The new Companies Act 2014 will commence from June 1st next and replace the Companies Acts 1963-2013. It will affect all companies and introduces new company models such as DAC (Designated Activity Company).
Other changes include:
- Audit exemption will be available to a much wider range of companies such as Companies Limited by Guarantee (CLGs) provided they satisfy certain criteria.
- Audit exemption will be available to small groups of companies, again provided they satisfy certain criteria.
- LTD type companies (which are envisaged to be the most common type of private company) can opt to have just one director.
- LTD type companies can opt not to have AGMs
- Dormant companies within groups may avail of audit exemption where unavailable to the rest of the group.
If you have queries on the new Companies Acts and how they may affect your financial statements or company secretarial duties, please contact us at Kelly Murray for assistance.