After registration: tax, annual filings, hiring and founder work passes

Create a compliance calendar immediately after incorporation. Directors remain responsible for proper records and timely filings even when a company secretary, accountant or corporate service provider prepares them. Assign an owner and reminder for every obligation.

Every live Singapore company generally files an annual return with ACRA each year, including inactive or dormant companies unless a specific status or exemption applies. The due date depends on the company type and financial year end. Use ACRA’s current deadline guidance rather than copying another company’s calendar.

Keep accounting records from the first transaction. Save invoices, receipts, contracts, payroll records, bank statements, expense evidence, shareholder funding documents and board decisions. Audit exemption, where available, does not mean exemption from bookkeeping, tax or annual returns.

For corporate income tax, IRAS generally requires Estimated Chargeable Income within three months after the financial year end, subject to the exemptions stated by IRAS. The annual corporate income-tax return is a separate filing. Confirm the deadline for the relevant Year of Assessment each year.

Singapore’s headline corporate income-tax rate is 17% of chargeable income. Tax is not calculated simply as 17% of revenue, and exemptions or incentives should not be assumed. Deductions, startup exemptions, foreign income, related-party transactions and losses can require professional analysis.

Monitor Goods and Services Tax independently. IRAS requires compulsory GST registration when taxable turnover exceeds S$1 million at the end of a calendar year or is expected to exceed S$1 million in the next 12 months, subject to detailed rules. Voluntary registration brings continuing obligations and should be planned before pricing and invoicing systems are fixed.

Before hiring, determine whether each worker is a Singapore citizen, permanent resident or foreign national and identify the correct process. Put written employment terms, payroll, leave, tax reporting and workplace policies in place. For eligible local employees, understand CPF contribution and submission responsibilities before the first salary run.

Foreign employees need the appropriate MOM work pass. Requirements differ by pass and may include salary thresholds, qualifications, COMPASS, advertising, quotas, levies or insurance. The company or an appointed employment agent normally handles the application; incorporation by itself is not work authorisation.

A foreign founder who owns shares or serves as a director does not automatically have permission to work in Singapore. Assess the actual role and the relevant immigration route. Do not begin working on the assumption that an application will later be approved.

EntrePass is designed for eligible foreign entrepreneurs starting and operating businesses that are venture-backed or involve innovative technologies. MOM’s criteria focus on qualifying entrepreneurial, innovation or investment profiles. An ordinary consultancy, small paid-up capital or newly incorporated company does not automatically qualify.

Keep the corporate and immigration records consistent but separate. ACRA records should accurately show shareholders, directors and addresses; MOM applications should accurately describe the job, salary, employer and founder’s activities. A convenient label should never replace the factual arrangement.

Review licences, insurance, data protection, contracts and employee obligations alongside annual filings. Compliance is not one annual event: changes to officers, address, ownership, business activity, employees or regulated operations can trigger notifications throughout the year.

Before acting on a tax, pass, payroll or licence question, check the current official page and obtain qualified advice where the consequences are significant. A well-run first year is built on clean records, realistic deadlines and a clear distinction between owning the company and being authorised to work for it.

Where to verify: This article is general editorial information, not legal, immigration, medical or financial advice. Requirements can change. Check the relevant Singapore government agency or a qualified professional for advice about your situation.