Amendments to the Companies Law

Law 97(Ι) of 2016 was published in the Official Gazette of the Republic on 23 September 2016.  It amends the Companies Law Cap 113 by transposing the EU Accounting Directive (2013/34/EU) into domestic law.  A significant change is the abolition of the exemption from audit that was previously available to small or dormant companies.  Small companies are defined as having less than €4 million total gross assets, a turnover of less than €8 million and fewer than 50 employees.