Once incorporated, a company shall maintain corporate books to record minutes of the shareholders’ and directors’ meetings. A shareholders’ meeting must be held every year to approve the financial statements and decide on profit distribution, if any. Annual meetings can be anywhere in the world, and shareholders can be represented by proxies.
A company must keep accounting records and retain them for a period of five years. Only large companies are obliged to have their annual financial statements audited and published.
In addition, for tax purposes, the tax authorities will expect the company to submit monthly tax return filings and make tax account payments as well as filing annual tax returns. Employers also have to withhold income tax and mandatory pension contributions from the employees’ wages. However, employee insurance is not mandatory.
When the company has been registered, any changes, for example in the company’s management, amendments to the articles of association or similar, must be registered with the State Registry.
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