- Osome Blog SG
- What’s Next After Incorporation? 12 Things To Do
What’s Next After Incorporation? 12 Things To Do
- Modified: 3 February 2026
- 8 min read
- Company Registration
Melissa Yeo
Author
Melissa has over eight years of experience telling stories and aims to help Singaporean small business owners and entrepreneurs with each piece she writes. Her background spans content creation and social media across publishing, ecommerce, and marketing industries. Melissa’s writing simplifies the complexities of running a business, offering advice on accounting, bookkeeping, and company growth to help readers take confident steps on their entrepreneurial journey.
Congratulations! You've taken a leap of faith to start a business in Singapore. What next? Here are the things you must do next to kickstart your business operations within 1 year of setting up your company, so we recommend you bookmark this article.
1 Choose your company’s Financial Year End (FYE)
After registering your company in Singapore, one of the first decisions you need to make is your Financial Year End (FYE). Your FYE determines when your company must report its financial performance to the authorities, including ACRA and IRAS, and it directly affects your ongoing compliance obligations.
You are free to choose any date as your FYE, although many Singapore companies opt for 31 March, 30 June, 30 September, or 31 December. The right choice depends on your business activity, expected revenue cycle, and readiness to meet filing deadlines.
Your selected FYE will determine the deadlines for key statutory requirements, including the filing of Estimated Chargeable Income (ECI), the submission of annual returns and financial statements, and the timing of your Annual General Meeting (AGM). Choosing an unsuitable FYE can create unnecessary time pressure, especially in your first year of operations.
When you incorporate your company with Osome, your FYE is selected as part of the registration process. Our company secretaries will guide you on choosing an FYE that aligns with your business plans and helps you stay compliant with Singapore regulations from day one.
2 Appoint an Auditor (If Required)
In Singapore, an auditor is a public accountant or an ACRA-approved audit firm responsible for reviewing your company’s financial statements and ensuring they comply with statutory reporting standards.
You are required to appoint an auditor within three months of incorporation, unless your company qualifies for an audit exemption under Singapore law.
Your company does not need to appoint an auditor if it meets all three of the following criteria for the financial year:
- Annual revenue does not exceed S$ 10 million.
- Total assets do not exceed S$ 10 million.
- The number of full-time employees does not exceed 50.
Most startups and early-stage companies in Singapore fall within these thresholds, which means they are audit-exempt and do not need to conduct an annual audit.
If your business grows and exceeds any of the exemption limits in future financial years, you will need to appoint an auditor accordingly. Planning ahead helps avoid last-minute compliance issues and penalties.
3 Appoint a Corporate Secretary
Who is a corporate secretary?
A corporate secretary is responsible for ensuring your company complies with Singapore’s statutory and regulatory requirements. This includes handling essential administrative duties such as notifying ACRA of changes to your company’s name, directors, shareholders, or share structure.
The corporate secretary also files mandatory documents with the Singapore authorities and ensures that directors and shareholders are informed of key compliance deadlines, including annual filings and the Annual General Meeting (AGM).
By when must you appoint one?
You must appoint a corporate secretary within six months of incorporation.
Failing to do so is a breach of the Companies Act and may result in penalties.
Who can be a corporate secretary?
To qualify as a corporate secretary in Singapore, the individual must meet the following requirements:
- Be a natural person residing in Singapore.
- Not be the sole director of the company (a single director cannot act as company secretary).
- Be professionally qualified, either by membership in a recognised accounting body such as ISCA, ACCA, or CPA Australia, or having at least three years of company secretary experience within the last five years.
If your corporate secretary resigns, your company has six months to appoint a replacement.
Expert company secretarial services
Let our experienced team handle your company secretarial tasks with precision and professionalism. From annual filings to corporate governance, we'll keep your company compliant and running smoothly.
4 Issue Share Certificates
What is a share certificate?
