Singapore Post-Incorporation Checklist: 20 Essential Tasks for New Companies (CorpPass, GST, Banking)

Incorporating a company in Singapore is only the starting point. Long-term success depends on completing the correct post-incorporation compliance, tax, banking, and governance steps on time.

Many new Singapore companies encounter banking delays, IRAS penalties, or compliance issues not because of incorporation errors, but due to missed post-registration obligations—particularly CorpPass activation, tax filings, GST readiness, and statutory reporting.

This guide provides a clear, regulator-aligned Singapore post-incorporation checklist, covering 20 essential tasks every new company must complete to remain compliant and operational.

Who This Checklist Is For

This checklist applies to:

• Private Limited Companies (Pte. Ltd.)

• Foreign-owned Singapore companies

• Holding and investment entities

• Trading, service, and technology companies

• Dormant or pre-operational companies

1. Verify Incorporation Details with Accounting and Corporate Regulatory Authority (ACRA)

Confirm immediately:

• Company name and UEN

• Incorporation status and date

• Directors, shareholders, and registered address

• Company Constitution

Errors should be rectified promptly to avoid downstream banking and compliance issues.

2. Secure Statutory Company Documents

Maintain updated copies of:

• Certificate of Incorporation

• ACRA Business Profile

• Company Constitution

• Share certificates

• Registers of members, directors, and controllers

These documents are required for banking, licensing, audits, and due diligence.

3. Appoint a Company Secretary (Within 6 Months)

Every Singapore company must appoint a locally resident Company Secretary within six months of incorporation.

The Company Secretary ensures compliance with:

• Statutory filings

• Maintenance of registers

• Corporate resolutions and governance timelines

4. Maintain a Registered Office Address in Singapore

Your company must have a Singapore registered office address that:

• Is accessible to the public during business hours

• Appears on all statutory records

Virtual office arrangements are permitted if compliant.

5. Open a Corporate Bank Account

Singapore banks apply strict AML, KYC, and substance checks. Prepare:

• Complete corporate documents

• Business model and transaction flow

• Shareholder and director KYC

• Proof of operations (contracts, invoices, website, if available)

Early preparation significantly improves approval success.

6. Activate CorpPass for Government Transactions

CorpPass is Singapore’s official corporate digital identity system.

Through CorpPass, companies access:

• IRAS e-Services

• CPF submissions

• ACRA filings

• MOM employment services

Without CorpPass, statutory compliance cannot be completed.

7. Set Up Tax Access with Inland Revenue Authority of Singapore (IRAS)

Companies must:

• Authorise IRAS access via CorpPass

• Monitor tax filing and payment obligations

• Ensure correct tax classification from the first year

8. Understand Corporate Income Tax Obligations

Singapore companies are subject to:

• 17% corporate income tax

• Start-Up Tax Exemption (where eligible)

• Partial Tax Exemption schemes

Compliance includes filing Estimated Chargeable Income (ECI) and annual tax returns.

9. File Estimated Chargeable Income (ECI)

Unless exempted, ECI must be filed within 3 months after the financial year end (FYE), even if:

• The company is dormant

• The company incurred losses

Late filing may result in penalties.

10. Assess GST Registration Requirements

GST registration is:

• Compulsory if taxable turnover exceeds SGD 1 million, or

• Mandatory under the prospective view if turnover is expected to exceed SGD 1 million in the next 12 months

Voluntary registration may apply in specific cases.

11. Register for GST (If Applicable)

Once registered, companies must:

• Charge GST on taxable supplies

• Issue GST-compliant invoices

• File GST returns (usually quarterly)

• Maintain GST records

Incorrect GST handling is a frequent audit risk.

12. Maintain Proper Accounting Records

Companies must keep:

• Accurate accounting records

• Source documents (invoices, receipts, contracts)

• Bank statements and reconciliations

Records must be retained for at least 5 years from the relevant Year of Assessment (YA).

13. Determine Audit Requirements

A company is exempt from audit only if it qualifies as a “small company” under the Companies Act.

If not exempt, an auditor must be appointed in accordance with statutory requirements.

14. Set an Appropriate Financial Year End (FYE)

Selecting the right FYE impacts:

• Tax planning

• Compliance deadlines

• Group consolidation

FYE changes are permitted but subject to conditions.

15. Comply with AGM and Financial Statement Rules

Private companies must:

• Hold an AGM within 6 months after FYE, or

• Dispense with AGMs if financial statements are sent to members within 5 months after FYE

All decisions must be properly documented.

16. File Annual Returns with ACRA

Annual Returns must be filed:

• Within 7 months after FYE for private companies

• Together with financial statements (where applicable)

Late filings attract penalties and compliance risks.

17. Register with the Central Provident Fund Board (If Hiring Employees)

Employers must:

• Register for CPF

• Obtain a CPF Submission Number (CSN)

• Make timely CPF contributions

Non-compliance carries serious penalties.

18. Ensure Employment and Payroll Compliance

Compliance includes:

• Written employment contracts

• Statutory leave and benefits

• CPF, SDL, and payroll reporting

Directors may face personal liability for breaches.

19. Check Business Licensing Requirements

Certain activities require licences, including:

• Financial services

• Import/export and trading

• Regulated technology or professional services

Operating without required licences is a serious offence.

20. Implement AML, KYC, and Internal Controls

Banks and regulators expect:

• Beneficial ownership transparency

• AML and KYC policies

• Internal controls over transactions

Strong controls support banking stability and growth.

Why This Checklist Matters

Most compliance failures occur after incorporation, not during it. Common consequences include:

• Bank account restrictions

• IRAS penalties

• Director disqualification

• Company strike-off

All are preventable with proper post-incorporation management.

How Mirr Asia Business Advisory Can Help

Mirr Asia Business Advisory supports Singapore companies with:

• End-to-end post-incorporation compliance

• CorpPass and IRAS setup

• Banking and GST advisory

• Accounting, tax, and company secretarial services

Our approach ensures your company remains compliant, bank-ready, and scalable.

Frequently Asked Questions

1. Do dormant Singapore companies still need to file ECI and Annual Returns?

Yes. Dormant companies are generally required to file Annual Returns and may need to file ECI, unless specifically exempted by IRAS.

2. Is CorpPass mandatory for all Singapore companies?

Yes. CorpPass is required to access government digital services such as IRAS tax filings, CPF submissions, and ACRA transactions.

3. When is GST registration compulsory in Singapore?

GST registration is compulsory when taxable turnover exceeds SGD 1 million, or when the company expects to exceed that threshold within the next 12 months.

4. Are foreign-owned Singapore companies subject to the same post-incorporation rules?

Yes. Foreign-owned companies must comply with the same tax, filing, and statutory obligations as locally owned Singapore companies.

5. What happens if a Singapore company misses post-incorporation compliance?

Non-compliance can result in penalties, enforcement actions, banking restrictions, director liability, or company strike-off.