So you’ve registered your company. The name is approved. The paperwork’s in. You’ve officially incorporated. Now what?
A lot of people think that once the business is registered, they’re done. In reality, incorporation is just the starting line. Before you can operate smoothly—let alone start selling—you’ve got a few essential steps to handle. Here’s what you need to do next.
1. Open a Corporate Bank Account
You can’t run a company with your personal bank account. Not legally, and definitely not cleanly. One of the first things you’ll need is a corporate bank account.
Banks will want:
- Your company’s incorporation documents
- A board resolution authorizing the account (if you’ve got multiple directors)
- Identification for all directors and shareholders
- Sometimes, proof of business address or tenancy agreement
Most local banks also want the directors or signatories to show up in person. And yes, even if you’re a solo founder.
Choosing a bank? Think about fees, online banking experience, and how easy it’ll be to get support. This is something your secretarial services provider can help with—they’ll know which banks are efficient, and which ones drag the process out.
2. Apply for Business Licenses (If Needed)
Not every business needs a license. But if you’re in certain industries—like F&B, finance, education, healthcare, or logistics—you probably do.
Examples:
- A restaurant needs food shop and hygiene licenses
- A tuition center needs MOE registration
- A logistics firm might need a freight forwarding permit
You don’t want to find out later that you’re operating without approval. That can mean fines—or worse, a forced shutdown.
The trick here is to check early. Licensing requirements can get specific, and they can change. This is where company secretarial services often come in handy. They’ll know what applies to your setup and guide you through the application.
3. Register for GST (If It Applies)
In Singapore, you’re required to register for GST (Goods and Services Tax) if your business:
- Has a taxable turnover of more than S$1 million in the past 12 months
- Or you expect to exceed that in the next 12 months
Even if you’re below that threshold, you can register voluntarily. Some companies do this to look more established or because they deal mainly with other GST-registered businesses.
Once you’re registered, you’ll need to:
- Charge GST (currently 9%) on your invoices
- File regular GST returns
- Keep clean records of your taxable income and purchases
Getting GST wrong can lead to heavy penalties. It’s not the kind of thing you want to figure out on your own the night before a deadline. If this is new to you, ask your secretarial provider or accountant for help setting it up properly.
4. Sort Out Compliance Basics
There are also quiet tasks you need to keep on top of—things that don’t seem urgent until they’re overdue.
These include:
- Appointing a company secretary (legally required within 6 months of incorporation)
- Issuing share certificates to initial shareholders
- Filing your first annual return
- Maintaining a register of controllers (basically: who really owns the company)
This is where a secretarial services provider is especially useful. These aren’t big, exciting milestones. They’re the small, necessary steps that keep you compliant and off the radar of regulators.
A good provider won’t just react when deadlines come up—they’ll keep your company file clean from day one.
5. Set Up Your Accounting and Payroll
Technically, you don’t have to set up accounting systems immediately. But if you don’t, you’ll regret it later.
Waiting until tax season to figure out your finances is a recipe for stress. Worse, it increases the risk of filing mistakes or missed deductions.
Get a basic accounting system in place now—either software or a bookkeeper. Decide how you’ll track income, expenses, and receipts. If you’re hiring, think about payroll too. CPF, taxes, itemised payslips—it’s all on you.
If your corporate secretarial services team doesn’t do this in-house, they can usually refer someone who does.
6. Don’t Ignore the Paperwork
Once your business starts running, you’ll be busy. Too busy to worry about document trails or small admin tasks.
But corporate compliance is about consistency. It’s not enough to do things—you have to document that you did them. Board decisions. Resolutions. Changes in ownership. Loan agreements.
This stuff matters.
Years later, when you’re applying for a loan, selling the company, or being audited, you’ll wish you had it all tidy and tracked.
And again, this is exactly what secretarial service providers handle. They’re not just there for incorporation—they’re there for the daily grind after it.
Final Thought: Don’t Go It Alone
Starting a company feels like a sprint. There’s a rush to get it launched, to get customers, to prove the idea. That’s where experienced corporate secretarial services come in. They keep you compliant, alert you to deadlines, and help make sure you’re building on solid ground.
But the stuff that comes after incorporation—the bank accounts, the licenses, the GST returns—sets the tone for whether your business runs smoothly or keeps tripping on red tape.
You don’t need to be an expert in all of it. But you do need people who are. Because it’s hard enough running a business. You shouldn’t have to worry about whether you filed the right form.
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