Companies Act 2014
F60 [ Qualification of company as micro company
280D. (1) A company that is not excluded by subsection (4) qualifies as a micro company in relation to its first financial year if the qualifying conditions are satisfied in respect of that year.
(2) A company that is not excluded by subsection (4) qualifies as a micro company in relation to a subsequent financial year (in this subsection referred to as the "relevant year") if the qualifying conditions —
(a) are satisfied in respect of the relevant year and the financial year immediately preceding the relevant year,
(b) are satisfied in respect of the relevant year and the company qualified as a micro company in relation to the financial year immediately preceding the relevant year, or
(c) were satisfied in the financial year immediately preceding the relevant year and the company qualified as a micro company in relation to that preceding financial year.
(3) The qualifying conditions for a micro company are satisfied by a company if, in relation to a financial year, it —
(a) qualifies for the small companies regime, and
(b) fulfils 2 or more of the following requirements:
(i) the amount of turnover of the company does not exceed € 700,000;
(ii) the balance sheet total of the company does not exceed € 350,000;
(iii) the average number of employees does not exceed 10.
(4) This section shall not apply to a company if it is —
(a) an investment undertaking,
(b) a financial holding undertaking,
(c) a holding company that prepares group financial statements, or
(d) a subsidiary that is included in the consolidated financial statements of a higher holding undertaking.
(5) In the application of this section to any period which is a financial year but is not in fact a year, the amount specified in subsection (3)(b)(i) shall be proportionately adjusted.
(6) For the purposes of subsection (3)(b)(iii) , the average number of employees of a company shall be determined by applying the methods specified in section 317 for determining the number required by subsection (1)(a) of that section to be stated in a note to the financial statements of a company.
(7) In this section, "qualifying conditions" mean the conditions specified in subsection (3) . ]
Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 15, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.