Things to Do After Successfully Registering a Business in Singapore

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Following are the Post Registration and Compliance things to be noted:

·        Business Licences and Permits

Some business activities in Singapore are subject to regulation by Singapore government authorities. Even if your business firm has been registered, you cannot begin operations or provide services unless your company receives the necessary approval or business licences from the relevant government authorities before company incorporation.
Private schools, video companies, travel agencies, liquor distributors, moneylenders, banks, Financial advisers, childcare centres and importers, wholesalers, and retailers of liquor licences are some examples of businesses that need permits to operate. Additionally, it is a good idea to seek the advice of specialists or professional advisors who can assist you in acquiring the necessary permits and licences, guaranteeing a convenient transition from business registration to successful operation.

·        Registered Office Hours

You must have a registered office address and the office must be open to the public for a minimum of three hours per day during normal business hours on weekdays.

·        Registration Number

The business or company registration number issued by ACRA must be on all letterheads, invoices, billings or other documents used for official business communications.

·        Custom Registration

If your business activity involves import, export, and transshipment in and out of Singapore, you will need to register your company with the Singapore Customs and obtain a CR Number or commonly known as Custom Registration. The central registration number is mandatory for Singapore companies or organisations engaged in trading activities.

·        Singapore Goods and Services Tax Registration

Goods and Services Tax (GST) is a tax on the supply of goods and services in Singapore and on the import of goods into Singapore. Goods exported from Singapore and international services provided from Singapore are exempt from GST. The current rate is 9% (w.e.f. 1st January 2024).

All Singapore businesses must register for GST if their annual taxable revenue is more than S$1 million in a given financial year, or if they are currently making taxable supplies where the annual taxable revenue is expected to be more than S$1 million.The GST registration process is expected to be completed within thirty days from the time the business becomes liable.

You may also choose to register for GST voluntarily. Approval for voluntary registration is at the discretion of the Comptroller in IRAS. Upon approval, the registration obligation extends for a minimum period of two years. As a crucial initial step in complying with Singaporean tax regulations, GST registration for your business is essential. By promptly and appropriately incorporating your company with GST registration, you can safeguard it against penalties and uphold compliance with tax authorities on your annual filing requirements.

·        Registration of Singapore Central Provident Fund (CPF)

The Central Provident Fund or CPF is a compulsory pension fund scheme in which the employer and employee contribute a percentage of the monthly salary to the fund. CPF contribution by the employer is mandatory for all local employees who are Singapore citizens or permanent Singapore residents earning more than S$50 a month.

The maximum CPF contribution rate for employer and employee is 17% and 20% respectively and can be lower depending on certain factors such as employee age, permanent resident status, etc. CPF contribution for foreign employees is not required.

·        Determine your SSIC Codes

The Singapore Standard Industrial Classification (SSIC) Code is a five-digit number provided by the Singapore government to businesses based on their economic activities that generate revenue. This number is used for statistical purposes.