Section 689 of The Companies Act No. 17 of 2015: Exemption of unlimited companies from requirement to lodge financial statements with Registrar
(1) The directors of an unlimited company are not required to lodge a financial statement with the Registrar in respect of a financial year if at no time during the relevant accounting reference period—
(a) has the company, to the knowledge of the directors, been a subsidiary undertaking of an undertaking that was then limited;
(b) have, to their knowledge, rights been exercisable by or on behalf of two or more undertakings that were then limited that, if exercised by one of those undertakings, would have made the company a subsidiary undertaking of it; or
(c) has the company been a parent company of an undertaking that was then limited.
(2) A reference in subsection (1) to an undertaking being limited at a particular time is 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 banking or insurance company or the parent company of a banking or insurance group; or
(b) the company is of a class prescribed by the regulations as a company to which this subsection applies.
(4) If a company is exempt under this section from the obligation to lodge financial statements with the Registrar—
(a) the company's statutory financial statement is its financial statement for a financial year as prepared in accordance with this Part and approved by the company's directors; and
(b) the company shall publish with the financial statement a statement indicating that the company is exempt from the requirement to lodge statutory financial statements with the Registrar.
(5) Sections 676(3) and 677(1)(b) do not apply to a company to which subsection (4) applies.
(6) 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.
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