Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Financial Year End (FYE)

Financial Year End (FYE) is a company’s financial reporting period. As per Section 198(1) of the Company’s Act, the company’s first financial year starts from the time the company is incorporated and ends on the date decided by the company. It should not be more than 18 months unless approved by the Registrar. Henceforth, the financial year starts from the day the previous financial year ends and ends after 12 months or 52 weeks, whatever is decided by the company.

A company has the flexibility to choose their FYE, but most companies prefer to use a calendar year as their financial year for ease of reporting and tabulation like December.  However, some companies can choose to use Jan, March, June, or September or October as their financial year-end.

Once the company has chosen a financial year-end, it will have to communicate the financial year-end to ACRA during incorporation and IRAS. Various regulatory compliance requirements are linked to a company’s FYE, like holding AGMs, filing for ECI, annual returns, and corporate tax reporting deadlines.

Can the Financial Year End (FYE) be Changed?

Yes, the company can change its FYE for the subsequent years by notifying ACRA via the BizFile+ website. The FYE can be changed only for the current or immediate previous year provided the deadlines for holding the AGM, filing of the annual report (AR), and sending of financial statements have not passed.

Do note that FYE should not be changed frequently. The companies need to seek Registrar’s approval for multiple changes of FYE and if:

  • The change in FYE would result in a financial year longer than 18 months.
  • The FYE was changed within the last 5 years.