A share certificate is a legally binding document that confirms a shareholder’s ownership of shares in your company. It states how many shares are held and serves as formal proof of ownership. Share certificates can be issued with or without the company’s common seal.
Your company must accurately track how many shares have been issued in total, how many are held by each shareholder, and how many remain unissued. This information is essential for future activities such as fundraising, share transfers, or changes to your share structure.
How to issue a share certificate
If the share certificate is issued without the common seal, it must be properly authorised. This is done by signing the document in one of the following ways:
- By two directors.
- By one director and the company secretary.
By one director in the presence of a witness.
Once issued, the share certificate should be recorded in the company’s statutory registers and safely retained as part of your corporate records.
Stay fully compliant with the Companies Act 1967—share certificates must be issued for new shares or transfers. Let Osome handle it for you, keeping your records up to date effortlessly.
5 Set Up Your Statutory Books
Statutory books are the official legal records of your Singapore company. They must be kept at your registered office in Singapore and updated regularly, as ACRA or IRAS can request access at any time.
What to include in your statutory books:
- Updated details of company officers (directors, auditors, secretaries), with appointment and resignation dates.
- Shareholder records, including shareholdings and transfers.
- Details of any fixed or floating charges, or debentures securing company loans.
- Minutes and resolutions from Annual General Meetings.
Maintaining statutory books is a legal requirement in Singapore.
6 Set Up Your Accounting System
From day one, every Singapore company must track income and expenses accurately. Maintaining up-to-date records not only helps you monitor your company’s financial health and profitability but also ensures compliance with Singapore tax regulations.
Singapore law requires that accounting books follow the Singapore Financial Reporting Standards (SFRS). Failure to maintain proper records may result in penalties or allegations of tax evasion.
7 Get Your Business License
Some business activities in Singapore require a licence or permit before you can start operating. Depending on your industry, your company may need a licence from the relevant government authority.
Common examples include: travel agencies, employment agencies, financial services firms, educational institutions, import/export companies, and restaurants.
Check the Enterprise Singapore or relevant statutory board websites to see if your business activity requires a licence.
Comprehensive company incorporation
Incorporate your company and get an Osome corporate secretary to ensure you comply with laws and regulations from the get-go.
8 Start Your Corporate Bank Account
A corporate bank account is essential for managing your company’s finances and preparing annual financial reports.
When you incorporate your company with Osome, we can help you open a corporate bank account on the same day through our partner, Aspire. Aspire allows you to open an account fully online, in as little as five minutes, making it ideal for non-resident founders.
How to open a corporate bank account:
- Prepare your Certificate of Incorporation and company constitution (we provide these when you register your company).
- Provide ID documents of beneficiaries.
- Submit a board resolution approving the account opening.
Most Singapore banks usually require the physical presence of account signatories, with at least two directors or one director and one secretary. With Osome, the entire process is handled digitally, so you can open your account remotely from anywhere in the world.
Once your account is active, shareholders should deposit their investment share capital to fund the company.
Choosing a bank that supports online banking and multi-currency accounts can simplify your company’s financial operations and international transactions.
9 File Estimated Chargeable Income (ECI) with IRAS
The Estimated Chargeable Income (ECI) is your company’s taxable income after deducting all allowable business expenses. It also includes your company’s revenue, which must be reported in the ECI form submitted to IRAS.
If your actual taxable income is lower than your ECI, IRAS will refund the excess tax paid. If it’s higher than the ECI, you must settle the difference within one month.
Deadline: You must file your ECI within three months after your Financial Year End.
Most companies delegate ECI filing to a professional accountant. If this feels overwhelming, Osome’s accounting experts can handle it for you, ensuring accurate submissions and compliance with Singapore tax regulations.
10 Hold Your First Annual General Meeting (AGM) After Incorporation
Your company must hold its first AGM within six months after the Financial Year End (FYE). The AGM is a mandatory meeting where shareholders review and approve the company’s financial statements.
