After your Singapore Foreign Branch has been registered, you can start your business activities immediately. However, you may need to do the following if it is applicable to you.
- Open bank accounts. You may want to choose a bank that serves your corporate banking needs. i.e. Letter of credit, multi currency, location of the bank, banking hours, and check the other services they can offer you, etc.
- If your business requires one or more licenses, you may need to obtain the relevant licences first before you can commence your business activities.
Register for Goods & Services Tax (GST) if necessary. The registration of GST is not mandatory unless your annual turnover exceeds S$1 million. We can help to register for GST, if you so require.
- If your company activities involves import and exports of goods, you will need to register and obtain a Central Registration (CR) number. The CR number is used in all import, export and transhipment permits, certificates and any other documents issued by the Singapore Customs. We can help obtain a CR number for your company if required.
- If you plan to hire any foreign employees including yourself, your company will need to apply for employment pass (EP) for that person. We can assist you with EP applications.
- If you intend to hire local employees (Singapore Citizens and Permanent Residents) you will need to open a CPF account with the Central Provident Fund (CPF) Board and a percentage of the local employees’ salaries will be contributed to this Board on a monthly basis as part of their retirement fund. For more details, please visit www.cpf.gov.sg. We can help you register your Company CPF account and manage your staff payroll, if required.
- You will need to keep track of your income and expenses (bookkeeping) according to Singapore accounting standards.