Companies Act 1967 · 2020 Revised Edition · Part 5 · Management and Administration
198. Financial year of company
Last amended by an amending law of 2017.
Official textFrom Singapore Statutes Online, unchanged
Where a company is incorporated on or after 31 August 2018 —
company
“company” means a company incorporated under this Act or under any corresponding previous written law;
the company’s first financial year starts on the company’s date of incorporation and, subject to subsection (4), ends on the last day of the company’s first financial year as furnished under section 19(1)(b); and
each of the company’s subsequent financial years starts immediately after the end of the previous financial year and ends on the last day of a period of 12 months (or such other regular interval as the Registrar may allow).
A company’s first financial year must not be longer than 18 months unless the Registrar on the application of the company otherwise approves.
financial year
“financial year” —(a)in relation to a corporation — means the period in respect of which the financial statements of the corporation is made up, whether that period is a year or not; and(b)in relation to a company — is also to be determined in accordance with section 198;
Where a company was incorporated before 31 August 2018 —
the last day of the financial year for the company’s first financial year ending on or after 31 August 2018 is —
where the company had, before 31 August 2018, lodged an annual return, or lodged a notification with the Registrar informing the Registrar of the end of the company’s financial year — the anniversary of the last day of the financial year as indicated by the company in the last annual return or last such notification with the Registrar; or
where the company had not, before 31 August 2018, lodged an annual return, or lodged a notification with the Registrar informing the Registrar of the end of the company’s financial year — the anniversary of the date of incorporation of the company; and
each of the company’s subsequent financial years starts immediately after the end of the previous financial year and ends on the last day of a period of 12 months (or such other regular interval as the Registrar may allow).
Despite subsections (1) and (3), but subject to subsections (5) and (6), a company may by notice lodged with the Registrar in the prescribed form specify a new date as the last day of the company’s financial year to apply to its previous or current financial year.
lodged
“lodged” means lodged under this Act or any corresponding previous written law;
The Registrar’s approval must be obtained if the notice mentioned in subsection (4) —
Registrar
“Registrar” means the Registrar of Companies appointed under this Act and includes any Deputy or Assistant Registrar of Companies;
results in a financial year being longer than 18 months; or
is lodged less than 5 years after the end of an earlier financial year that ended on a date on or after 31 August 2018, if the end of that earlier financial year was changed under this section.
The notice under subsection (4) cannot specify a new date as the last day of the company’s financial year —
after the expiry of the period under section 175 within which an annual general meeting of the company must be held after that financial year;
after the expiry of the period under section 197 within which an annual return of the company must be lodged with the Registrar after that financial year; or
after the expiry of the period under section 203 within which a copy of the financial statements, or consolidated financial statements, balance sheet, and documents mentioned in section 203(1) are required to be sent to all persons entitled to receive notice of general meetings of the company.
For the purposes of —
subsection (3)(a)(i), where the last day of the financial year of a company as indicated in the last annual return or in the last notification with the Registrar informing the Registrar of the last day of the company’s financial year falls on 29 February, the anniversary of that date in a year that is not a leap year is to be taken as 28 February; and
subsection (3)(a)(ii), where the date of incorporation of a company falls on 29 February, the anniversary of that date in a year that is not a leap year is to be taken as 28 February.
Terms defined in this Act
annual general meeting
Defined · s 4“annual general meeting”, in relation to a company, means a meeting of the company required to be held by section 175;
annual return
Defined · s 4“annual return” means the return required to be lodged under section 197(1);
balance sheet
Defined · s 209A“balance sheet”, in relation to a company, means the balance sheet, by whatever name called, prepared in accordance with the Accounting Standards;
company
Defined · s 4“company” means a company incorporated under this Act or under any corresponding previous written law;
consolidated financial statements
Defined · s 209A“consolidated financial statements” has the meaning given by the Accounting Standards;
financial statements
Defined · s 209A“financial statements” means the financial statements of a company required to be prepared by the Accounting Standards;
financial year
Defined · s 4“financial year” —(a)in relation to a corporation — means the period in respect of which the financial statements of the corporation is made up, whether that period is a year or not; and(b)in relation to a company — is also to be determined in accordance with section 198;
lodged
Defined · s 4“lodged” means lodged under this Act or any corresponding previous written law;
Registrar
Defined · s 4“Registrar” means the Registrar of Companies appointed under this Act and includes any Deputy or Assistant Registrar of Companies;
Part 6
Financial Statements and Audit
Part 7
Arrangements, Reconstructions and Amalgamations
Part 8
Part 8A
Part 9
Investigations
Part 10
Dissolution
Part 10A
Transfer of Registration
Part 11
Various Types of Companies, Etc.
Part 11A
Register of Controllers, Nominee Directors and Nominee Shareholders of Companies
Part 12