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Czech Republic: commercial registry reforms

Czech Republic
29/06/2005
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Registrations in the commercial register are to be speeded up and simplified as a result of reforms due to take effect from 1 July 2005.

As well as purely procedural changes, there are also changes in the requirements for documentation to be submitted when registering a foreign director and registering a seat:

  1. Foreign nationals will no longer need to have a Czech residence permit to become registered signatories of a Czech company. This requirement was already removed for nationals of EU and EEA Member States in January, so the current change applies for instance for the U.S. or Japanese nationals. This change will allow many Czech companies to register individuals who have been corporate signatories for a long time but were not registered due to the amount of bureaucracy involved. Other companies will be able to consider appointing directors from outside the EU/EEA once the residency requirement no longer applies.
  2. When a new or existing company is registering a new registered office (seat), it will only need to submit consent from the owner of the premises. Currently, much more documentation has to be submitted to prove a clear legal title for use of the premises – typically, a lease agreement and a sublease agreement. This has led to additional administration, such as drafting absolutely formal subleases.

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