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:

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.

Cyprus tax department releases new guidance on CRS deadlines and the online portal

Cyprus tax department releases new guidance on CRS deadlines and the online portal

The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).

Hong Kong establishes AEOI agreement with Indonesia

Hong Kong establishes AEOI agreement with Indonesia

Last week, Hong Kong finalised and signed an agreement with Indonesia to allow for the automatic exchange of financial information (AEOI) regarding all tax matters.

 

New requirement for Scottish LPs to disclose all PSC information to the Companies House

The legislation for Scottish Limited Partnerships have changed regarding the disclosure of information. Going forward, Scottish LPs will have to register all information about PSCs and Business Owners with the UK Companies House from July 24th 2017.

 

Key amendments to the Singapore Companies Act

Significant changes to the commercial and company law in Singapore have come into effect. The changes to the Singapore Companies Act will hopefully make business entities more transparent as well as mitigating the risks of money laundering and terrorist financing.

Panama Law 52: Updated legislation for all legal entities

Panama Law 52: Updated legislation for all legal entities

Last month the Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.

Important 2016 reporting deadlines for BVI Financial Institutions

Important 2016 reporting deadlines for BVI Financial Institutions

Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.

Thinking of relocating your business to Singapore? Let us help you!

Thinking of relocating your business to Singapore? Let us help you!

Singapore has quickly become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations in Western Europe, making it an ideal destination and potential location for Business Owners to relocate and start a new business and lifestyle.