DBI Ireland_July 2013 - RSM Farrell Grant Sparks

Additional requirements
In addition to the above monetary requirements, the following additional criteria must be
satisfied before audit exemption can be claimed:
• The company must not be a parent or subsidiary
• The annual returns must be up to date with the Companies Registration Office;
• At least 90% of the company’s shareholders must be in favour of audit exemption;
• The company must not be regulated under financial, banking, investment or trade
union legislation;
• The company must not be a public company or limited by guarantee.
• The company must not be an unlimited company
The above is an exemption from an audit only. It does not obviate the need to prepare
financial statements.
Financial Year-End
The financial year-end is at the discretion of the company and can be changed at
any time by a resolution of the directors. No formal notification is required to the
Companies Registration Office.
Annual General Meeting (AGM)
Where a company has more than one shareholder, the Companies Acts require that
an AGM is held each year so that the financial statements can be put before the
shareholders. The first AGM of the company must be held within 18 months of the
date of incorporation of the company and thereafter within 9 months of the end
of the company’s accounting period and within 15 months of the previous AGM. A
single member company may, if it wishes, dispense with AGM’s.
18 | DOING BUSINESS IN the republic of ireland