You’ve just incorporated your company—congratulations! The name is official, the paperwork is done, and you’re ready to dive into business. But incorporation is only the first step. To operate legally and efficiently, you need to tackle several post-incorporation tasks. Here’s a detailed roadmap to get your business off the ground.

1. Open a Corporate Bank Account

Running a business through your personal bank account is a bad idea. It’s not just impractical—it’s illegal in many cases. A corporate bank account keeps your finances separate, streamlined, and professional.

To open one, banks typically ask for:

• Your company’s incorporation documents and constitution
• A board resolution authorizing the account
• IDs for all directors, shareholders, and signatories
• Proof of business address, like a lease or utility bill

Some banks require an in-person visit, even for solo founders. When selecting a bank, consider fees, online banking capabilities, and how responsive their support is. A secretarial services provider can make this process smoother, recommending banks with fast turnaround times and helping you gather the required documents.

2. Apply for Business Licenses

Not every business needs a license, but industries like food services, finance, or education often do. Operating without the right permits can lead to fines, legal issues, or closure.

Examples include:

• A restaurant needing a food shop license and hygiene certifications
• A training center requiring registration with the Ministry of Education
• A logistics company needing a freight forwarding permit

Licensing rules can be complex and vary by industry. Missing a requirement could halt your operations, so it’s critical to verify what applies to your business. Corporate secretarial services can research and manage license applications, ensuring you meet all regulatory requirements without delays.

3. Register for GST

In Singapore, Goods and Services Tax (GST) registration is required if your business:

• Has an annual taxable turnover above S$1 million, or
• Expects to exceed this in the next 12 months.

You can also register voluntarily if your turnover is lower, which can enhance credibility or allow you to claim input tax credits when dealing with GST-registered clients.

GST registration involves:

• Charging 9% GST on your invoices
• Filing regular GST returns (monthly or quarterly)
• Keeping accurate records of all taxable income and expenses

Non-compliance can lead to severe penalties, so it’s worth getting this right. A company secretarial services or accountant can set up your GST system, guide you through filings, and advise on whether voluntary registration suits your business.

4. Tackle Compliance Requirements

Post-incorporation compliance involves several ongoing tasks to keep your business in good standing. These include:

• Appointing a company secretary within six months (mandatory in Singapore)
• Issuing share certificates to shareholders
• Filing your first annual return with ACRA
• Maintaining a register of significant controllers (those with ultimate control over the company)

These tasks may feel like administrative noise, but they’re critical to avoiding fines or regulatory issues. A corporate secretarial services team handles these details proactively, ensuring your records are accurate and deadlines are met without disrupting your focus.

5. Set Up Accounting and Payroll

Good financial habits start early. Waiting until tax season to organize your books invites errors and stress. Set up an accounting system—whether it’s software like Wave or a hired bookkeeper—to track income, expenses, and receipts.

If you have employees, payroll is another priority. This includes:

• Calculating CPF contributions accurately
• Issuing compliant, itemized payslips
• Managing tax obligations for employees

A secretarial services provider may offer accounting support or connect you with experts to establish these systems, ensuring you’re ready for tax filings and audits.

6. Maintain Proper Documentation

As your business grows, so does the need for documentation. Every key decision—board resolutions, share transfers, or loan agreements—must be recorded. This isn’t just about meeting legal requirements; it’s about protecting your business during audits, investments, or potential sales.

For instance, if you’re pitching to investors, they’ll demand a clear record of your company’s history. A corporate secretarial services team keeps your documents organized and up-to-date, so you’re always prepared for scrutiny.

Closing Note: Lean on Experts

Launching a business is exciting, but the post-incorporation phase—bank accounts, licenses, GST, and compliance—can feel like a slog. Going it alone risks costly oversights. A secretarial services provider takes care of the administrative details, letting you focus on building your business while they ensure your foundation is rock-solid.