What steps need to be taken once I have set up my Singapore company?
Setting up a company in Singapore is a straightforward and speedy process. In fact, Procosec Asia promises to set up your Singapore company within the same working day.Setting up a company in Singapore is a straightforward and speedy process. In fact, Procosec Asia promises to set up your Singapore company within the same working day.
However, once you have set up your Singapore company, what are the next immediate steps?
Below we summarise the common steps which need to be taken by Singapore companies immediately following incorporation:
1. Meeting of the board of directors
It is a requirement in Singapore for the board of directors to convene a meeting to decide and confirm important details about the newly formed Singapore company. These points include:
a) The appointment of the company’s officers and chairperson;
b) Fixing the financial year end of the company;
c) Deciding which bank to open a company account;
d) Confirming the company common seal (a seal which is used for certain contracts and other company documents); and
e) Confirming the initial shareholders and shareholdings in the company.
For convenience, this board meeting is often carried out by the alternative method of a board of directors resolutions prepared in writing. Procosec Asia has a full suite of company secretarial services who assist in, amongst other things, this task.
2. Company registers
The Singapore company is required immediately following its incorporation to prepare a set of statutory registers including:
a) Register of members;
b) Register directors, chief executive officers, secretaries and auditors;
c) Register of directors and chief executive officer’s shareholdings; and
d) Register of charges;
3. Company seal
The Singapore company should obtain a company seal known as the common seal.
The common seal is typically affixed onto a company’s documents or agreements, share certificates and debentures.
4. Bank Account Opening
There are a number of local banks in Singapore which offer a full suite of corporate/i-banking facilities for your Singapore company.
The process is relatively straightforward however there will be certain ‘know-your-client’ documentation required by the Singapore bank which should be prepared in advance.For more information on our company compliance services, contact us today at info@procosecasia.com or visit our website at www.procosecasia.com
