How to Prepare for Your Company’s Financial Year-End in Singapore

Why Year-End Preparation Is Crucial for Every Business

Singapore companies are required to prepare and submit their financials at the end of every financial year (FYE). This isn’t just an accounting exercise — it has direct legal and tax implications.

Failing to prepare properly can lead to IRAS penalties, ACRA non-compliance, and missed tax relief opportunities. This guide walks you through everything you need to know for a smooth and compliant year-end closing.

Step 1: Confirm Your Financial Year-End (FYE)

Most companies in Singapore choose 31 December or 31 March as their FYE. If you’re a newly incorporated company, your first FYE can be up to 18 months long.

Your FYE determines the due dates for:

Estimated Chargeable Income (ECI)
Corporate tax return
Annual return filing

Step 2: Organise and Finalise Your Financial Records

Update all transactions, receipts, and invoices
Reconcile bank statements with accounting records
Review accounts payable and receivable
Prepare trial balance and ledger reports

Tip: Use cloud-based tools like Xero or QuickBooks for accurate, real-time data.

Step 3: Prepare Financial Statements

Prepare financial statements in line with Singapore Financial Reporting Standards (SFRS):

Profit and Loss Statement
Balance Sheet
Statement of Cash Flows
Notes to Accounts

For companies that qualify as small and do not require audit, you’ll file simplified accounts.

Step 4: File Estimated Chargeable Income (ECI)

Deadline: Within 3 months from the end of your FYE
Submit via IRAS’ myTax Portal
Required even if ECI is zero (unless exempted)

Tip: Filing ECI early allows instalment payments for corporate tax.

Step 5: Submit Corporate Tax Return (Form C or C-S)

Deadline: 30 November each year
Form C-S is for companies with annual revenue ≤ S$5 million
Form C is for larger or more complex companies

Attach financial statements and tax computations if required.

Step 6: Conduct AGM and File Annual Return with ACRA

Hold your Annual General Meeting (AGM) (unless exempt)
File Annual Return within 7 months from FYE (non-listed companies)

Ensure all resolutions and registers are updated by your company secretary.

Step 7: Assess Tax Reliefs and Deductions

Before submission, review your eligibility for:

Start-up Tax Exemption Scheme (SUTE)
Partial Tax Exemption
Capital allowances
R&D or PIC scheme (if applicable)

Step 8: Review for Audit Requirements

If your company has:

Annual revenue > S$10 million
Total assets > S$10 million
50 employees

You must appoint an auditor and file audited statements.

How Excellence Singapore Supports Your Year-End Closing

Our team ensures a smooth year-end process by:

Reconciling your accounts and preparing financial statements
Calculating ECI and preparing tax submissions
Ensuring corporate secretarial filings are on time
Advising on tax reliefs and optimisations
Managing audit preparation (if required)

We keep your business compliant, accurate, and stress-free during this critical period.

Conclusion: Close the Year Right for Long-Term Compliance

Year-end closing is not just an accounting task — it’s a legal obligation. Let us take care of your year-end preparation so you can focus on growth with full confidence.