What to Do After Singapore Company Registration

What to Do After Singapore Company Registration

Once your Singapore company registration has been approved by the Singapore’s Accounting and Corporate Regulatory Authority (ACRA), you are required to adhere to certain rules and regulations. These are dependent on your business structure.

 

This article seeks to help businesses follow the rules and regulations post-incorporation to ensure the smooth operation of your business. It is crucial for all registered Singapore business to ensure complete compliance as neglect of any of these rules will result to fines and even imprisonment.

 

Singapore Company:

A company is business structure characterized as a separate legal entity from its directors and shareholders. A company with twenty members or less is called Exempt Private Limited Company, a company with fifty members or less is described as a Private Limited Company, and a Public Company has fifty or more members.

 

  1. A Company Secretary must be appointed within six (6) months after a business’ Singapore company incorporation.
  2. A Company Auditor must be appointed within three (3) months from the date of Singapore company registration.
  3. The registered premise should be open for business and reachable by the public for at least three (3) hours during official business hours of weekdays.
  4. Similar to other business structures, designated registration number must be included in official business letterheads, bills, invoices and any other documents.
  5. In an event of a change in the business’ particulars, the Accounting and Corporate Regulatory Authority (ACRA) must be notified immediately.
  6. In an event of business operations cessation, ACRA must also be notified accordingly.
  7. The company must hold its 1st Annual General Meeting (AGM) within eighteen (18) months from the incorporation date.
  8. The company’s audited annual accounts must be filed with ACRA one (1) month after the AGM.

 

Singapore Limited Partnership:

A Limited Partnership (LP) is a partnership firm that has a strong similarity to a General Partnership. The only dissimilarity is that apart from having one or more General Partners (GPs), a Limited Partnership must also have at least one or more Limited Partners (LPs). GPs have complete liability while LPs have limited liability.

 

  1. The Limited Partnership’s UEN (Unique Entity Number) must be printed on all bills, invoices, letterheads and any other documents that are used in its business operations.
  2. The business profits must be tax through either corporate tax rates or personal income tax rates.
  3. The Limited Partnership registration must be renewed through BizFile yearly.
  4. In an event that business operations will be ended, one of the General Partners must provide a Notice of Cessation of Business through BizFile.
  5. In case all Limited Partners leave the business, the registration of Limited Partnership will be suspended. The General Partners will then be considered under Singapore Business Registration Act until such time that a new Limited Partner is appointed.

 

Singapore Limited Liability Partnership:

A Limited Liability Partnership (LLP) is a type of partnership wherein some or all partners have limited liabilities. This is depending on the jurisdiction.

 

  1. An Annual Declaration must be made by the Limited Liability Partnership’s manager. It must indicate whether the LLP is either able or unable to pay debts as it becomes due in the normal course of business.
  2. The said Annual Declaration should be made within fifteen (15) months from the LLP’s date of registration.

 

Singapore Business Firm:

Partnerships and sole proprietorships are considered business firms. After business registration, partnerships and sole-proprietorships must abide by the following:

 

  1. Business operations must only be carried out using the registered business name.
  2. The designated registration number must be included in official business letterheads, bills, invoices and any other documents.
  3. The business registration must be renewed accordingly via Bizfile.
  4. The business’ Medisave contributions must be kept updated.
  5. In an event of a change in the business’ particulars, the Accounting and Corporate Regulatory Authority (ACRA) must be notified immediately.
  6. In an event of business operations cessation, ACRA must also be notified accordingly.

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