Initial and relevant obligations

The directors of the company are responsible for ensuring that the complete set of financial statements of the company is prepared in accordance with the International Financial Reporting Standards.

Every overseas company, which maintains a place of business in the Republic, prepares financial statements for the place of business which shall be presented no later than eighteen months (18) after the establishment of the company, and subsequently at least once (1) per calendar year.

The directors of the company are responsible for maintaining the accounting books and records on the basis of which the company's financial statements will be prepared, explaining correctly and precisely explain all the transactions of the company and allow the assessment of the financial position of the company at any time.

A company member-state of the European Community, which under the law of that state and European directives Directions is not obliged to submit the said financial statements, is exempted from the submission of financial statements.