We would like to draw your attention to the statutory duty of approving the financial statements of the previous accounting period that is arising from the Accounting Act as well as from the Act on Public Registers.
The companies are obliged to submit the financial statements of the previous accounting period to the competent body of the company (usually the General Meeting) for approval within 6 months from the end of the respective accounting period. The approved financial statements and the Annual report (when company is audited) shall be submitted to the Collection of Deeds within 30 days from the approval by the General Meeting, but no later than the end of the following accounting period. For example, if the financial year ended on 31st December 2017, the financial statements shall be approved by 30th June 2018 and filed with the Collection of Deeds by 31st December 2018 the latest.
If the company fails to meet the above mentioned statutory duty, the relevant State Authority is entitled to punish such company and impose a fine up to the amount of CZK 100,000 or up to 3% of the brutto asset value in total.
Should you be interested, we are also ready to prepare the Related Parties Report in compliance with the Business Corporations Act and then submit the Report together with the Approval of financial statements to the Collection of Deeds of the respective Registration Court.
If you are interested in our services or if you like to be provided with more details, please do not hesitate to contact us.