After setting up your business, what is the next step? There are 6 things you should know and need to do after your company has setup, which includes accounting and bookkeeping, prepare financial statement, report income tax, register GST, hiring of staff and business licenses.
All companies registered in Singapore must keep proper books of accounts as stipulated by the Singapore Companies Act. Good bookkeeping not only facilitates day-to-day account maintenance and drafting of financial statements for the submission of annual returns, but also provides insight for sound business decision-making as well as efficient financial management.
Prepare Financial Statement
After completed registration for your business, another thing you should do is to prepare financial statement.
While most private limited companies in Singapore are no longer required to have their accounts audited if they satisfy certain conditions.
Report Income Tax
Apart from that, another thing you should do is to report income tax. A company must have efficient tax management. If you engage with services provider, this will surely make the complicated procedure smoother and easier. Besides, with experienced and qualified tax agent, you will ensure of effective taxation planning, as well as to avoid the tax implications of every decision you make which will cost you a lot of money.
GST refers to a consumption tax levied on nearly all goods and services in Singapore. It is compulsory for businesses setup to come forward to register for GST when their turnover exceeds $1mil per year. Businesses that do not exceed $1mil in turnover may register for GST voluntarily.
Hiring of Staffs
Hiring of staffs is definitely something you would need to do after registering your business. Without staffs, it would be challenging for you to operate your business.
The Singapore Employment Act is the supreme law of the land that specifies basic employment terms and conditions.
Before your business can start to operate, you are required to apply and obtain certain licences and permits. However, application for licenses and permits can only be done after you have completed the business registration with the Accounting and Corporate Regulatory Authority (ACRA).
For businesses such as restaurants, educational services, financial services and entertainment services requires a licence and permits from various government agencies. For instance, a restaurant will need a Food Shop Licence from the National Environment Agency and a Liquor Licence, as well as Public Entertainment Licence from the Singapore Police Force among others.
In order to prevent yourself from running afoul with the law, you should always pre-emptively familiarize yourself with the regulatory regime related to your business. You may also look for licences and permits relevant to your business on LicenceOne Portal (now Gobusiness Licensing Portal).