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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Register a The Czech Republic company.
Open a The Czech Republic bank account.

  Resources:

The UK Persons of Significant Control Register & its impact on companies

The UK Persons of Significant Control Register & its impact on companies

The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.

Cyprus implements the Hague Convention, legally recognising Trusts as a type of Equitable Law

Cyprus implements the Hague Convention, legally recognising Trusts as a type of Equitable Law

This year, the Republic of Cyprus ratified The Hague Conventions’ definition of the legislation applicable to trusts and furthering the regulations surrounding their recognition. Cyprus common law now recognises trusts as a unique legal institution under equity.

SINGAPORE: the regulation of digital currencies & whats to come

SINGAPORE: the regulation of digital currencies & whats to come

The Monetary Authority of Singapore has released its plans to further control and regulate the current elusive virtual currency market and intermediaries that facilitate their online trade in Singapore. The anonymity surrounding so-called crypto currencies such as bitcoin raises questions over potential money laundering & terrorist financing risks.

How to incorporate a company in Cyprus with the required documentation

How to incorporate a company in Cyprus with the required documentation

Cyprus is the perfect location for incorporating an offshore or private company due to its simple incorporation procedures and agreeable tax structure. Below are the steps to company formation, the registration procedure, and all documentation required for incorporation:

ACRA release new initiatives for Singapore Filing Agents

ACRA release new initiatives for Singapore Filing Agents

ACRA have released new guidelines introduced to update the current system, bringing it transparently in line with other jurisdictions; going forward, businesses will be offered a copy of their business profile and the amount of information available for public use will increase substantially.

The servicing of documents to a Cyprus company & failure to act

The servicing of documents to a Cyprus company & failure to act

A Creditor may apply to court for the issuance of a liquidation order against a company that does not comply with a demand notice to pay any outstanding debts. The notice of demand is served to the registered office of the company, who then has 21 days to pay the fine; failure to do so may result in the liquidation of the company deemed unable to pay its debts by the creditor who can apply to legally dissolve the company.

Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register

Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register

Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.

European Commission publishes tax avoidance disclosure directive

European Commission publishes tax avoidance disclosure directive

The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.