As the year 2018 draws to an end, it is a good idea for your Czech business to conduct a legal audit to avoid unnecessary risk and expenses in the coming year. A few minutes now can save you substantial cost and trouble later. Here are a few things that you should consider doing with respect to your Czech business before the arrival of the New Year.
ECOVIS ježek has prepared a legal checklist, or a Czechlist, if you like … Here are some items that your Czech business needs to have done by the end of the year and that owners of Czech legal entities should tick off in their year-end to-do list.
The year 2019 will bring not only new obligations, but also stricter checks regarding compliance with existing obligations which have not yet been actively enforced. Even without the new obligations, it can be riskier than ever for owners of Czech businesses. One of the most famous Czech footballers, Antonín Panenka, knows this all too well. A registration court ordered the liquidation of his company because it had failed to fulfil its obligation to file its financial statements in the Collection of Instruments of the Commercial Register. In another case, there is a risk that the company with a billion-czech crown turnover will be liquidated by a court order just because one of its executives resigned and no other executive was appointed immediately, even though the company had three other executives, each acting separately.
A crucial corporate to-do list
- Filings in the Czech Collection of Deeds
- Registration of beneficial owners in the Czech Register of Beneficial Owners
- Hold an annual general meeting with minutes of meeting(s) for the Czech Commercial Register
- Adapt articles to the Czech Business Corporations Act and new Czech legislation
- Keep information in the Czech Commercial Register up-to-date
- Czech company webpage
- Agreement on the performance of office in a body corporate
- Czech Trade Licence Register
- GDPR compliance in Czech Republic
- Audit obligation and consolidation
You can find more information and details on these particular points on the following web page: http://www.ecovislegal.cz/en/czech-legal-news/the-10-most-important-things-that-every-owner-of-czech-society-should-do-by-the-end-of-2018/
JUDr. Mojmír Ježek, Ph.D., partner, ECOVIS Ježek, advokátní kancelář s.r.o. – member of ECOVIS International, Prague, Czech Republic
To find out more, please see http://www.ecovislegal.cz/en/