Hey Directors — Just Registered a Company? Here’s What Comes Next!

We know how exciting it is to finally get your business registered with CIPA — that “Congratulations, you’re official!” moment
But now comes the part most people don’t talk about… staying compliant.

Let’s walk you through what happens next — in plain English.

Annual Financial Statements – Think of These as Your Business Scorecard

Once your company is up and running, you have to choose a financial year end (e.g. 31 January, 28 February, 31 March or 30 April). You’ve got 18 months from registration to do this — but sooner is always better.

Then comes the paperwork:
Your financial statements need to be ready within 4 months of your year end — and signed by you as the Director(s).

If you’re already trading (even if it’s just one invoice), these statements are also what you’ll use to submit your BURS tax return.

Real talk: If you’re not a numbers person or just too busy running the show — our CAS team can take care of this for you. You focus on building, we’ll handle the books.

Let’s Talk Tax — Because BURS Won’t Wait

We often hear this:
“I’ll register with BURS once the business makes money.”
Nope! As soon as you start trading — not just planning — you’re expected to register for Corporate Income Tax within 21 days.

And if you’re doing well, and your turnover hits P1 million/year, VAT registration becomes compulsory.

Even if you’re below that threshold, voluntary VAT registration can still benefit you — especially if your clients are VAT-registered companies.

We’re happy to help with your BURS registration and those monthly/annual returns too.

Directors, You Count as Employees (Yes, Even If It’s Just You)

BURS sees you, the Director, as an employee of the company.
So if you’re paying yourself more than P4,000/month, you must:
– Register for Personal Income Tax
– Pay PAYE just like you would for any other staff

If you’re unsure about this — you guessed it — we’ve got you covered.

Thinking of Changing Shareholding Later? Let’s Talk First.

Maybe you’re bringing in a new partner, or exiting a shareholder. That share transfer could trigger Capital Gains Tax.

It’s always best to check in with us before signing anything — we’ll make sure you’re not caught off guard.

Here’s the Bottom Line:

All these little steps — financials, taxes, registrations — may not feel urgent now, but skipping them can lead to serious penalties for both your company and you as a Director.

If you’re ever unsure, don’t guess — ask us. We’re here to support you every step of the way.

Your business deserves a strong start — connect with us to stay compliant and confident from day one.