5 Essential Tasks New Singapore Companies Need to Do After Incorporation

After registering a business in Singapore, there are various tasks that the business owners have to fulfill before they can commence operations. In this article, you will get a glimpse of the essential functions new businesses in Singapore may need to consider after their company incorporation.

Open a Bank Account

Singapore is a thriving financial hub in the globe, serving both local and international clients. Its financial centre provides a wide range of services, which include banking, treasury, insurance and investment banking services. Foreign investors or local entrepreneurs who wish to conduct businesses in the country would most likely need to set up a local corporate bank account.

The documents requirements for opening a business bank in the country vary from bank to bank. Business owners usually need to provide their certificate of incorporation, their company’s constitution, proof of beneficiaries’ identities, and a board of resolution authorising the account opening. Most banks require the account signatories and the majority of the directors to present physically when the account is set up.

Appoint a Corporate Secretary

Singapore Companies Act requires each Singapore company to appoint an eligible corporate secretary within six months of its date of incorporation. The corporate secretaries are primarily responsible for the reporting and administrative obligations required by the country’s rules and regulations.

The secretary must be a person living in Singapore and is capable of demonstrating the necessary expertise for the role of being a member of one of the country’s three public accounting organisations. Since business owners need to perform many legal formalities soon after company incorporation, they should appoint a secretary right from the start. In many cases, the company incorporation services provider that registered their company also offers corporate secretarial services or can nominate one of its staff to serve as the company’s corporate secretary.

Secure a Company Seal

Companies in Singapore can choose to purchase a company seal to stamp official documentation. This seal is usually referred to as a common seal and is metallic, free of ink, and leave the imprints of the company’s name and registration numbers on official documents.

You may also want to read Guide to Opening a Business Account for Your Start-up in Singapore