Directors’ Resolution to Change Financial Year End

How to generate a Directors’ Resolution to Change Financial Year End

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Directors’ Resolution to Change Financial Year-End FAQs

Companies might decide to change their financial year end for a variety of reasons – for tax purposes, to align with the fiscal year of a parent company or main client, or to spread workloads evenly throughout the year, among others.

There are statutory restrictions on how the financial year end can be changed.

Consult your company secretary before using this Directors’ Resolution to Change Financial Year End.

How to Change Financial Year End

After changing the financial year-end by the Directors’ Resolution to Change Financial Year End, remember to file the relevant form to update the relevant government department or registry within the statutory time limit.

There are two options when using a Directors’ Resolution to Change Financial Year End:

• If a meeting of the board of directors is convened to change the financial year end, use a Board Minutes to Change Financial Year; or
• If the board resolution will be passed by way of a written resolution, use a Board Resolution to Change Financial Year.

What to include in a Directors’ Resolution to Change Financial Year End

• Details of the company;
• Details of the meeting (if using Board Minutes);
• Date of passing the resolution; and
• New financial year-end date.

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About Author

Daniel Walker

Daniel Walker is the Founder and Chief Executive Officer of Zegal, the trusted legaltech firm. Prior to founding Zegal, Daniel practised at DLA Piper, Stephenson Harwood and Clyde & Co, in Hong Kong, Singapore, and the UK.

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