422. Unlimited Companies Exempt From Obligation To File Accounts
Past version: effective from 29/04/2020 - 28/04/2020
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(1) The directors of an unlimited company are not required to deliver accounts and reports to the Registrar in respect of a financial year if the following conditions are met.
(2) The conditions are that at no time during the relevant accounting reference period–
(a) has the company been, to its knowledge, a subsidiary undertaking of an undertaking which was then limited, or
(b) have there been, to its knowledge, exercisable by or on behalf of two or more undertakings which were then limited, rights which if exercisable by one of them would have made the company a subsidiary undertaking of it, or
(c) has the company been a parent company of an undertaking which was then limited.
The references above to an undertaking being limited at a particular time are to an undertaking (under whatever law established) the liability of whose members is at that time limited.
(3) The exemption conferred by this section does not apply if–
(a) the company is a financial institution or the parent company of a group which includes a financial institution, or
(b) each of the members of the company is–
(i) a limited company, or
(ii) another unlimited company each of whose members is a limited company.
The references in subsection (3)(b) to a limited company and another unlimited company, include a comparable undertaking incorporated in or formed under the law of a jurisdiction outside the Abu Dhabi Global Market.
(4) Where a company is exempt by virtue of this section from the obligation to deliver accounts–
(a) section 410(3) (requirements in connection with publication of registrable accounts: meaning of “registrable accounts”) has effect with the substitution for the words “as required to be delivered to the Registrar under section 415 (duty to file accounts and reports with the Registrar)” of the words “as prepared in accordance with this Part and approved by the board of directors”, and
(b) section 411(1)(b) (requirements in connection with publication of non-registrable accounts: statement whether registrable accounts delivered) has effect with the substitution for the words from “whether registrable accounts” to “have been delivered to the Registrar” of the words “that the company is exempt from the requirement to deliver registrable accounts”.
(5) In this section the “relevant accounting reference period”, in relation to a financial year, means the accounting reference period by reference to which that financial year was determined.