Polish Legal Alert: Annual General Meeting (AGM) for 2011; Mandatory Filing of a Company’s Annual Accounts with the Company’s Court of Registration (“KRS”)
Our friends in TGC Corporate Lawyers sent this briefing regarding Poland in. The usual caveats apply (see the caveats section of this blog)
Dear Quoracy.com subscribers,Statutory Filings of a Company’s Annual Accounts with the Company’s Court of Registration (“KRS”) and Tax Office for 2011You may be aware that a Polish company’s management board is required to convene an annual general meeting of shareholders (“AGM”) within six months from the end of the company’s financial year. If the financial year of your company ended on 31 December 2011, the deadline for submitting your Corporate Income Tax Declaration (CIT-8) with the tax office expired on 31 March 2012 and the deadline for holding your AGM is 30 June 2012.1. AGM DocumentationThe documentation for the AGM includes:
- Financial statements;
- Directors’ report on the activities of the company for the financial year, which is subject to approval by the shareholders of the company;
- Supervisory board report (if applicable);
- Minutes of a meeting of the management board;
- Minutes of a meeting of the supervisory board (if applicable);
- Minutes of the AGM; and
- Application to the KRS for registration of the filing of the company’s annual accounts.
2. Audit Requirements
Do you need an audit? The requirements for an audit are as follows:
- Banks, insurance companies, and joint stock companies (S.A.) are all required to have an annual audit.
- Limited liability companies (sp. z o.o.) are required to have an audit for 2011 if they exceeded two or more of the following criteria at 31 December 2010:
- The average number of persons employed for the year was 50 or more;
- Total assets at the end of the financial year were 2.5 million euro or more; or
- Net sales plus financial income for the financial year were 5 million euro or more.
If your company had an audit carried out, the financial statements must be published in the gazette “Monitor Polski B”.
3. Notifying the Company’s Court of Registration
Within fifteen days after the AGM is held, the company’s management board must file the annual accounts, the directors’ report, and the AGM minutes, with the KRS.
4. Notifying the Relevant Tax Office
The AGM minutes must also be filed with the tax office handling the tax matters of the company within ten days of the AGM being held.
5. Next steps
If you wish to receive any further information on this matter or a cost estimate, or require any assistance in relation to your AGM, please contact:
Director, Head of Company Department
Tel.: +48 22 295 33 45
Partner, Company Department
Tel: +48 22 295 33 00
TGC Corporate Lawyers
ul. Hrubieszowska 2
01-209 Warsaw, Poland
T: +48 22 295 33 00
F: +48 22 295 33 01
- Humble pie is on the menu with the AGM sandwiches (thisislondon.co.uk)
- Annual General Meetings of PR Agencies (vikypedia.in)