Post-Incorporation Essentials in Singapore: Operational Essentials After Incorporation Part-1

‍Operational Steps to Consider

1. Setting Up a Bank Account

After incorporation, the next logical step is to open a corporate bank account. Singapore, a global financial hub, offers a plethora of banks, both local and international. Each bank has its unique requirements, and due to stringent anti-money laundering regulations, banks in Singapore conduct thorough Know-Your-Client (KYC) reviews.

2. Obtaining Work Passes

Foreign individuals need a work pass to work and reside in Singapore. Various work passes are available, each with its criteria. It's essential to understand which pass suits your needs.

3. Staffing and Recruitment

Depending on your business type, you might need to hire additional staff. Singapore boasts a highly educated workforce. You can recruit through job portals, recruitment agencies, or internal referrals. Ensure you have clear employment contracts and consider mandatory contributions like the Central Provident Fund (CPF) for local employees.

4. Securing Office Space

Your business type will dictate your office space needs. Options include:

• Home-based operations.
• Co-working spaces, popular among startups.
• Serviced office spaces that offer shared resources.
• Traditional office rentals, which can be more costly but offer complete customization.

5. Finding Accommodation

Singapore offers various residential options in different regions. Whether you opt for public or private housing, the country's excellent public transport system ensures easy accessibility.

6. Acquiring Business Licenses

Certain businesses in Singapore need licenses to operate. Ensure you're compliant with the necessary regulatory bodies based on your business type.

7. Understanding Goods and Services Tax (GST)

GST in Singapore stands at 8%. Companies with a turnover of S$1 million or more must register for GST. It's crucial to understand the GST implications for your business. Find out more about GST on this Article.

8. Implementing an Accounting System

Accurate financial tracking is vital. Implement an accounting system early on, or consider outsourcing this function for cost-effectiveness.

9. Investing in Business Insurance

Ensure you have general liability insurance, workers' compensation insurance, and any other relevant business-specific insurance. As your business grows, so will your insurance needs.

Conclusion

‍Incorporation is just the first step. Addressing these operational requirements ensures your business is well-prepared to thrive in Singapore's competitive landscape.