New Company Setup Checklist: First 6 Months

Week 1-2: Post-Incorporation Immediate Actions

Verify ACRA Registration Details

Once the Accounting and Corporate Regulatory Authority (ACRA) approves the company incorporation, business owners should verify that all registered particulars are accurate. This includes:

✅ Company name and registration number
✅ Registered office address
✅ Directors’ and shareholders’ details
✅ Company secretary appointment (if applicable)
✅ Financial year-end date

Any errors must be rectified immediately through ACRA filing, as these details form the foundation of all future compliance submissions.

Appoint a Company Secretary (If Required)

Private limited companies in Singapore must appoint a qualified company secretary within six months of incorporation. However, appointing one immediately after incorporation is advisable. The company secretary plays a crucial role in ensuring ongoing compliance with the Companies Act, maintaining statutory registers, and filing returns with ACRA.

Obtain Business Licenses and Permits

Depending on the business activity, specific licenses or permits may be required before commercial operations can commence. Sectors such as food services, financial services, employment agencies, and healthcare require pre-operational approvals from relevant authorities like Singapore Food Agency (SFA), Monetary Authority of Singapore (MAS), or Ministry of Manpower (MOM).

Month 1: Corporate Bank Account and Accounting Setup

Open a Corporate Bank Account

Most Singapore banks require newly incorporated companies to complete their account opening within the first few months. The process typically takes 2-4 weeks and requires:

✅ Certificate of incorporation
✅ Business profile from ACRA
✅ Company constitution
✅ Directors’ identification documents
✅ Business plan or projected financials
✅ Proof of registered office address

Banks have become increasingly stringent with know-your-customer (KYC) requirements, so companies should prepare comprehensive documentation explaining their business model and expected transaction patterns.

Implement an Accounting System

Even companies with minimal transactions must maintain proper accounting records from day one. Singapore’s Companies Act mandates that businesses keep sufficient records to explain all transactions and enable accurate financial statements to be prepared.

New companies should establish:

✅ A cloud-based or desktop accounting software
✅ Chart of accounts tailored to their business structure
✅ Document filing system for invoices, receipts, and contracts
✅ Bank reconciliation processes

Proper accounting infrastructure from the outset simplifies subsequent tax filing, audit preparation, and financial decision-making.

Register for GST (If Applicable)

Companies with annual taxable turnover exceeding S$1 million must register for Goods and Services Tax (GST). While most startups may not immediately meet this threshold, businesses expecting rapid growth or operating in high-volume sectors should prepare for eventual GST registration by maintaining detailed sales records from inception.

Month 2: First Hire and Payroll Registration

Register with CPF Board

When hiring the first employee, companies must apply for a CPF Submission Number (CSN) with the Central Provident Fund (CPF) Board. Employers are required to contribute CPF for all Singapore Citizens and Permanent Residents, typically amounting to 17% of the employee’s monthly wages (subject to age-based rates).

The registration process includes:

✅ Submitting company details
✅ Registering employees
✅ Setting up CPF payment arrangements
✅ Understanding contribution rates and deadlines

Comply with Employment Act Requirements

The Employment Act governs employment terms and conditions for most employees in Singapore. New employers must:

✅ Issue employment contracts within 14 days of employment commencement
✅ Provide itemized payslips
✅ Maintain employee records
✅ Understand statutory benefits (annual leave, sick leave, public holidays)
✅ Comply with salary payment timelines

Consider Work Injury Compensation Insurance

Under the Work Injury Compensation Act, employers must purchase work injury compensation insurance for all employees performing manual work and certain non-manual employees earning up to S$2,600 monthly. Even if not legally required for all staff, comprehensive work injury insurance provides crucial protection for businesses and employees.

Month 3: First Board Meeting and Resolutions

Conduct Initial Board Meeting

Companies should hold their first board meeting within the first three months to formalize operational decisions and establish corporate governance practices. Typical agenda items include:

✅ Appointment of auditors (if required)
✅ Approval of company seal design
✅ Banking resolutions and authorized signatories
✅ Confirmation of financial year-end

Maintain Statutory Registers

Every Singapore company must maintain several statutory registers at its registered office:

✅ Register of members (shareholders)
✅ Register of directors
✅ Register of secretaries
✅ Register of registrable controllers
✅ Register of nominee directors (if applicable)

These registers must be updated whenever changes occur and made available for inspection by ACRA or other authorities.

File Controllers Register (If Required)

Companies must identify and maintain information about individuals with significant control or ownership. This information may need to be filed with ACRA depending on the company’s shareholding structure and whether controllers can be identified through ACRA’s publicly available records.

Month 4-6: Ongoing Compliance Monitoring

Establish Quarterly Review Process

To avoid last-minute compliance rushes, companies benefit from implementing quarterly compliance reviews covering:

✅ Outstanding ACRA filings
✅ CPF payment status
✅ Payroll tax obligations
✅ Banking and cash flow monitoring
✅ Contract and license renewals
✅ Changes in directors or shareholders requiring notification

Monitor Business Activity Threshold Changes

As the business grows, companies should monitor whether operational changes trigger new compliance obligations:

✅ Approaching GST registration threshold (S$1 million annual turnover)
✅ Exceeding audit exemption thresholds
✅ Changes in business activities requiring additional licenses
✅ Employment of foreign workers requiring work pass applications

Plan for Estimated Chargeable Income (ECI) Filing

Companies must file their Estimated Chargeable Income (ECI) within three months after their financial year-end. For companies with December 31 year-ends, this means filing by March 31. While new companies may have minimal income in their first year, understanding this timeline ensures timely compliance.

What to Prepare for Year-End

Audit Requirements Assessment

Singapore companies must determine whether they require a statutory audit based on specific criteria. A company is exempt from audit if it qualifies as a “small company” for two consecutive financial years, meeting at least two of these conditions:

✅ Total annual revenue ≤ S$10 million
✅ Total assets ≤ S$10 million
✅ Number of employees ≤ 50

New companies should assess their audit obligations early to allow sufficient time for auditor appointment and year-end preparation.

Annual Return Preparation

Every company must file an Annual Return with ACRA within one month of its Annual General Meeting (AGM) or the date the AGM should have been held. Private companies are required to hold AGMs within 6 months after the financial year-end.

For a smooth Annual Return filing, companies should ensure:

✅ All director and shareholder details are current
✅ Company secretary information is accurate
✅ Registered office address is up-to-date
✅ Share capital and shareholding changes are properly documented

Tax Filing Preparation

Corporate tax returns (Form C-S or Form C) must be filed by November 30 following the financial year-end. Companies should begin organizing:

✅ Complete financial statements
✅ Supporting schedules and tax computations
✅ Documentation for tax deductions and reliefs
✅ Capital allowance claims
✅ Transfer pricing documentation (if applicable)

Early preparation allows companies to identify potential tax optimization opportunities and ensure accurate filing.

Conclusion

The first six months after company incorporation in Singapore are critical for establishing robust compliance frameworks. By systematically addressing statutory obligations from post-incorporation actions through year-end preparation, companies can avoid penalties, build credibility with regulatory authorities, and focus resources on business growth rather than firefighting compliance issues.

Newly incorporated companies facing complex regulatory requirements may benefit from consulting qualified corporate service providers or accounting professionals who specialize in Singapore compliance matters.