In November 2014 we informed you about the approval of the amendment to the Commercial Code by the National Council of the Slovak Republic. The amendment should have come into force as of 1.1.2015.
The most significant changes proposed by the amendment are as follows:
- Possibility to establish a LLC with the registered capital only of 1 EUR
- The obligation to state data about registered capital and about extent of paid capital on the company´s documents in case of company with the registered capital lower than 25 000 EUR
- Introduction of term „company in crisis“ and resulting obligations
The President of the Slovak Republic vetoed the approved draft amendment, it was turned back to the parliament and on Tuesday on 9th of December 2014 the parliament failed to overcome the president´s veto.
The above-mentioned means that the Commercial Code in the current wording will still be effective and the amendment will not become effective as of 1.1.2015. This means that limited liability companies with the registered capital lower than 25 000 EUR will not be obliged to state the value of the registered capital and the extent of its payment on all business documents.
We will keep you informed about the further development of this matter.
Monika Vrabcová Associate Monika.Vrabcova@accace.com +421 2 325 53 000