Expanded Key Points

• Using a Residential Address Without Approval:
  Must apply for HDB/Home Office Scheme if using a residential address.
• Not Appointing a Qualified Company Secretary:
  Must be appointed within 6 months; failure can lead to penalties.
• Missing Annual Filing Deadlines:
  Late filing of annual returns or financial statements can result in fines.
• Misunderstanding Tax Residency Rules:
  Tax residency affects corporate tax obligations and treaty benefits.
• Ignoring Licensing Requirements:
  Certain industries require sector-specific licenses (e.g., F&B, finance, education).
• Not Opening a Corporate Bank Account Promptly:
  Delays can affect business operations and credibility.
• Failure to Maintain Proper Accounting Records:
  Required under the Companies Act; must be kept for at least 5 years.
• Overlooking CPF and Employment Regulations:
  Employers must contribute to CPF and comply with MOM guidelines.