Key documents typically presented at the AGM include:
- Profit and Loss Statement: Details sales, expenses, and net profit.
- Balance Sheet: Shows assets, liabilities, and equity.
- Changes in Equity
- Notes to Financial Statements
Physical presence is not required — virtual meetings or document exchanges are acceptable under Singapore law. During the AGM, shareholders can also approve audited or unaudited financial statements, authorise dividend distribution, reappoint company officers or directors, and approve directors’ salaries.
Understand Singapore taxes at a glance
Our free guide breaks down Singapore’s tax rates, employee-related taxes, and the exemptions and reliefs your business may qualify for — clearly and simply
11 File Annual Returns with ACRA
What are Annual Returns?
Annual Returns (AR) are official documents your company must submit to ACRA after the Financial Year End (FYE) and Annual General Meeting (AGM). They provide a snapshot of your company’s structure, finances, and operations.
Your Annual Returns typically include:
- Company name and type
- Registered office address
- Updated list of directors, shareholders, and company secretary
- Registered charges and any changes
- Updates to share capital and structure
- Financial statements in XBRL format, either full or simplified
When to file?
You must submit your Annual Returns within seven months after your FYE.
Penalty for late filing
Late submission can lead to fines of S$ 300 per breach, or up to S$ 600 depending on the number of violations under the Companies Act.
12 File C-S/C, the Annual Tax Returns with IRAS
After filing your Annual Returns with ACRA, the next step is to report your company’s taxes to IRAS using Form C-S or Form C.
What are Form C-S and Form C?
Form C-S is the simplified tax return for small companies, while Form C is the standard corporate tax return for larger or more complex businesses.
Which form should you file?
- Form C-S – for companies with annual revenue less than S$ 5 million, not claiming investment allowance, group relief, capital allowance, losses, foreign tax credit, or withholding tax.
- Form C – for companies with annual revenue more than S$ 5 million or claiming any of the above tax items.
Both forms can be submitted easily via the myTax portal.
Documents to prepare:
- Company financial statements
- Declaration statement
- Tax computation and supporting schedules
- Any additional claim forms, e.g., R&D, M&A, or double tax deductions (optional)
Filing deadlines:
- Paper submissions: no later than 30 November after your FYE
- Online submissions via myTax: extended to 15 December after your FYE
How Osome Can Help
Navigating post-incorporation requirements can be time-consuming, especially for founders running businesses remotely. Osome’s expert team simplifies compliance with Singapore regulations by handling:
- Preparation and submission of annual filings, including ACRA Annual Returns and IRAS tax forms (Form C-S/C).
- Management of share certificates, statutory books, and corporate records.
- Corporate secretarial services, ensuring all director and shareholder updates are correctly filed.
- Guidance on financial year end, business licenses, and accounting systems.
- Assistance with corporate bank accounts, including remote account opening for international founders.
With Osome, you can focus on growing your business while we take care of the paperwork and compliance, keeping your Singapore company fully up-to-date and penalty-free.
Summary
After registering your company in Singapore, there are several important steps to ensure compliance and smooth operations. These include choosing your Financial Year End, appointing a corporate secretary and, if applicable, an auditor, issuing share certificates, maintaining statutory books, setting up an accounting system, obtaining any necessary business licenses, opening a corporate bank account, filing Estimated Chargeable Income (ECI), holding your first Annual General Meeting, and submitting Annual Returns to ACRA as well as tax returns (Form C-S or Form C) to IRAS. Completing these steps on time helps avoid penalties, keeps your company compliant with Singapore law, and lays a solid foundation for growth and long-term success.
Melissa has over eight years of experience telling stories and aims to help Singaporean small business owners and entrepreneurs with each piece she writes. Her background spans content creation and social media across publishing, ecommerce, and marketing industries. Melissa’s writing simplifies the complexities of running a business, offering advice on accounting, bookkeeping, and company growth to help readers take confident steps on their entrepreneurial journey.
