The paperwork for incorporating a company takes a few days. The harder part is what comes next. Many founders receive their certificate of incorporation, celebrate, and then discover several weeks later that a bank account is still unopened, the first invoice has no accounting system behind it and nobody has diarised the first filing deadline. A short, structured onboarding plan in the first year prevents most of these problems.

This guide sets out a practical first-year checklist for a newly incorporated Singapore company, aimed at founders who want to move from incorporation into steady corporate secretarial and accounting support without gaps.

Week one: confirm the incorporation record

Once ACRA confirms incorporation, check the details on the company profile in Bizfile. The name, registered office, share capital, shareholders, directors and company secretary should all match what was agreed. Errors are far easier to correct early.

  • Download the business profile and certificate of incorporation, and store both in a shared folder.
  • Confirm the financial year end. The first financial year is set by the company, and it should align with the accounting and tax calendar the founders want.
  • Check that the registrable controllers have been recorded, and that the register is held by the company.
  • Confirm the local resident director requirement is met under section 145 of the Companies Act 1967.

Appoint and brief the company secretary

Under section 171 of the Companies Act, the company must appoint a secretary within six months of incorporation, and many founders appoint one on day one. The secretary maintains the statutory registers, files changes with ACRA and keeps the company on its compliance calendar. Founders should understand what the role covers, as set out in our guide to the company secretary’s statutory duties, and should agree a clear scope with their provider.

If the company already has a secretary but you are changing providers, our article on who should hold the signed original records explains how to make the handover orderly.

Make the first board decisions

The first board meeting or written resolution typically covers a short list of matters. Record each one in writing and keep the minutes with the company records.

  1. Adopt the share certificates and confirm the shareholding.
  2. Approve the opening of the corporate bank account and the authorised signatories.
  3. Appoint the auditor if audit is required, or record the basis for any exemption.
  4. Confirm the registered office and the accounting records location.
  5. Approve engagement of the accounting provider.
  6. Record any director’s interests to be disclosed under the Act.

Open the bank account and keep the money separate

A corporate bank account is the foundation of clean bookkeeping. Bank onboarding requires the incorporation documents, identification for directors and controllers, and a description of the business. Allow time for due diligence, particularly where shareholders are overseas. From day one, all business income and expenses should flow through the company account, never through a personal one. Where a founder pays a company expense personally, record it as a director’s loan or reimbursable claim with a receipt, not as a mystery journal entry later.

Set up bookkeeping before the first transaction

The accounting set-up is far easier to do before activity begins than after months of messy records. A short checklist:

  • Choose accounting software and a chart of accounts suited to the business.
  • Decide who uploads invoices and receipts, and how often.
  • Set a monthly close routine with bank reconciliation.
  • Keep records for at least five years, as required for accounting records under section 199 of the Act.
  • Agree the process for director’s loans, expense claims and shareholder funding.

Our bookkeeping for Singapore SMEs FAQ covers the practical routines in more detail.

Decide on GST, payroll and tax early

Three registrations deserve an early decision.

GST

Registration with IRAS is compulsory when taxable turnover exceeds the statutory threshold, and voluntary otherwise. Founders should forecast turnover from the start, because a late compulsory registration can create a liability for tax that was never charged to customers.

Payroll and CPF

If the company will employ Singapore citizens or permanent residents, including a working director who is paid a salary, CPF contributions will apply. Payroll records, payslips and monthly submissions need to start from the first pay date.

Corporate tax

New companies can benefit from tax exemption schemes in their early years, subject to conditions. The first Estimated Chargeable Income filing falls due within three months of the financial year end unless waived, so the tax calendar should be set in the first month. Our ECI filing FAQ sets out the rules.

Build the annual compliance calendar

Put the following milestones in a shared calendar with named owners:

Task Typical timing
Appoint company secretary Within 6 months of incorporation
AGM or circulation of financial statements Per Companies Act timelines
Annual return with ACRA Within 7 months of financial year end for most private companies
ECI filing Within 3 months of financial year end
Income tax return (Form C-S or C) Per IRAS annual filing date
GST returns, if registered Quarterly, within one month of period end

Our company compliance deadlines guide and annual return filing guide show how these dates work in practice.

Avoid the common first-year mistakes

  • Leaving the first financial year end to chance and ending up with an awkward long period.
  • Mixing personal and company spending.
  • Failing to record share issuances or director changes with ACRA on time.
  • Assuming the secretary will “just know” about business changes the founders never mentioned.
  • Missing the first ECI or return because the calendar was never set.

Next steps

A good onboarding takes a few hours of focused work and saves months of cleanup. Founders thinking beyond the company, such as investment decisions for retained profits, will find that a clean set of records makes every later decision easier. If a shareholder arrangement needs formal documentation, ask about legal advice on a shareholders agreement.

Raffles Corporate Services provides incorporation, company secretarial support, bookkeeping and tax filing as one continuous service, so a new company moves from certificate to compliance without gaps. For further reading, see the latest Singapore business news and regulatory updates.

To speak with the team at Raffles Corporate Services, you can email [email protected] or call, SMS, or WhatsApp +65 8501 7133. We are happy to assist with any queries.

The Editorial Team, Raffles Corporate Services