{"id":19020,"date":"2021-02-21T12:10:44","date_gmt":"2021-02-21T12:10:44","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.wlp.com.sg\/?p=19020"},"modified":"2022-05-21T04:48:23","modified_gmt":"2022-05-21T04:48:23","slug":"financial-year-end-starters","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.wlp.com.sg\/financial-year-end-starters\/","title":{"rendered":"Financial Year End for Starters"},"content":{"rendered":"\n

How To Determine FYE For The Company<\/h3>\n\n\n\n

The Financial Year End (FYE) of a company refers to the end of the company\u2019s accounting period, normally recurring every 12 months. A company\u2019s FYE does not necessarily need to fall on 31 December, and can actually fall on any day within the year.<\/p>\n\n\n\n

The First FYE for newly set-up companies should not exceed more than 18 months from the date of incorporation<\/strong>. Under section 175 of the Companies Act, all companies must hold its first Annual General Meeting (AGM) within 18 months from the date of incorporation<\/strong>.<\/p>\n\n\n\n

Default Financial Year End Based on Month of Incorporation<\/strong><\/h3>\n\n\n\n
Year 2018<\/strong><\/h5>\n\n\n\n

<\/p>\n\n\n\n

Month of Incorporation<\/strong><\/td>Default Financial Year End<\/strong><\/td><\/tr>
January 2018<\/td>31st December 2018<\/td><\/tr>
February 2018<\/td>31st January 2019<\/td><\/tr>
March 2018<\/td>28th February 2019<\/td><\/tr>
April 18<\/td>31st March 2019<\/td><\/tr>
May 2018<\/td>30th April 2019<\/td><\/tr>
June 2018<\/td>31st May 2019<\/td><\/tr>
July 2018<\/td>30th June 2019<\/td><\/tr>
August 2018<\/td>31st July 2019<\/td><\/tr>
September 2018<\/td>31st August 2019<\/td><\/tr>
October 2018<\/td>30th September 2019<\/td><\/tr>
November 2018<\/td>31st October 2019<\/td><\/tr>
December 2018<\/td>30th Novermber 2019<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Tax Exemption for New Start-ups<\/u><\/strong><\/h5>\n\n\n\n

For Start-ups, it is recommended for companies to end their FYE by default. This is such that the company can fully utilize the tax exemption for the first three consecutive years and benefit from it. The table below reflects the tax exemption benefit for the newly set-up companies for the first three years starting from the date of incorporation.<\/p>\n\n\n\n

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\n
Chargeable Income<\/strong><\/td>% Exempted from Tax<\/strong><\/td>Amount Exempted from tax<\/strong><\/td><\/tr>
First $100,000<\/td>75%<\/td>$75000<\/td><\/tr>
Next $100,000<\/td>50%<\/td>$50000<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n<\/div>\n\n\n\n

Should a company wishes to extend its first financial year-end longer than 12 months but lesser than 18 months, it is important to note that that particular financial year will be considered as 2 Year of Assessments by IRAS for corporate tax submission. As a result, the company will be left with only 1 more year to qualify for the above tax exemption benefit.<\/p>\n\n\n\n

It is always difficult for a new entrepreneur to establish an accounting system in their company. If your company needs assistance in maintaining or updating your accounting system or need a professional service provider to prepare your financial statements<\/a>, WLP group provides expert and timely services to ensure that everything is completed on time. Contact us<\/a> today to see how we can help you take your business to the next level.<\/p>\n\n\n

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How To Determine FYE For The Company The Financial Year End (FYE) of a company refers to the end of the company\u2019s accounting period, normally recurring every 12 months. A company\u2019s FYE does not necessarily need to fall on 31 December, and can actually fall on any day within the year. The First FYE for … Read more<\/a><\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-19020","post","type-post","status-publish","format-standard","hentry","category-accounting","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t