In which months do different types of companies need to close their accounts (Financial Year End)?
Sole Proprietorship & Partnership
- Sole Proprietorship and Partnership have a fixed Financial Year End
- It must be 31 December every year
- No alternative options are allowed
LLP / Sdn Bhd / Berhad
- LLP (Limited Liability Partnership)
- Sdn. Bhd. (Private Limited Company)
- Berhad (Public Listed Company)
- These entities may choose any month as their Financial Year End
- For example: March, June, September, etc.
New Company Requirement
- A newly incorporated company must complete its first Financial Year End within 18 months of incorporation
- After that, the company must maintain the same financial year end every year
Changing Financial Year End
- Companies are allowed to change their Financial Year End
- However, frequent changes are not recommended
- Because each change may involve:
- Additional document updates
- Regulatory filings
- Compliance procedures
Summary
- Sole Proprietorship & Partnership: fixed at 31 December
- LLP / Sdn Bhd / Berhad: flexible choice of month
- New companies: first FYE within 18 months
- Changes are allowed but not recommended frequently