9 min read
Congratulations! Your company has been successfully incorporated.
While incorporation is an important milestone, it is only the beginning of your business journey. Many new business owners assume that once they receive their company’s Unique Entity Number (UEN), the hard part is over. In reality, there are several important tasks that should be completed soon after incorporation to ensure your business is set up for success.
From opening a corporate bank account and organising your accounting records to understanding your tax obligations and meeting statutory compliance requirements, taking the right steps early can save you significant time, reduce costly mistakes and make managing your business much easier as it grows.
This guide explains the key tasks every new Singapore company should complete after incorporation, helping you build a strong operational and financial foundation from day one.
👁️🗨️ At a Glance
What To Do After Your Company Is Incorporated
After you have successfully incorporated a company in Singapore, you will need to:
- Set Up Your Corppass Account
- Open a Corporate Bank Account
- Keep Proper Business Records
- Understand Your Tax Obligations
- Monitor Compliance Deadlines
Set Up Your Corppass Account
After your company has been incorporated, one of the first administrative tasks is to set up your company’s Corppass account.
Corppass is Singapore’s authorised digital identity for businesses. It allows companies to access and transact with various government digital services, including those provided by ACRA, IRAS, CPF Board and other government agencies.
To use Corppass, your company will first need a Corppass Admin. The Corppass Admin is responsible for registering the company, managing user accounts and assigning access to employees or service providers, such as your accountant or corporate secretary.
Setting up Corppass early helps ensure you can access government e-services when needed and avoids unnecessary delays in meeting your statutory obligations.
💡 Prologue Tip
Consider assigning at least one additional Corppass Admin as a backup. This helps ensure your company can continue accessing government digital services if the primary administrator is unavailable or leaves the business.
Open a Corporate Bank Account
Opening a dedicated corporate bank account is one of the most important steps after incorporating your company. Keeping your business finances separate from your personal finances makes it much easier to manage your accounts and reinforces the company’s status as a separate legal entity.
A dedicated corporate bank account helps you:
- Maintain proper accounting records;
- Simplify bookkeeping and tax reporting;
- Present a more professional image to customers and suppliers; and
- Clearly separate business and personal transactions.
Corporate Banking Resources
There are many corporate banking solutions available in Singapore, each offering different features, eligibility requirements, fees and digital banking capabilities. Before opening an account, take some time to compare the available options and choose one that best suits your business needs.
Some corporate banking providers include:
Traditional Banks
Digital Business Banking Platforms
The above list is provided solely as a convenient reference for business owners. Prologue does not endorse or recommend any particular bank or financial institution. You should conduct your own evaluation based on your business requirements before opening a corporate bank account.
Keep Proper Business Records from Day One
Singapore companies are required to maintain proper accounting records. Good record-keeping not only helps you comply with statutory requirements but also makes bookkeeping, tax reporting and year-end financial reporting much easier.
Many small businesses engage an accountant to prepare their bookkeeping and financial statements once a year. While this is a common practice, maintaining organised records throughout the year will make the annual accounting process significantly smoother.
Rather than searching for receipts, invoices and bank statements at year-end, develop a simple filing system from the beginning. Keep all supporting documents in one place, including:
- Sales invoices
- Supplier invoices and expense bills
- Receipts
- Bank statements
- Payment records
- Contracts and agreements
- Payroll records (where applicable)
- Accounting ledgers (where applicable)
Use Cloud Storage to Stay Organised
At Prologue, we encourage our clients to store their supporting documents electronically using a shared cloud folder, such as Google Drive.
A shared cloud folder offers several advantages:
- Documents can be uploaded anytime, from anywhere.
- Both you and your accountant can access the latest documents without the need to exchange emails.
- Supporting documents are less likely to be misplaced.
- Records remain organised throughout the financial year.
- Preparing the annual accounts becomes faster and more efficient.
A simple folder structure – for example, separating documents into Sales, Bank Statements, Expenses, Payroll and Corporate Documents – makes it much easier to locate information when needed.
