The Annual Financial Statements (AFS) are now announced only with a declaration of their adoption

On the 24th of April, 2020 were adopted amendments to the Law on the Commercial Register and the Register of Non-Profit Legal Entities (the Commercial Register Act).

As of the 24th of April, 2020 the AFS and the annual activity reports of the companies will be announced in the Commercial Register only with a declaration from the legal representative of the company, certifying that they have been adopted by the respective body of the company, which is responsible for their adoption. This change also applies to the filed applications for announcement of AFS in the Commercial Register, which have been not processed yet.

It is practically no longer necessary to submit together with the AFS and the annual activity reports of the companies minutes of general meetings of shareholders for their adoption, as well as evidence of service of the invitations to convene these general meetings. The only requirement to announce an AFS is a declaration from the company representative.

With the amendments to the Commercial Register Act, it was also adopted that from January 1, 2022 no fee will be due for the announcement of AFS in the Commercial Register and the submission of applications for the announcement of AFS will be done electronically in the manner and within the terms specified in the templates of statistical forms, approved by joint order of the chairman of the National Statistical Institute and the executive directors of the National revenue agency and the Registry Agency.

Please note that this news is current as of 27th of April, 2020 and each case is strictly individual. This news is for information purposes only and does not constitute specific legal advice. Therefore, before you take specific action, and if we have not been able to answer all your questions, we recommend that you contact us and we will be happy to assist you. Every first consultation with us is completely free!