Can I Change My Financial Year End After Incorporation?

For Singapore small businesses, understanding how to change your Financial Year End after incorporation is important for smooth compliance and effective corporate management. Properly updating your FYE ensures your company meets corporate secretarial services in Singapore requirements and stays aligned with filing deadlines for Annual Returns, tax filings, and financial statements.

1. What Is Financial Year End in Singapore?

Your Financial Year End (FYE) marks the official closing date of your company’s accounting period. It determines:

• When Annual Returns (AR) must be filed

• Deadlines for corporate tax returns with IRAS

• Timing for preparing financial statements

Setting or updating your FYE strategically helps align reporting with operational cycles, tax planning, and parent company timelines if applicable.

2. How to Change Your Financial Year End After Incorporation

Singapore companies can change their FYE by following proper procedures with ACRA. Key steps include:

• Board Resolution: Pass a formal resolution approving the FYE change.

• Notify ACRA: Submit the “Change of Financial Year End” transaction via BizFile+.

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• Timing Rules: The change applies only to the current or immediately previous financial year. Changes cannot be made if statutory deadlines for AGM, Annual Returns, or financial statements have passed.

• Registrar Approval: Required if:

  • The new FYE results in a financial year longer than 18 months

  • Your company has changed its FYE within the last 5 years

• Update Compliance Timelines: Ensure Estimated Chargeable Income (ECI) and corporate tax returns align with the new FYE.

Following these steps ensures compliance and avoids administrative or legal issues.

3. Why SMEs Change Their FYE

Singapore SMEs often adjust their FYE to:

• Align with business cycles or seasonal sales peaks

• Optimise tax planning and cash flow management

• Match a parent company’s financial year for consolidated reporting

• Simplify financial reporting and audits

Careful planning and proper documentation make the process smooth, keeping corporate records accurate and shareholders confident.

Summary

Singapore companies can change their Financial Year End after incorporation by following ACRA procedures, securing board approval, and updating compliance timelines. Understanding this process helps Singapore small businesses stay compliant, optimise financial planning, and meet corporate secretarial services in Singapore requirements effectively.

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Running a company in Singapore can be challenging, but with professional support, it can be simple. Counto’s goal is to take away the complexities of compliance, and save you time and money throughout the year. To learn more, speak to us directly on our chatbot, email [email protected], or use our  contact form to get started.

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