New size criteria for Luxembourg micro, small, medium-sized and large undertakings or groups

A new grand-ducal regulation of 25 October 2024 (the “Grand-Ducal Regulation”) has been adopted in Luxembourg to implement Commission Delegated Directive (EU) 2023/2775 of 17 October 2023 amending the so-called “Accounting Directive” as regards the adjustments of the size criteria for micro, small, medium-sized and large undertakings or groups, therefore impacting certain accounting requirements for undertakings and groups in Luxembourg.

These changes, which are implemented in the amended law of 19 December 2002 on the register of commerce and companies as well as the accounting and annual accounts of undertakings (the “RCS Law”) and the amended law of 10 August 1915 on commercial companies (the “Companies Law”), aim at reducing the administrative burden on certain companies, reflecting  inflation over the last few years by readjusting the size criteria for micro, small, medium-sized and large undertakings or groups set out in the Accounting Directive as regards the balance sheet total and net turnover.