Financial Year End or “FYE”
This is your company’s reporting period. Usually the period is for 12 months and most clients prefers to use a calendar year as their financial year for ease of reporting and tabulation like December. However, some clients can choose to use Jan, March, June, or September or October as their financial year end.
Once your company has chosen a financial year end, you will have to communicate the financial year end to ACRA during incorporation and IRAS since there are various annual filings, and tax reporting deadlines.
Do note that financial year end should not be changed frequently. There is a requirement to seek ACRA’s approval for multiple changes of financial year end.
HeySara is able to assist you with your required filing deadlines with the statutory authorities upon incorporation.