💡 Prologue Tip
You do not need to maintain your bookkeeping every month to stay organised. Simply keep your business transactions separate, upload your supporting documents regularly to a shared cloud folder and maintain a logical filing system. When it is time to prepare your annual accounts, your accountant will have everything needed to complete the work efficiently, reducing the likelihood of missing transactions, delays and additional bookkeeping costs.
Understand Your Tax Obligations
Depending on your business activities, you may need to consider:
- Corporate Income Tax
- Goods and Services Tax (GST)
- Withholding Tax (where applicable)
Not every company is required to register for GST immediately. Registration depends on factors such as your taxable turnover and business circumstances.
Understanding your obligations early helps avoid penalties later.
Monitor Compliance Deadlines
Every company has ongoing statutory obligations.
Depending on your circumstances, these may include:
- appointing a company secretary within six months;
- maintaining statutory registers;
- filing Annual Returns;
- preparing financial statements (where required); and
- filing corporate income tax returns.
Missing deadlines can result in penalties and unnecessary compliance issues.
📩 Downloadable Resource
A practical checklist covering everything you need after incorporating your company.
⚠️ Common Mistakes to Avoid
❌ Continuing to use your personal bank account for business transactions
❌ Waiting until year-end to organise receipts and invoices
❌ Missing the deadline to appoint a company secretary
❌ Assuming GST registration is automatic or always required
❌ Ignoring filing deadlines with ACRA and IRAS
❌ Failing to maintain proper accounting records from the start
❌ Storing business documents in multiple locations instead of a centralised filing system
💡 Prologue Tip
Many entrepreneurs focus on incorporating their company but underestimate the importance of setting up proper accounting and compliance processes from day one.
A well-organised business saves time, reduces stress and provides better financial information for decision-making as it grows.
Frequently Asked Questions
Do I need to open a corporate bank account immediately after incorporation?
While there is no legal requirement to open a corporate bank account immediately, it is highly recommended. Using a dedicated business account helps keep your personal and business finances separate, simplifies bookkeeping and presents a more professional image to customers and suppliers.
When should I appoint a company secretary?
Under the Singapore Companies Act, every company must appoint a company secretary within six months of incorporation. The company secretary helps ensure your company meets its statutory compliance obligations.
Do I need to register for GST immediately after incorporating my company?
Not necessarily. Whether GST registration is required depends on your business circumstances and taxable turnover. Some businesses must register for GST, while others may choose to register voluntarily if they meet the relevant conditions.
Do I need to hire an accountant straight away?
Not every new business requires a full-time accountant. However, engaging a professional accountant or bookkeeping service early can help you establish proper accounting processes, maintain accurate financial records and avoid costly mistakes as your business grows.
How long should I keep my company’s business records?
Singapore companies are generally required to retain accounting and business records for at least five years after the relevant transactions or financial year. Keeping complete and organised records will help you meet your statutory obligations and support future audits or tax reviews.
What happens if I miss my company’s filing deadlines?
Missing statutory deadlines may result in late filing penalties and, in some cases, enforcement action by the relevant authorities. It is good practice to maintain a compliance calendar or engage a corporate secretarial service provider to help you keep track of important filing dates.
Continue Building Your Business
Building a successful business is an ongoing journey. Explore our Knowledge Hub for practical articles, guides and checklists designed to help Singapore business owners navigate accounting, taxation, compliance and business growth with confidence.
Need professional support?
If you would rather focus on growing your business while leaving the accounting and compliance to experienced professionals, we would be pleased to help.
Stay informed
Subscribe to our monthly newsletter to receive practical insights, useful resources and timely reminders to support your business journey.
→ Subscribe to Our Newsletter
Every business is different. This article provides general information only and should not be relied upon as accounting, tax or legal advice. If you require advice tailored to your circumstances, please seek professional assistance.
🏛️ Official Resources
For the latest regulations and official guidance, refer to:
- Corppass Apply Admin Account – Corppass
- IRAS – Corporate Income Tax IRAS | Basic Guide to Corporate Income Tax for Companies
- IRAS – Goods and Services Tax (GST) Goods and Services Tax (GST) What it is and how it works