The publication of legal notice 101 of 2019 on the 17th of May 2019 prescribes that a company shall be exempt from the requirement of having annual accounts audited in respect of its first two accounting period if:
An application as noted in the first schedule to the regulations needs to be sent within 6 months from the end of the relevant accounting period. This is to be sent to the Registrar. The obligation to inform the Commissioner for Revenue is placed on the Registrar i.e. no company needs to do such. If the shareholding structure of the company changes to the extent that not all shareholders satisfy the conditions laid out above, the exemption shall no longer apply.
The regulations shall only come into force upon the publication of such notice in the Government Gazette.