The financial year of a company begins on the date that the incorporation of the company is registered as stated in its registration certificate. The directors/shareholders may choose to change the company’s financial year-end at any time by filing with CIPC.
There are, however, rules governing the changes to financial years:
– It must be the first change of the financial year-end for a specific year, as a company may only change its financial year-end once during a particular financial year,
– the current financial year must not have ended,
– the new financial year-end may not result in a financial year longer than 15 months
Once the financial year has been amended with CIPC, it will need to be amended with SARS as well. We will assist you with the entire process.