Raffles Consulting Services
A 13-week Singapore post-incorporation plan covering registers, licences, banking, tax, hiring, contracts and compliance ownership.
After incorporation, a Singapore company should secure its records, check licence requirements, set up bank and payment controls, start proper accounting and record contracts and related-party transactions. These tasks should be completed before hiring and sales activity increase.
The first 90 days should turn the legal shell into a controlled operating business. Secure the corporate record first, confirm the licence requirements, establish accounting and tax routines, document group dealings, then scale hiring and customer activity.
The first 90 days should turn the legal shell into a controlled operating business. Secure the corporate record first, confirm the licence requirements, establish accounting and tax routines, document group dealings, then scale hiring and customer activity.
This 13-week plan is designed for a new private company or foreign-owned subsidiary. It does not replace sector-specific licensing or legal advice. A regulated business should move the licence review to the front and delay restricted activity until approval is in place.
The 90-day plan
| Period | Management outcome | Evidence to retain |
|---|---|---|
| Days 1 to 14 | Authority, registers and licence requirements established | Board record, Corppass, ownership registers and licence map |
| Days 15 to 30 | Banking, accounting, contracts and tax calendar ready | Bank mandate, chart of accounts, contract templates and compliance calendar |
| Days 31 to 60 | People and trading controls operating | Approved hiring route, payroll controls, customer and supplier onboarding |
| Days 61 to 90 | First close and board review completed | Management accounts, risk log, filing schedule and corrective actions |
Days 1 to 7: save the company records
Download and secure the notice of incorporation, Business Profile, constitution and incorporation records. ACRA’s post-registration guide states that the free Business Profile should be downloaded within 60 days. Store the records with controlled access and record the company name, UEN, registered office, financial year end, officers, share capital and bank-authorised persons on one corporate data sheet.
Hold an initial board meeting or prepare written resolutions that match the constitution. Typical matters include confirmation of incorporation, bank mandates, accounting policies, authorised signatories, contracts, insurance, tax agents, company-secretarial responsibility and approval limits. Do not use a standard resolution pack without checking the company’s actual governance and planned transactions.
Apply for Corppass. ACRA states that an entity can apply one day after receiving its UEN and that Corppass is used for government-to-business transactions. Assign an administrator, at least one backup where appropriate, and the minimum service access needed. Keep personal Singpass credentials separate and never share them among staff.
Days 1 to 14: update ownership and officer registers
Set up the Register of Registrable Controllers and, where applicable, the Registers of Nominee Directors and Nominee Shareholders. Companies incorporated from 16 June 2025 file the relevant controller information through Bizfile at registration, but the private registers and continuing update process still need an owner. ACRA’s company-register guidance also explains the electronic registers for members and officers and the need to file changes on time.
Issue formal notices and collect confirmations where the law or the company’s process requires them. Reconcile the shareholder and officer data to the constitution, allotment records and group chart. For a foreign-owned company, record the chain to the ultimate owners because banks, tax advisers, grant agencies and regulated counterparties may ask for the same information in different forms.
Days 1 to 21: check licence requirements
List every product, service, sales channel, customer type, import or export flow and activity performed by employees. Map each to a regulator, licence or exemption conclusion. ACRA directs new companies to the GoBusiness licence e-Advisers and states that licences or permits may be needed before operations begin. Do not rely only on the broad business activity selected at incorporation.
Create a launch control for regulated activity. The control should name the approving authority, applicant entity, responsible officer, premises or personnel prerequisite, submission date, permitted pre-approval activity and proof of approval. Marketing, contracting, collecting money and serving customers can each have a different regulatory consequence. Where legal classification or a formal opinion is required, coordinate with a Singapore law firm with the relevant speciality.
Days 8 to 30: set bank and payment controls
Prepare the bank file before the interview: incorporation documents, ownership chart, identity records, business plan, expected counterparties, countries, transaction values, source of funds and board-approved mandates. Explain the business plainly. A new company should not inflate projected activity to appear more substantial.
Separate maker and approver roles when staffing permits. Set payment limits, vendor-verification steps, callback procedures for changed bank details and a rule against approving from forwarded messages alone. Record all shareholder funding as equity or debt under approved terms. A bank account is an operating control, not merely an administrative milestone.
Days 8 to 30: set up accounts and the tax calendar
Select accounting software, a chart of accounts and a monthly close date. The chart should distinguish revenue streams, direct costs, payroll, fixed assets, shareholder and related-party balances, taxes and potentially qualifying supported expenditure. IRAS’ record-keeping guidance requires source documents, accounting records, schedules and transaction records to be retained for at least five years from the relevant Year of Assessment.
Set the corporate tax calendar around the financial year end. IRAS’ basic corporate-tax guide explains that Estimated Chargeable Income is generally due within three months after the financial year end unless a waiver or exclusion applies. The annual corporate income tax return has a separate deadline. A new company should also monitor whether GST registration becomes compulsory or whether voluntary registration is commercially justified.
Agree who owns invoice issuance, expense evidence, bank reconciliation, payroll data, GST monitoring and tax queries. The first monthly close should not be postponed until revenue is material. Weak opening records become expensive to reconstruct.
Days 15 to 45: record contracts and related-party transactions
Use customer and supplier agreements that identify the correct Singapore entity, scope, price, tax treatment, acceptance, intellectual property, confidentiality, data, liability and termination. Check whether the company is contracting as principal, agent, distributor or service provider. The commercial story should match invoices, revenue recognition, licences and employee functions.
For a group subsidiary, document capital, loans, management services, intellectual property, cost sharing, distribution and guarantees before balances accumulate. The agreement, conduct and transfer-pricing method must be aligned. The Singapore transfer-pricing workflow provides a transaction register and annual control sequence that can be adapted from the first month.
Days 21 to 60: check work pass and hiring rules
Define each role, employment entity, salary, reporting line, work location and pass requirement before making promises. MOM states that an employer or appointed employment agent submits an Employment Pass application, and candidates should be brought in only after approval. Fair Consideration Framework advertising and the prevailing eligibility framework may apply.
Set up compliant employment agreements, payroll, Central Provident Fund treatment for eligible local employees, leave, expense claims, data access and workplace policies. No employee should begin regulated or paid work on an inappropriate immigration status. If employment terms or a regulated role raises a legal question, obtain specialist advice.
Days 31 to 75: appoint the company secretary and auditor
ACRA states that a company secretary must be appointed within six months of registration and an auditor within three months unless the company is audit-exempt. The auditor decision therefore belongs inside the 90-day plan. Confirm the audit-exemption analysis rather than assuming a private company is exempt.
Run a sample transaction from contract approval through invoice, receipt, ledger posting and management report. Run a sample purchase through vendor onboarding, approval, payment and reconciliation. Test who can change master data. Correct gaps before transaction volume increases.
Days 61 to 90: review the first 90 days
Close the accounts, review cash, receivables, payables, payroll, tax, licences, contracts and related-party balances. Compare actual activity with the business description provided to the bank, ACRA and regulators. Update company information where required and record any new licence issue created by a product or channel change.
The board pack should show twelve items: revenue, gross margin, cash runway, overdue balances, hiring, major contracts, related-party flows, tax calendar, licences, data or cyber incidents, disputes and the top five risks. End with named actions and dates. A concise board pack produced every month is more useful than a large annual compliance scramble.
If the company is newly incorporated, schedule the first operating review before activity becomes too busy to pause. Our Singapore Market Entry and Domiciliation team can organise the 90-day plan, while groups still deciding on an entity can begin with the foreign-company comparison. Registered corporate-service providers and Singapore counsel should handle the filing and opinion work within their professional scope.