s financial position. This includes the profits and losses made by the end of the financial year.
You may run into tax evasion policies if you fail to maintain and update the records. Therefore, it is a strong suggestion to maintain the accounting records in good health.
Your work does not end when you are done with the company registration. There are so many procedures and compliances to follow. Failure to fulfill the above given necessities may result in troubles from authorities.
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