After the Singapore company is formed, what else do I need to do before I can start my business activities?
After your company has been formed, you are ready to start your business activities immediately subject to the following guidelines:
1. If your business requires one or more licenses, you may need to obtain the relevant licenses first before you can commence your business activities. Fortunately, very few business activities in Singapore require business licenses. To find out if your particular business requires a license, please visit https://licences.business.gov.sg/.
2. You should open a bank account soon after your company formation. This will help you with injecting funds into the company, receiving payments from customers, and paying your company bills.
3. You will need to decide if should register for Goods & Services Tax (GST). GST registration is not mandatory unless your annual turnover exceeds S$1 million. For more details, refer to GST registration guide.
4. Subsequent to formation of Singapore company, you will need to obtain a Central Registration (CR) number if your company plans to import goods into or export goods from Singapore. The CR number is for use in all import, export and transhipment permits, certificates and any other documents issued by the Singapore Customs.
5. You should get basic stationary and marketing materials ready for your company as soon as possible. These include such items as business cards, letter heads, website, brochure, etc.
6. If you plan to bring any foreign employees, you will need to apply for their employment pass (EP) before they can commence their employment with your newly formed Singapore company.
We have just completed the Singapore Company Formation procedure. We are now thinking about hiring staff. What kind of deductions are required when paying salary to our employees?
See below:
For local employees (Singapore Citizens and Permanent Residents)
You will need to contribute a specified percentage amount of their salaries to Central Provident Fund (CPF). You are required to pay the employer’s and employee’s share of CPF contributions monthly for all local employees at the rates set out by CPF board. You have a grace period of 14 days to make payment of CPF contributions after the end of the month for which CPF contributions are due. For more details, please visit http://www.cpf.gov.sg.
For Foreign Employees
For foreign employees, CPF contributions are not required. You just need to pay the agreed upon salary to your foreign employees and that's all.
No tax deductions are required either for local or foreign employees. The employees are directly responsible for their personal taxes. Exception to this is when an employment pass holder is leaving Singapore. The employing company is required to obtain tax clearance before the EP holder leaves the country.
Is the paidup capital locked for any period of time after the formation of Singapore company?
You can start utilizing the paid-up capital to operate the company immediately. There is no such requirements that it must remain untouched for a specified period of time after the company formation.
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