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6 Things you need to do after incorporation

When you set up the business there are many things that you have to consider especially when you’re setting up in a country like Singapore. It has many intricate and detailed steps when it comes to company incorporation Singapore procedures. This is to make sure that the policies and the laws covering economic conditions in Singapore are fair and just. This is also to avoid illegal businesses and other unauthorized sales of goods and services. One of the first few things that a business must do is to go through the company incorporation Singapore procedure. These are the initial steps in building a new business in this country. However, the steps in building a new business here do not end in the company incorporation Singapore process.

There are still many processes that a business must go through after the company incorporation Singapore procedure to be able to be fully operational. These steps would give you a certificate or a go signal that you are now legally registered as a business in Singapore which is important to avoid any complications in the future. So, in this article, we will talk about the things that you need to do after the company incorporation Singapore procedure.

Choose the financial year-end of your company

A new company is required to file annual reports with the accounting and corporate regulatory authority and Singapore. The date of submission of this kind of report depends on the financial year-end of the company. That is why it is important to determine the financial year-end of your entity as to the company incorporation Singapore procedure. Some of the popular dates when it comes to the financial year-end are dates of the quarters of the year.

Appoint a secretary after company incorporation

After the company incorporation Singapore procedure, you must now appoint a company secretary. A company secretary Singapore personnel will play many important roles in the success of the company. Hiring a company secretary Singapore staff is also required by the law. This person will be responsible for the administrative works like informing government agencies about the changes that are happening in your company. They will also be the ones responsible for filing other important legal documents. 6 months after incorporation, a company secretary Singapore staff should be hired.

A company secretary Singapore staff cannot be the director if you only have one director. This is to avoid overlapping duties in the company. The secretary has to be a natural citizen residing in Singapore.

Appoint an auditor after company incorporation

After hiring a company secretary Singapore staff you also have to appoint an auditor of the company. The auditor should be a public accountant or an ACRA-approved accounting company. This is because an auditor deals with a lot of sensitive documents that need a professional to be done correctly. The auditor should be appointed three months after the company incorporation Singapore procedure.

Provide share certificates

Companies with shareholders are also required to issue shares certificates. This can be done by the company secretary Singapore staff as it is part of his or her duty. This certificate is legally binding and certifies the shareholders’ ownership of a part of the company. This can be issued under the company seal or without the common seal.

Build accounting system

Since you already have an auditor and a company secretary Singapore staff, making an accounting system should be easier. There are a lot of business transactions that would happen from the beginning of the company incorporation Singapore process. These transactions are vital to the smooth flow of everything and the company. This is the reason why is it important to build a reliable accounting system. This way you can keep track of everything that has to do with the finances of the business.

Annual general meeting after company incorporation

The next step is to set the date of your annual general meeting. The law required a general meeting annually. All the relevant officers in the business should participate. These officers include directors, shareholders, other board members, and relevant staff. This is important because the government requires an annual report that can only be done when you have the annual general meeting. The company secretary Singapore staff is responsible to make this meeting possible.

Hire a helping hand

After the company incorporation Singapore process There are still many tasks and processes that can be done even. This may be too heavy especially for new entities. So, there are many external service providers that offer these kinds of services. Visit WLP Group to avail of these services.