Ongoing Obligations After Your Company Is Formed
Author: Junanda ConsultingReviewed by: Junanda Service Team2026-09-19
Receiving the business licence is only the beginning. Once a company is formed, there is a set of periodic and mandatory actions to complete. Missing them can lead to fines in the lighter cases and to being listed as operating in an abnormal state, or even to consequences for the legal representative's credit record, in the more serious ones. What characterises these obligations is that they are inconspicuous in normal times but highly troublesome when something goes wrong. This article sets out the mandatory items, the usual timing and the responsible roles as a checklist that can be worked through one by one.
Bookkeeping, Periodic Filings, Annual Reporting and Tax Registration
Even with no revenue and no business activity, accounts must be kept and filings made on time. This is what is commonly referred to as a "zero filing". Three points matter:
- Filings follow a fixed cycle, and late filing may give rise to late payment surcharges and penalties.
- Persistent failure to file can result in the company being classified as a non-compliant taxpayer, affecting invoice collection and the use of bank accounts.
- Bookkeeping must be supported by vouchers and ledgers; it is not enough to file returns without keeping accounts.
A common misconception is to read "zero filing" as meaning that nothing needs to be done. The opposite is true: a zero filing still requires action on schedule and still requires ledger records.
In practice, it is advisable to enter the filing calendar into a system or a register with advance reminders, and for the finance lead and the legal representative to confirm the key dates as a double check, so that filings are not missed because of leave, a handover or an oversight.
Annual reporting. A company must submit and publish an annual report through the public disclosure system at the prescribed interval. The content typically includes basic company information, shareholder contributions and asset position. Failure to report on time leads to being listed as operating in an abnormal state. Late reporting combined with an application for removal can restore the position, but the abnormal record remains. The specific reporting dates are subject to announcements by the local market regulation authority.
Newly established companies also need to complete tax information confirmation, and the legal representative, finance lead and tax-handling personnel normally need to complete real-name information collection. Only once this is done can invoices be collected and filings made in the normal way. Where personnel change, the information must be updated promptly, so that filings are not held up because an identity mismatch blocks the system.
Invoicing: Obtaining, Issuing and Safekeeping
- Obtaining: invoices are collected after the invoice types and quantities have been approved under the rules, and the quantity should match the actual scale of the business.
- Issuing: the content of an invoice must correspond to a genuine transaction. Invoices must not be issued falsely, on behalf of another party, or as a reciprocal arrangement between two parties.
- Safekeeping: both blank and issued invoices must be properly kept, and any voiding or credit note must be supported by reasons and retained on file.
- Loss: lost invoices should be handled promptly under the rules and reported to the tax authority, and must not be concealed.
Social Insurance, Housing Fund and Bank Accounts
A company should open social insurance accounts for its employees as required, and open housing fund accounts where local requirements call for it, adding or removing employees promptly when they join or leave. Missed or interrupted contributions affect employees' entitlements and can expose the company to make-up payments and related late payment liability. HR and finance need to keep their information in step, so that the company does not continue paying social insurance for someone who has already left.
A corporate bank account needs attention after it is opened. It must be reconciled on schedule, kept active, and kept up to date with current licence information and specimen signatures. An account that remains inactive for a long time may have its use restricted or even its non-counter transactions suspended, and reactivating it usually requires additional materials. Fund movements should match the substance of the business, and personal cards should not be used to receive or make payments on the company's behalf, since this is difficult to explain in a tax inspection.
Registered Address and Licence Renewals
The registered address must remain contactable and capable of receiving service. Where the actual place of business has moved, the change of address should be registered promptly. Where a park or cluster address is used, its continued validity should be confirmed. An address irregularity results in being listed as operating in an abnormal state and sets off a chain of consequences affecting annual reporting, invoices and bank accounts, which leaves the company in a very passive position.
Licences for food business, import and export, and special industries generally have a validity period, and renewal should be arranged before expiry. Continuing to trade on an expired licence amounts to unlicensed operation and carries significant risk. It is advisable to maintain a licence register recording the licence name, number, validity period and the person responsible, with advance reminders set.
Shareholder Resolutions, Annual Tax Settlement and Financial Archives
Shareholder resolutions, amendments to the articles of association, equity transfer agreements and similar documents should all be recorded in writing and properly kept. These documents are requested during financing, mergers and acquisitions, litigation and change of registration. Reconstructing them later rarely captures the genuine intention at the time and easily gives rise to disputes.
A company must also complete the annual corporate income tax settlement for the previous year within the prescribed period, settling the income tax due. The key point is that tax adjustment items should be complete — for example adjustments relating to business entertainment expenses, fines and asset losses — with the supporting evidence retained. The specific deadline is subject to the notice of the competent tax authority.
Accounting vouchers, ledgers, statements, invoices and contracts must be retained for the periods prescribed by the rules. Different categories are subject to different periods, and it is advisable to manage them uniformly according to the longest applicable requirement. Archives are core evidence in an inspection, litigation or audit, and their absence has serious consequences. The personnel in the relevant roles are responsible for the completeness of the archives, and a document inventory should be completed on handover.
Paper archives should be kept in a dedicated cabinet, protected from damp and fire; electronic archives need regular back-up and access controls to prevent accidental deletion or unauthorised alteration. Whichever form is used, the essential test is whether the records can be retrieved quickly and completely when needed.
Ongoing Obligations Calendar
| Cycle |
Item |
Responsible role |
Timing note |
| Monthly |
Bookkeeping and tax filings |
Finance |
Handled within the filing period, subject to local announcements |
| Monthly |
Bank account reconciliation and receivables reconciliation |
Finance |
Completed before monthly closing |
| Monthly |
Social insurance and housing fund additions and removals |
HR and finance |
Per the local filing period, subject to announcements |
| Quarterly |
VAT and surtax filings |
Finance |
Subject to local announcements |
| Quarterly |
Inventory stocktake and slow-moving material review |
Warehouse and finance |
End of quarter |
| Annually |
Annual report publication |
Administration and finance |
Subject to local announcements |
| Annually |
Annual corporate income tax settlement |
Finance |
Subject to the tax authority's notice |
| Annually |
Licence expiry review and renewal |
Administration |
Handled before expiry |
| Annually |
Financial archive organisation and filing |
Finance |
After the year end |
| As required |
Change of registration for equity, address or personnel |
Administration and finance |
Handled promptly once the change occurs |
Common Pitfalls
- Assuming that with no revenue there is no need to keep accounts or file returns.
- Failing to file the annual report for a long period and being listed as operating in an abnormal state.
- Issuing or voiding invoices at will without a genuine business basis.
- Failing to remove departing employees promptly, so that costs and liabilities continue to accrue.
- Delaying a change of registered address, which leads to an address irregularity.
- Storing accounting records and archives carelessly, so that no evidence can be produced during an inspection.
This article is general business information prepared by Junanda Consulting. Specific policy positions, tax rates, deadlines and procedural requirements are subject to the latest official versions issued by the competent authorities. To understand how these requirements apply to your business, please contact Junanda Consulting for further information and support.
