TNAG-2378-FCO40-3457-Hong-Kong-nationality-British-Nationality-(Hong-Kong)-Act-19-1991 — Page 93

within three months of the accounts being disclosed to the persons for whose information they have been prepared, eg for shareholders.

C-12 In these cases, copies of the accounts need not be delivered to the Registrar providing that the latest report and accounts are made available for inspection at each branch of the institution in Great Britain and copies are made available at a cost not exceeding that of supplying them.

Accounts not required to be prepared and audited by parent law

C-13 Where a credit or financial institution is incorporated but is not required by the law of the state in which it has its head office to prepare and have audited accounts, it is required to prepare and deliver accounts in the same manner as a company subject to the place of business regime ie as if it were one to which section 700 of the Companies Act 1985 applies. Briefly, the accounts that are to be filed are those prepared in accordance with the Oversea Companies (Accounts) (Modifications and Exemptions) Order 1990. Under this the accounts to be delivered do not need to be as detailed as those required if the company were incorporated in Great Britain, nor do they need to be audited. Directors'

reports are not required nor is disclosure of details of directors' remuneration, loans, or similar transactions. A balance sheet and profit and loss account showing comparative figures for the previous year are required. Professional advice should be sought in preparation of the accounts if there is any doubt about what is required. If the accounts are in a language other than English they must be accompanied by a certified translation. The accounts must be delivered to the Registrar within 13 months of the accounting reference date notified to the Registrar. The company may either notify the Registrar, within nine months of establishing a branch, of the accounting reference date it wishes to use or the anniversary of the end of the month of establishment will be imposed as the accounting reference date. This date may subsequently be changed. The Companies Act 1985 (as amended) requires a company to deliver copies of its accounts in respect of each branch which it has.