How to change my Financial Year End (FYE)?
How to change the Financial Year End (FYE) of your company?
Every private company is required to notify ACRA of its intended financial year end (FYE) at the time of its incorporation.
If a company intends to change its Financial Year End, the directors will need to pass a resolution to approve the change of Financial Year End and the change would then have to be filed with ACRA.
When it's not possible to change the Financial Year End?
There are some situations where a company cannot change its Financial Year End.
Situation 1:
A company cannot change its FYE without the Registrar’s approval:
- 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 (from the last changed FYE)
Situation 2:
A private company (not dormant) cannot change its FYE if:
When it is required to hold an AGM | More than 6 months less 14 calendar days have passed since the original FYE |
When it is not required to hold an AGM | More than 5 months have passed since the original FYE |
Situation 3:
A dormant private company cannot change its FYE after more than 7 months have passed since the original FYE (when it is required to hold an AGM).
