Group exemption

According to Dutch corporate law every legal person is required to draw up financial statements. A legal person which is part of a group of companies can be exempted of this requirement. If the parent company includes the financial information in consolidated financial statements, the subsidiary company is not required to draw up separate financial statements. It is necessary, however, that the parent company declares that they will be jointly and severally liable for the debts of the exempted legal person.

This exemption is laid down in article 403 of book 2 of the Dutch Civil Code. Therefore this exemption is also referred to as the “403-verklaring” (403-statement).

Categories:

More information?

Contact us