How to Determine Financial Year End For a New Company in Singapore?
According to the Singapore Companies Act, the first financial period normally begins on the day a company is incorporated and ends on the day of your choice. You must determine your company’s Financial Year End (“FYE”) at the time of incorporation. The first financial period cannot be longer than 18 months.
Any subsequent Financial Year should be 12 months or over 52 weeks; it starts on the day following the end of the previous financial year and ends on the anniversary of your first FYE.
For example, if you incorporate a company on 5 January 2020 and set your first FYE on 31 December 2020, then your subsequent Financial Year starts on the following day, i.e. 1 January 2021 and would end on the anniversary of the first FYE, which is 31 December 2021.