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A Singapore company changes its financial year end by filing on Bizfile with ACRA, the Accounting and Corporate Regulatory Authority. The filing is free. ACRA approval is required only when the new year runs longer than 18 months or the date changed within the last 5 years, and it takes up to 14 working days. Checked .
Can you change your financial year end?
Yes, within limits. ACRA says you can change the current or the immediately previous financial year. The change is not allowed if the company has already missed its AGM, annual return or financial statement deadline. Fix the late items first. See company annual filing deadlines.
Does ACRA need to approve it?
Often not. Use this table.
| Situation | Approval needed | Time |
|---|---|---|
| New financial year of 18 months or less, no change in the last 5 years | No | As shown by Bizfile on submission |
| New financial year longer than 18 months | Yes | Up to 14 working days |
| Changed the year end before (rule applies to changes from ) and changing again within 5 years | Yes | Up to 14 working days |
| Foreign company | No approval time listed | Immediate |
ACRA charges no fee in any of these cases.
What do you need to file?
For a local company: the UEN, the revised financial year end date and the financial year period. If approval is needed, upload supporting documents as PDFs. Name the files without spaces or special characters. A position holder can file, and so can a corporate service provider on the company's behalf.
Your Corppass login is the entry point, and Bizfile is the service. After login, go to Manage, pick your company type, and choose Update change of financial year end date. The steps above show the full path.
How long does it take?
Immediate where ACRA needs no approval. Up to 14 working days where approval is needed. Add time to collect your supporting document, since ACRA decides on what you upload. If the reason for the change is weak, the delay can run longer. ACRA does not publish a list of accepted reasons on the page we read, so state yours plainly: a group year end, a seasonal business or a first financial year that needs aligning are examples of plain reasons.
How does a change affect your deadlines?
Your AGM, annual return and tax dates follow the year end, so they shift with it. See annual return and AGM for how the deadlines are counted. A longer year also changes the period you account for. The IRAS page we tried to read did not state the tax effect, so ask a tax agent or check the IRAS site about the basis period for your estimated chargeable income and Form C-S. See estimated chargeable income and Form C-S.
What should you do besides the ACRA filing?
- Tell your accountant and bookkeeper the new date.
- Update the audit or accounts timetable. If you need an audit, see audit exemption.
- Check any lender, investor or licence document that quotes the old date.
- Record the change in a board resolution. See board resolution.
What are common mistakes?
- Filing after a missed deadline. If the AGM or annual return is already late, ACRA will not accept the change. Catch up first.
- Stacking two changes. A second change inside 5 years needs approval, so plan the date once.
- Forgetting the accountant. The filing changes ACRA's record but not your books. Tell whoever prepares your accounts before they start work on the old year.
- Choosing a very long first period. Anything past 18 months needs approval and documents, which delays the whole cycle.
- Not saving the proof. Keep the Bizfile acknowledgement with the company records.
Which date should you pick?
ACRA does not say which date is best. Many owners choose a date that fits the business: after a seasonal peak, or the same date as a parent company. Our page on accounting year end covers the choice at incorporation.
Independent guide
SingaporeCompanySetupGuide.com is an independent guide and not ACRA, IRAS or an accounting firm. If you prefer to hand off the filing, use the quote form here. Your request goes to suitable providers, and each one gives its own price.
Sources
- ACRA, Updating changes to your financial year end, https://www.acra.gov.sg/manage/companies/updating-changes-to-your-financial-year-end/ (eligibility, approval rules, documents, fee, timing)
- ACRA, Updating company information, https://www.acra.gov.sg/how-to-guides/updating-information-of-companies-and-company-officers (financial year end among the reportable changes)
