Your First Year of Business: A timeline of regulatory requirements

Embarking on your first year of business is an exhilarating journey filled with promise and potential. But amidst the excitement, it’s crucial to navigate the maze of regulatory requirements seamlessly. From incorporating your entity to managing taxes and annual returns, this comprehensive guide sheds light on the essential steps to ensure compliance and success in your inaugural year.

Month 0: Incorporating the Business 

The journey begins with registering the business entity. This involves determining the Singapore Standard Industrial Classification (SSIC) code, selecting a business structure, and securing a suitable business address.

With these foundational elements in place, you may proceed to register your business with the Accounting and Corporate Regulatory Authority (ACRA) on BizFile, obtaining a Unique Entity Number (UEN), and setting up a Corppass account for government services access.

Additionally, considerations like founder structure, shareholder agreements, company constitution, and board of directors play pivotal roles in shaping your business framework.

Month 1: Licences, Bank Accounts, and Administrative Matters

As the business takes its first steps, your attention will turn to licensing requirements, opening a corporate bank account, and setting up administrative frameworks.

Understanding industry-specific licenses such as F&B Licenses, and adhering to regulatory deadlines for tasks like setting up a Register of Registrable Controllers (RORC) are critical in ensuring compliance from the outset.

Moreover, establishing a physical office address, organising documentation, and seeking professional advice where needed will  robust operational setup.

Month 2: Hiring and Grand Opening

With administrative groundwork laid, hiring staff and preparing for the grand opening will be on your checklist. Managing Work Pass accounts for foreign workers, ensuring insurance coverage, and setting up necessary payroll systems are essential steps in building a capable workforce.

From sourcing talent to prioritising roles and deciding between in-house and outsourcing options, careful planning will ensure a smooth start to your operations.

Month 3: Administrative Requirements

As the business settles into its rhythm, attention shifts to routine administrative tasks. Timely management of Foreign Worker Levies, CPF contributions for local employees, and implementation of efficient systems streamline day-to-day operations.

Regular compliance checks and system reviews help maintain regulatory adherence and operational efficiency.

Months 4-6: Quarterly Requirements

Quarterly requirements, including updates to the Occupational Employment Dataset (OED) and GST filing for eligible businesses, demand attention.

Months 7-12: Taxes and Annual Returns

Towards the end of the first year, focus shifts to corporate tax considerations and annual return filings. While new businesses may not be required to file corporate taxes in their inaugural year, understanding these obligations sets the stage for future compliance.

Filing annual returns with ACRA, including holding annual general meetings and presenting financial statements, underscores the commitment to regulatory transparency and accountability.

Summary

Establishing a Singapore company involves navigating a spectrum of regulatory requirements, from initial registration to ongoing compliance and taxation considerations. Engaging a reliable incorporation service can simplify the process, ensuring adherence to regulatory frameworks and positioning your business for success in Singapore’s dynamic market landscape.

Using an incorporation service as an extension of your team

Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.

Here are some articles you might find helpful:

GST registration guide

Managing accounts payable

Payroll for new businesses