With effect from 31 August 2018,
1. companies must notify the Registrar of their FYE upon incorporation and of any subsequent change;
Company A is incorporated on 1 Jan 2019. The company must notify the Registrar of its FYE upon incorporation.
Company B was incorporated on 1 Jan 2018 and has not yet lodged any AR with ACRA.
After new law comes into effect, the company’s first FYE will be deemed by the new law to be 1 Jan 2019.
Company C’s FYE deemed by the new law is 31 Mar 2019
On 31 Jan 2019, company A wants to change its FYE to 30 Apr 2019
• Not required to seek Registrar’s approval
• FYE changed to 30 Apr 2019.
2. companies must apply to the Registrar for approval to change their FYE:
- if the change in FYE will result in a financial year longer than 18 months; or
- if the FYE was changed within the last 5 years; and
3. unless approved by the Registrar, the duration of a company’s financial year must not be more than 18 months in the year of incorporation.
Continuing from previous example
On 31 Dec 2020, company C wants to change its FYE to 1 Feb 2021
Company C must seek Registrar’s approval for the FYE change because this is the second change within the last 5 years of the last changed FYE (30 Apr 2019).
Company D indicated in its AR filed in 2019 that its previous FY ended on 31 Mar 2019. Its next FYE should be 31 Mar 2020.
On 31 Jan 2020, company Dwants to change its FYE to 31 Dec 2020.
Company D must seek Registrar’s approval for the FYE change because this will result in a financial year which is longer than 18 months (from 1 Apr 2019 to 31 Dec 2020).
4. only FYE of the current and immediate previous financial year may be changed (provided that statutory deadlines for the holding of AGM, filing of annual return and sending of financial statements have not passed).
Company E’s FYE notified in AR last filed with ACRA is 31 Mar 2021. Its next FYE should be 31 Mar 2022.
On 10 Nov 2025, company E wants to change its FYE for 2022 from 31 Mar 2022 to 31 Dec 2022.
Company E is not allowed to do so, because it can only change its previous or current financial year.
Company F indicated in its AR filed in 2019 that its previous FY ended on 31 Mar 2019. Its next FYE should be 31 Mar 2020.
On 1 Dec 2020, company F wants to change its FYE from 31 Mar 2019 to 31 Dec 2020.
Company F is not allowed to do so, because the deadline for the holding of AGM, filing of AR or sending of financial statements for the current financial year have passed.
Important information for newly Incorporated companies that have yet to file Annual Returns
Companies incorporated before 31 August 2018 will have their FYE deemed by law to be the anniversary of the date previously notified to the Registrar as their FYE date.
Company G has indicated in its AR previously filed with ACRA that its FYE is 31 Mar 2018.
After new law comes into effect, the company G’s next FYE will be deemed by the new law to be 31 Mar 2019.
In the absence of such notification before 31 August 2018, the anniversary of the date of incorporation will be deemed by law to be their FYE.
Company H was incorporated on 1 Jan 2018 and has not yet lodged any AR with ACRA.
After new law comes into effect, the company H’s first FYE will be deemed by the new law to be 1 Jan 2019.
Companies can change their FYE by notifying ACRA before or after 31 August 2018 .