Certain dormant companies exempted from duty to prepare financial statements
201A.—(1)  Subject to subsection (3), the directors of a dormant relevant company are exempt from the requirements of section 201 for a financial year if the requirements set out in subsection (2) are satisfied.
(2)  The requirements referred to in subsection (1) are —
(a)the relevant company has been dormant —
(i)from the time of its formation; or
(ii)since the end of the previous financial year;
(b)the directors of the relevant company have lodged with the Registrar a statement by the directors that —
(i)the company has been dormant for the period set out in paragraph (a)(i) or (ii), as the case may be;
(ii)no notice has been received under subsection (3) in relation to the financial year; and
(iii)the accounting and other records required by this Act to be kept by the company have been kept in accordance with section 199; and
(c)the statement referred to in paragraph (b) has been lodged with the Registrar at the same time that the annual return is required to be lodged under section 197(1).
(3)  A relevant person may by notice in writing require the directors of a dormant relevant company to comply with any or all of the requirements of section 201 in respect of a financial year but the notice in writing must be issued to the directors not less than 3 months before the end of the financial year.
(4)  In subsection (3), “relevant person” means —
(a)the Registrar;
(b)one or more members holding not less than 5% of the total number of issued shares of the company (excluding treasury shares); or
(c)not less than 5% of the total number of members of the company (excluding the company itself if it is registered as a member).
(5)  For the purposes of this section —
(a)“relevant company” means a company —
(i)which is not a listed company or a subsidiary company of a listed company;
(ii)whose total assets at any time during the financial year in question does not exceed —
(A)$500,000 in value; or
(B)such other amount as may be prescribed in substitution by the Minister; and
(iii)which, if it is a parent company (which is not itself a subsidiary company of another corporation), belongs to a group the consolidated total assets of which at any time during the financial year in question does not exceed —
(A)$500,000 in value; or
(B)such other amount as may be prescribed in substitution by the Minister; and
(b)section 205B(2) and (3) shall apply in determining whether a relevant company is dormant.
(6)  This section shall not apply to the directors of any company in respect of a financial year which ended before the date of commencement of section 117 of the Companies (Amendment) Act 2014 and the directors of such company shall prepare the accounts or consolidated accounts for that financial year and lay the accounts or consolidated accounts of the company at its annual general meeting for that financial year, in accordance with Part VI in force immediately before that date.
(7)  Without prejudice to the generality of section 197(2), a company referred to in subsection (6) shall, when lodging a return with the Registrar under section 197, attach a copy of the accounts or consolidated accounts so prepared.
[Act 36 of 2014 wef 03/01/2016]