Your First 90 Days After Incorporation in Singapore

Once ACRA approves your company incorporation in Singapore and you receive your Unique Entity Number (UEN), it can feel like the hard work is done. In reality, this is the starting line. On paper, you now exist, but operationally you still need a bank account, systems, and a clear handle on your legal and tax obligations.

The first 90 days shape how smoothly your business runs for the rest of the year. This is when you sort out banking, decide on GST, set up CPF if you are hiring, choose your accounting tools, and understand your upcoming ACRA and IRAS deadlines. At ThinkSME, we support founders beyond the incorporation formality, helping you structure these early weeks so you stay compliant, credible, and ready to grow.

Hitting the Ground Running Once ACRA Approves You

When incorporation is approved, you have a UEN and a BizFile profile, and your company is officially born. That does not mean you are ready to invoice, pay suppliers, or hire staff. Without a bank account, accounting system, and clear compliance roadmap, you will quickly feel stuck.

In the first 90 days, think of your tasks in three buckets:

• Must do: appoint a company secretary, decide your financial year-end, open a corporate bank account, set up bookkeeping, consider GST and CPF, and ensure licences and permits are in place.  
• Should do: implement accounting software, set up e-invoicing, define internal approval rules, start basic branding like a simple website and email domain.  
• Can wait a little: complex HR policies, more advanced reporting, non-essential software tools.

We work with new SMEs in Singapore to map these steps into a realistic timeline, so company incorporation in Singapore becomes the first building block, not a standalone event.

Open Your Corporate Bank Account and Set up Payments

Your bank account is your operational heartbeat. In Singapore, most SMEs start with one of the local banks such as DBS, OCBC, or UOB. Some look at selected foreign banks or digital banks, especially if they expect frequent cross-border payments or specific FX needs. When comparing banks, consider:

• Account fees and minimum balance  
• SME packages and perks  
• Online banking usability and mobile apps  
• Foreign currency accounts and FX rates  
• Integration with your accounting software

Account opening can take anywhere from a few days to a few weeks, depending on the bank and complexity of your structure. To avoid delays, prepare in advance: your BizFile company profile, constitution, board resolution for account opening, proof of registered office address, and identification documents for all directors and significant shareholders. Some banks may also ask about your business model, projected turnover, and key counterparties.

Once the account is approved, arrange for initial capital injection, and set up dual-control internet banking so payments require two persons to approve. This is a simple internal control that prevents accidental or unauthorised transfers. You may also want corporate debit or credit cards, PayNow Corporate for QR or UEN payments, and merchant accounts if you accept card payments or online sales. We regularly help founders compare options and package the required documents so the bank process does not hold back your first sales.

GST, CPF and Statutory Compliance in the First 90 Days

Early on, you must decide whether to register for GST. Registration is compulsory once your taxable turnover crosses, or is reasonably expected to cross, the statutory threshold within a 12-month period. Some SMEs choose voluntary registration earlier, for example if their customers are mainly GST-registered businesses who can claim input tax, or if they incur significant GST on start-up costs (e.g. purchase of property, equipment or machinery).

The pros of voluntary registration include the ability to claim input tax and appearing more established to certain corporate clients. The cons include extra compliance, quarterly filings, and the need to issue tax invoices that comply with IRAS requirements. Within your first 90 days, at least decide your strategy and put a reminder to reassess once your revenue forecasts are clearer.

If you plan to hire, set up your CPF account as an employer. CPF contributions become mandatory once you employ Singapore Citizens or Permanent Residents, including for most full-timers and part-timers. Directors’ fees may also attract CPF in certain situations, while foreigners on work passes generally do not contribute to CPF, though levy and other requirements may apply. Build a monthly routine: payroll cut-off date, CPF calculation, and e-submission deadline.

On the corporate secretarial side after company incorporation in Singapore, you must appoint a company secretary within a specified period, set your financial year-end, maintain statutory registers, and ensure your registered office is active and accessible during office hours. If your business needs licences or permits, these should be applied for as early as possible. Our corporate secretarial team helps keep these plates spinning so directors stay on the right side of ACRA.

Build Solid Accounting Foundations and Choose Your Tools

Good bookkeeping from day one is far easier than fixing a mess later. Keep personal and business spending separate through disciplined use of your corporate account. File source documents like invoices, receipts, and contracts, whether in physical folders or organised cloud storage. These records support GST claims, tax filings, and any investor or lender due diligence.

For some very small, low-volume businesses, a structured Excel file may be acceptable at the start, provided you record every transaction and reconcile the bank routinely. Once transaction volume grows, or once you register for GST or expect external stakeholders, it is usually better to move to cloud accounting such as Xero, QuickBooks, or Zoho. Benefits include bank feeds, automated recurring invoices, simple expense capture, and easier collaboration with your accountant.

Singapore supports e-invoicing through the PEPPOL network. This lets you send and receive e-invoices directly between accounting systems, improving accuracy and speed of payment. While it is technically possible to generate invoices from Excel, integrating with PEPPOL is far smoother via proper accounting software that is already connected to the network. In our work at ThinkSME, we typically recommend tools based on business size and industry, and many founders choose to outsource bookkeeping so they can focus on sales and operations while still receiving timely management reports.

AGMs, Annual Returns and XBRL: What Your Deadlines Really Mean

A common misconception is that AGMs and annual returns are problems for “future you”. In reality, your first financial year-end and AGM deadlines are already counting down from incorporation day. Private companies often have some flexibility around holding a physical AGM, for example using written resolutions, but you must still prepare accounts and file your annual return by the relevant due dates.

XBRL, which stands for eXtensible Business Reporting Language, is the digital format that many Singapore companies must use when filing financial statements with ACRA. In plain terms, it is a structured way of tagging each line item in your accounts so ACRA’s systems can read and analyse them. Whether you must file full XBRL or a simplified version depends on your company type and size, but in every case you should expect to prepare proper financial statements.

The practical workflow looks like this: you maintain bookkeeping during the year, prepare management accounts after your financial year-end, share these with your accountant or auditor to convert into formal financial statements, then map them into XBRL and file along with your annual return. If you think about these steps from your first 90 days, you will set up your accounting categories and document storage in a way that makes year-end far less stressful.

A Practical 90-Day Checklist to Stay Organised and Confident

To bring this together, here is a simple way to structure your first 90 days after company incorporation in Singapore.

Week 1 to 2: confirm your financial year-end, appoint your company secretary, apply for your corporate bank account, plan your initial capital injection and basic approval rules for spending.  

Week 3 to 6: receive bank approval, start using the account, put bookkeeping in place, decide on GST registration, set up CPF as an employer if needed, shortlist accounting software, and start simple processes for expense claims and invoicing.  

Week 7 to 12: finalise your accounting tools, consider enabling PEPPOL e-invoicing, review whether licences, contracts, and registers are in order, and prepare your first basic management accounts so you get an early feel for cash flow and profitability.

Treat this checklist as a living document. Review it monthly, update it as your business grows, and use it to assign responsibilities within your founding team so nothing slips through the cracks. With clear steps and the right support, your first 90 days can give you both compliance peace of mind and a solid platform for growth.

Incorporate With Confidence And Secure Your Business Future

If you are ready to formalise your venture, we can guide you through every step of company incorporation in Singapore with clarity and precision. At Think SME, we handle the technical details so you can stay focused on building your operations and customers. Share your plans with us and we will recommend a structure and process tailored to your goals, risk profile and growth ambitions. To explore your options or clarify specific requirements, simply contact us today.