Section 281: Balance sheet

281. Balance sheet (1) Subject to the other provisions of this section, a foreign company shall, within 3 months of its annual meeting of shareholders, file with the Registrar— (a) a copy of its balance sheet made up to the end of its last preceding accounting period in such form and containing such particulars and accompanied by copies of such documents as the company is required to annex, attach or send with its balance sheet by the law for the time being applicable to that company in the place of its incorporation or origin; and (b) a declaration certifying that the copies are true copies of the documents so required. [Issue 10] C35 – 168 Revised Laws of Mauritius (2) (a) Where the Registrar is of the opinion that the balance sheet and other documents referred to in subsection (1) do not sufficiently disclose the company’s financial position, he may by written notice to the company require the company to file a balance sheet within such period, in such form and containing such particulars and to annex thereto such documents as he requires. (b) Nothing in paragraph (a) shall authorise the Registrar to require a balance sheet to contain any particulars, or the company to annex, attach or to send, any document, that would not be required to be furnished if the company were a public company. continued on page C35 – 169 C35 – 168 (1) [Issue 10] by written notice to the company require the company to file a balance sheet within such period, in such form and containing such particulars and to annex thereto such documents as he requires. (b) Nothing in paragraph (a) shall authorise the Registrar to require a balance sheet to contain any particulars, or the company to annex, attach or to send, any document, that would not be required to be furnished if the company were a public company. continued on page C35 – 169 C35 – 168 (1) [Issue 10] Revised Laws of Mauritius (3) Where a foreign company is not required by the law of the place of its incorporation or origin to hold an annual meeting of shareholders and prepare a balance sheet, the company shall prepare and file with the Registrar a balance sheet within such period, in such form and containing such particulars and annex thereto such documents as the directors of the company would have been required to prepare or obtain if the company were a public company. (4) Subject to subsection (6), a foreign company shall, in addition to the balance sheet and other documents required to be filed by subsections (1), (2) and (3), file its financial statements which shall comply with the International Accounting Standards, fairly showing the assets employed in, and liabilities arising out of, and its profit or loss arising out of, its operations conducted in or from Mauritius. (5) The financial statements referred to in subsection (4) shall be filed with the Registrar within 6 months after the end of the accounting period of the company. (6) (a) The company shall be entitled to make such apportionment of expenses incurred in connection with operations or administration affecting both Mauritius and elsewhere and to add such notes and explanations as in its opinion are necessary or desirable in order to give a true and fair view of the profit or loss of its operations in Mauritius. (b) The Registrar may waive compliance with subsection (4) in relation to any foreign company where he is satisfied that— (i) it is impracticable to comply with this subsection having regard to the nature of the company’s operations in Mauritius; (ii) it would be of no real value having regard to the amount involved; (iii) it would involve expense unduly out of proportion to its value; or (iv) it would be misleading or harmful to the business of the company or to any related corporation. (7) The financial statements referred to in subsection (4) shall be deemed to have been duly audited for the purpose of that subsection where it is accompanied by a qualified auditor’s report which complies, so far as is practicable, with section 205.