[ESTABLISHING A BUSINESS ENTITY IN SLOVAKIA] 424
and removed by the General Meeting and one third by the company's employees. As regards reporting requirements, the most common obligation is related to financial statements. The companies are obliged to deposit their financial statements in the central Register of Financial Statements in an electronic form. A company is obliged to deposit its financial statements by the deadline for submission of Corporate Income Tax Returns (31 March, or if the deadline is extended, not later than 30 June or 30 September). If the company fails to submit the financial statements in due time and is in delay with fulfilment of this obligation by more than 6 months, the court will, upon lapse in vain of a remedy period granted by the court, decide to cancel the company even without a proposal. If a company meets the criteria for obligatory audit 41 of its financial statements, the company is obliged to file its annual report and an auditor’s report on verification of the financial statements (including the auditor’s report on verification of compliance of the annual report with the financial statements) with the Register of Financial Statements, within one year following the end of the accounting period for which the financial statements were prepared, at the latest. A company is obliged to submit the financial statements and the annual report to the 41 The Financial Statements must be approved by an auditor if the company fulfils, in the period for which the Financial Statements are prepared, and in the period preceding the period for which the Financial Statements are prepared, at least two of following conditions for each period:
respective company body (general meeting or sole shareholder) so that they are approved within 12 months from the day as of which the financial statements were drawn up. As of 1 June 2024, a new legislation has been adopted in Slovakia, which governs ESG reporting. The new law defines criteria and thresholds for the companies regarding the requirements to provide information on economic, social, and environmental sustainability of their activities 42 . Slovak law follows the consolidation principle, i.e. the subsidiaries are exempted from the obligation to publish information on their sustainability, if they are included in the consolidated report of their parent company with registered office either in the Slovak Republic or other EU
Member State. Requirements
applicable
to
local
shareholding/directors There are no requirements or limitations in respect of nationality of the shareholders – they may be either a Slovak or foreign individual or company. The board members of limited liability company and joint stock company may be either Slovak or foreign individuals. Individuals must meet several requirements, for example, they must be 18 years of age, have a clean criminal record and fulfil other conditions imposed by law. Members
42 Companies, which meet at least two of the following criteria during the two immediately preceding accounting periods must report sustainability information:
-
the total value of the company’s property is more than €25,000,000;
- -
net turnover is more than €50,000,000;
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the total value of the company’s property is more than €4,000,000;
the average number of employees is more than 250.
- -
net turnover is more than €8,000,000;
the average number of employees is more than 50.
ILN Corporate Group – Establishing a Business Entity Series
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