As of July 1st of this year the laws governing SRO setup have been changed. The full extent and effect of these laws we will have to see with time. Even at the Commercial Court itself they are not sure so we will be expecting minor difficulties to be overcome. All things said these changes are for the purpose of making the setups faster and this would be a welcome development!
One major change is that all supporting documentation for the SRO is required at the initial submission of the application. Up until now we have had the liberty of only submitting the memorandum of association and initial documents at the start and then submitting the others such as the trade licenses and verification of initial capital as we have been able to acquire them. This process of collecting the final documentation used to stretch over 3 to 4 weeks and then we had to apply for extensions. That’s all changed now. Everything is submitted up front.
The benefit of this change is that the Commercial Court has promised that the company registration will be completed less than two weeks from when the application is submitted. So from now on, the speed of the SRO setup will depend mostly on the time it takes for the applicant to gather the required documentation. The registration time should become more predictable.
Another change is regarding the ‘Sidlo’ or registered office (which was the subject of a previous newsletter and is posted in this blog). Under the new law, a lease agreement is no longer required. Now, a mere letter of intent from the owner of the property stating that he has an agreement with the SRO to use some space in the building, is all that is needed.
However, the law remains the same that this ‘Sidlo’ address needs to be where the company actually can receive mail, etc. Will this change in law affect things substantially? Not likely; the agreements will be simpler but the same basic requirements are still necessary.
We will keep you posted as to how the changes affect SRO setup and therefore the services we offer.
Updated/Aktualizováno: July 22, 2014,
