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We would like to draw your attention to the corporate obligations related to the end of the financial period. These include the following:
The annual financial statements must be considered and approved by the General Meeting of the shareholders of the company no later than 6 months from the end of the financial period. Hence, if the financial period ended on 31 December 2023, the financial statements must be approved by 30 June 2024.
Furthermore, along with the financial statements, a proposal on the use of profit and loss shall also be presented to the General Meeting for approval. The statutory body decides on the actual payment of the dividends and other own resources. This decision is subject to the so-called balance and insolvency tests to assess whether the profit can be paid out. These documents, incl. the financial statements, or the annual report if prepared by the company, should be filed with the Collection of Deeds no later than 12 months from the balance sheet date.
We would like to point out that the most recent amendment to the Act on Public Registers sets out that if a company does not file the annual or extraordinary financial statements with the Collection of Deeds for at least two consecutive financial periods and at the same time the company cannot be contacted by the Registry Court, a disciplinary fine or even the dissolution of the company without liquidation may be imposed.
Finally, in connection with the approval of the financial statements by the General Meeting and the decision on the use of the P&L, we recommend that the company has a beneficial owner registered in the Register of beneficial owners or that the entry in the Register corresponds to the actual facts. Otherwise, according to the Act on the Registration of Beneficial Owners, the shareholders might not be able to exercise their voting rights at the General Meeting and a share of their profit might not be paid out.
We are ready to assist you with the required documents and meet the legal obligations.
About Accace
Accace is a proactive consultancy and outsourcing partner who bridges the gap between needs and solutions. Combining smart and streamlined technology with a holistic approach, we provide an all-round care to clients and consider their matters as our own. With over 800 experts and more than 2,000 customers, we have vast experience with facilitating the smooth operation and growth of small to large-scale, global businesses.
About Accace Circle
Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience and erase the borders of service delivery. Covering over 50 jurisdictions with nearly 2,500 professionals, we support more than 15,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 200,000 pay slips globally.
