Company Incorporation

What must do after registration

The first thing:

Corporate Pass CorpPass is a new corporate digital identity used by companies and other entities (such as non-profit organizations and associations) to log in to government agencies' websites to process affairs. After the company needs to handle all business on the government website, it must use CORPPASS. Therefore, it must first apply.

The second thing:

It is necessary for a Singapore company to open an account in a Singapore bank to conduct business. Singapore’s banks mainly include UOB, OCBC, DBS, etc., as well as foreign banks such as Bank of China BOC, ICBC, HSBC.

The third and subsequent things:

1. Accounting establishment and tax arrangement:

Singapore companies should prepare accounting and tax arrangements, set up accounting accounts, and keep all accounting documents (bank statements, business contracts and bills, invoices, etc.) regardless of whether they are operating or not, whether they are preparing for monthly or annual accounts. It is very important to keep and record business and financial data in a timely manner. Accountant establishes accounts and prepares tax report for the coming year, prepares for a rainy day, and operates in compliance.

2. Short-term visa and employment permit:

If you need to come to Singapore to deal with business affairs, you need to apply for a short-term visa VISA. If you need to come to Singapore to work for a management company, you need to apply for an Employment Pass EP.

2. Set up an office:

If you need to operate on-site, you can usually use serviced offices (such as "SINGWORK"-serviced offices under Hengxin Pacific's "SINGWORK"-serviced office) for the initial establishment of a company to rent or buy an office, which is economical and flexible in terms of lease.

3. Recruiting talents:

Recruitment of talents can be carried out through recruitment websites, newspapers and other media.

4. Apply for a provident fund account CPF

Companies need to pay provident funds for local employees in Singapore (Singapore citizens or permanent residents PR). Therefore, they need to apply for a provident fund account CPF

5. Trademark application

You may need to apply for Singapore trademark TRADMARK to protect your intellectual property rights.

6. LICENCE application

After the business registration (ie registration) is completed, some industries need to apply for a business license to carry out business activities.

Some industries must apply for a business license in advance to complete business registration (commercial registration). For businesses such as finance, securities, funds, telecommunications, transportation, schools, travel agencies, entertainment, leisure, sports, grain and oil import and export, tobacco and alcohol retail, financial consultants, labor agencies, real estate agencies, restaurants, pets, etc., business licenses are required.

7. Customs import and export number UEN application

The Singapore Customs Import and Export Number is a Customs Identification Number (Unique Entity Number referred to as UEN) issued by the Singapore Customs to institutions and individuals who need to import or export goods into Singapore, or designate customs clearance agents to apply for customs import and export transshipment licenses. If a Singapore company needs to import and export goods, it must first apply for an import and export number from the customs, otherwise the goods will not be able to enter the Singapore port.

8. GST application for consumption tax

Singapore’s consumption tax, namely Goods and Services Tax (GST), is a tax levied on imported goods and all new goods and services provided, which is equivalent to the value-added tax of some countries. Consumer burden. If your business income reaches or exceeds SGD 1 million, meet the mandatory consumption tax reporting requirements. You must apply for GST consumption tax.