How to Change Financial Year End for Singapore Private Companies

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Last updated: June 3, 2020
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To keep this guide simple – we've written this article specifically to cater to Active, Singapore Private Limited companies only.

In cases where you need to change your Financial Year End (FYE) of your company, how do you do it, and what is the procedure?

Most companies shouldn’t need to change their FYE after their first FYE has ended. As such, changing of FYE is usually most applicable for newly incorporated private companies who may have erroneously stated their FYE

Whilst you can change your financial year end, you should not do so to work around the respective annual compliance deadlines of a company.

How To Change your Financial Year End (FYE)

Aside from your own internal change within the company – you would need to file the change of FYE to ACRA. Fortunately, the filing itself is relatively straight forward, and there is no filing fee imposed from ACRA.

Time Needed: 15 minutes

Requirement

CorpPass Account
Company UEN

Follow these steps

Step 1

Login to Bizfile with your CorpPass account

Step1 CorpPass Login Bizfile

Step 2

Select eServices > Local Company

Step2

Step 3

Select list all related eServices at the side bar

Step3 eServices

Step 4

Scroll down until you see 'Change of Financial Year End'. You would have to scroll down at least half of the page as the option is quite far below. After which, enter your company's UEN.

Step4 Select change of FYE

Step 5

Enter your new revised FYE and be sure to check the declaration box, then click submit. At the summary page, it is good practice to save at least a softcopy for future reference.

Step5 Change FYE Submit

Considerations and Criteria Prior to Changing of FYE

Require ACRA’s approval prior to change

• If your change in FYE result in a financial year of more than 18 months or,
• The company had previously changed its FYE within the previous 5 years.

Change of FYE eligibility

• Can only change the current, or direct previous FYE.
• Cannot change FYE to get around the filing deadlines from the orignal FYE.

Preparation of Director’s Resolution

You should prepare the necessary resolution, and have your director(s) sign to approval the change of FYE prior to notifying ACRA. Usually, a Company Secretary would be able to assist with the drafting of the resolution.

Make sure your company is compliant

Your focus should be on your business. Appoint a registered company secretary to handle everything else.