S.L. 386.20 Art. 3Exemption.

A company shall be exempted from the requirement of having its annual accounts audited in respect of its first two accounting periods if the following criteria are satisfied:

(a) annual turnover of the company does not exceed eighty-thousand euro (€80,000) or a pro-rata amount if the relevant accounting period is a period other than twelve months;

(b) all shareholders of the company are qualifying shareholders;

(c) an application in the form set out in the First Schedule to these regulations is made to the Registrar within six months from of the end of the relevant accounting period:

*Not yet in force Provided that this exemption shall no longer be applicable if there is a change in the shareholding of the company as a result of which the shareholders of the company will not all be qualifying shareholders.