Tax and accounting regulations

Summary of Requirements for an S.r.o Limited Liability Company:

General Information
Type of Company S.r.o – Limited Liability Company
Timescale to incorporate 2 weeks
Corporate Taxation 19%
Double Tax Treaty Access: Yes
Directors
Minimum No. Required 1
Local Director Required No
Publicly accessible information Yes, the names of the directors do appear on public record
Location of Meetings Anywhere
Shareholders
Minimum No. Required 1, can be a corporate shareholder
Publicly accessible information No, the names of shareholders do not appear on public record
Location of Meetings Anywhere
Company Secretary
Required No
Local Secretary Required N/A
Registered Office Required Yes
Additional Information A Statutory Representative is required to represent the company. This must be a natural person. Must be appointed in a General Meeting of the company
Share Capital
Standard Currency Czech Crown (CZK)
Standard Authorised CZK 200,000 / €7,500.00
Minimum Paid Up Capital CZK 100,000 / Approx. €3,500.00.
Additional Information The company is required to have a reserve fund (this is principally a bookkeeping entry):

 

  • 1st Year – 10% of net profit
  • Year 2 onwards – 5% thereafter until the reserve reaches 10% of the companies registered capital
Accounting & Compliance
Requirements to prepare Accounts Yes
Requirement for Audit Audit is required if at least two of the following criteria are met:

 

  • Balance sheet exceeds CZK 40 million (€1.4 million)
  • Net turnover exceeds CZK 80 million (€2.8 million)
  • The number of employees exceeds 50
Local Auditor Required Yes, if Audit is required
Requirement to File Accounts Yes
Requirement to file Annual Return Yes
Additional Information
VAT 20%.
Bank Account Opening A bank account can be opened without the need for presence

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  Resources:

 

The Investigation of a Cyprus Company's Affairs: Application of the Law & Effectiveness

At the request of a Cyprus company’s Shareholder, where it is proven that a more comprehensive investigation is required regarding a company’s activities, the court can issue a declaration of investigation by an inspector appointed by the Cyprus Council of Ministers. The discretion of the court must be applied carefully; as such an order can heavily impact a company and depending on the outcome of the investigation, can be a severe measure that deviates from fundamental principles of Cyprus company law.

UK: The Current Problems with Money Laundering & the Violation of Anti-Money Laundering Regimes

UK: The Current Problems with Money Laundering & the Violation of Anti-Money Laundering Regimes

The fact that money can be transferred from one jurisdiction to another means, that money laundering as a concept involves the entire modern world. Money laundering is a process during which the origin and purpose of payments are hidden and typically has three stages.

Director’s Duties & Liability Insurance in Cyprus

Director’s Duties & Liability Insurance in Cyprus

This article will examine the role of a Director and his duties and liability insurance and D&O insurance liability accordingly with reference to the relevant case law.

 

Q&A: Singapore Small Company Concept for Audit Exemption

The following article will answer some commonly asked questions regarding Singapore small company auditing requirements and exemptions from ACRA.

Exemption from Audit: Singapore Small Company Criteria

Exemption from Audit: Singapore Small Company Criteria

Singapore Audit Requirements: running a company in most countries require auditing as a process to prove that everything is operating legitimately. Listed companies have a legal responsibility to go through audit in Singapore similarly.

EU: Cyprus Competitive Advantage at Risk with Tax Consolidation Reforms

EU: Cyprus Competitive Advantage at Risk with Tax Consolidation Reforms

Cyprus is likely to have repercussions as a result of Jean-Claude Juncker ’s favouring of a relaxation in EU regulation formation and monitoring schemes, reinforced by qualified majorities on matters including the additional synchronisation of blanket taxation rates across Europe.

Singapore Service Providers: How to Comply with the ACRA Reporting Requirements

Singapore Service Providers: How to Comply with the ACRA Reporting Requirements

As a result of the ACRA Amendment Act in 2014, Registered Filing Agents and Corporate Service Providers now have to conduct independent Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) reviews as part of their annual audit reviews.

Beginners Guide to Service Level Agreements: Important Information & Q&A

Beginners Guide to Service Level Agreements: Important Information & Q&A

SLAs are a critical component of any outsourcing and technology vendor contract. Beyond listing expectations of service type and quality, an SLA provides remedies when requirements aren't met.