Why Operational Readiness Matters for SMEs

Incorporating a company in Singapore is just the first step. To keep your business compliant, efficient, and scalable, you need to establish the right operational foundation from day one. Overlooking these core functions can lead to fines, inefficiencies, and loss of investor or customer trust.

This guide outlines the essential business operations every Singapore SME must set up after incorporation.

1. Accounting and Bookkeeping System

Why it matters:
Proper bookkeeping is a legal requirement and the backbone of all financial reporting and tax submissions.

What you need:

  • A reliable accounting software (e.g., Xero or QuickBooks Online)

  • Monthly reconciliation of income, expenses, and bank transactions

  • Invoicing, receipt tracking, and payment processing

  • Record-keeping that aligns with IRAS and ACRA standards

How we help:
We set up and manage cloud-based bookkeeping solutions tailored to your industry and scale. Subscription through us is cheaper too!

2. Corporate Secretarial Support

Why it matters:
All Singapore companies must comply with ACRA’s statutory obligations — missed filings or documentation errors can result in penalties or director disqualification.

What you need:

  • Appointment of a qualified company secretary within 6 months

  • Maintenance of statutory registers and filing of annual returns

  • Documentation for director/shareholder changes, share issues, and AGM minutes

How we help:
We serve as your named company secretary, ensuring timely filings and full compliance.

3. Payroll and CPF Administration

Why it matters:
Employers in Singapore must pay salaries on time, contribute to the Central Provident Fund (CPF), and issue tax forms annually.

What you need:

  • Monthly payroll calculations

  • CPF registration and contributions for Singapore employees

  • IR8A and Appendix 8A forms for tax reporting

  • Payslip generation and salary disbursement tracking

How we help:
Our outsourced payroll service ensures accurate, timely, and IRAS-compliant processes.

4. Tax Registration and Filing Setup

Why it matters:
Every Singapore company is subject to local tax obligations, and non-compliance can result in audits or fines.

What you need:

  • Registration with IRAS

  • Filing of Estimated Chargeable Income (ECI) within 3 months of FYE

  • Annual tax return via Form C/C-S

  • GST registration if turnover exceeds S$1 million

How we help:
We handle your ECI, corporate tax submissions, and monitor your GST status to keep you compliant.

5. Business Bank Account and Digital Infrastructure

Why it matters:
A dedicated corporate bank account and digital tools streamline your operations and ensure professional financial management.

What you need:

  • Local corporate bank account (DBS, OCBC, UOB)

  • Cloud-based file sharing and collaboration tools

  • Integrated invoicing, payment gateways, and CRM systems

How we help:
We assist with bank account setup and recommend tools to digitise your operations.

Conclusion: Build a Solid Operational Foundation for Success

Launching a company is easy in Singapore — running it effectively and compliantly is where many SMEs stumble. From bookkeeping and payroll to tax filing and secretarial duties, setting up the right operations early saves time, avoids penalties, and supports growth.

Contact us to structure your SME’s operations correctly or learn more about our full suite of corporate support services.