Reporting commitments of Polish LLC 2018
According to provisions of Polish Law every Polish Limited Liability Company is obliged to fulfill the annual reporting obligation. The obligation consists of undertaking certain actions, drafting required documents and filling them to Registry Court and Tax Office.
It is mainly the Accountancy Act that establishes the obligation to prepare and submit annual financial statements to appropriate Registry Court and Tax Office. However it is important to remember that reporting shall cover also other documents and actions, which are listed below.
What you need to prepare in 2018 ?
In 2018 your Polish LLC will need to prepare:
- Financial statement for 2017 (consisting of introduction, balance, loss and profit sheet, supplement, cash flow statement),
- Auditor’s opinion (if required),
- Management Board Report on company’s operation,
- Supervisory Board Report from audit and motion as to profit division (if required),
- Minutes and resolutions of Ordinary Shareholders’ Meeting.
Who is responsible for reporting ?
The person responsible for reporting is the head of particular unit (company). In practice, this relates to the Management Board of the company.
Reporting deadlines in 2018
There are several deadlines, which should be met during the procedure of fulfilling reporting commitments of the company. The most important are as below:
- 3 months from balance-sheet day – preparing financial statement,
- 6 months from balance-sheet day – convening and holding of Ordinary Shareholders’ Meeting,
- 10 days from approving financial statement – submitting financial statement to appropriate Tax Office,
- 15 days from approving financial statement – submitting financial statement to appropriate Registry Court.
The head of the unit (Management Board of the company) and the company itself may suffer a number of severe consequences for failure in preparing and submitting the financial statements. Possible sanctions are primarily:
- restriction of freedom,
- compulsory proceedings,
- dissolution of the company and removing from National Court Register,
- appointing court administrator of the Company.
Should you require any assistance in fulfilling above obligations, please feel free to contact us [email protected]