Domiciliary

Once your operations have come to an end or you have decided to move your business elsewhere – it will be necessary to liquidate the company. This is particularly important if there are profits to repatriate, if the directors of the company wish to retain a clean record, and reporting requirements are to cease. Americans, in particular, need to liquidate to avoid filing Controlled Foreign Corporation returns with the IRS.

There is no need to engage an attorney – they just employee accountants. We can appoint a liquidator from our own staff with the legal, accounting, business and statutory knowledge to accomplish the task from beginning to end. We will work closely with you to identify creditors, collect from debtors and interface with legal, tax, court and other officials. We can do all of this on the basis of a power of attorney from the shareholder(s).

Liquidation of a Czech LLC (an “s.r.o.”) is primarily regulated under the Commercial Law, 513/1991 Sb, §68, §70-75 and §151-153. There are two primarily roads to liquidation:

Wind-up: Under this method the shareholder meeting appoints a liquidator to assist in the liquidation of all assets and settlements of all liabilities to creditors and remittance of a liquidating dividend, if any, to shareholders. This procedure takes between 5-7 months, or often longer if creditors cannot be paid in full.

Transformation.

This is a complicated but necessary step to closing operations of your company. Please feel free to contact us to discuss your situation.

CFO2GO is able to assist you in establishing and managing your virtual office here in Prague, including the registering or re-registering of your corporation or self-employed business premises at our address in accordance with the commercial code.

What we provide:

Mail and communication services

A CFO2GO professional administrative assistant is available from the hours of 8.30 to 17.30, on all banking days. Your assistant will manage all incoming calls, incoming faxes and packages and mail delivered by Post and courier services. We are also able to accept all official company correspondence*(except those that are designated for exclusive receipt by the addressee).This can be of considerable value especially for our absentee accounting clients, as you will be sure that all documentation finds its way to us in time. You will be informed each day of the arrival of correspondence. Based on your preferences, mail can upon receipt be opened and scanned to you electronically or additionally mail can be forwarded by post or courier.

Other services available for your use at our offices

• work station with highspeed wireless internet access
• kitchen/catered services
• temporary mobile services
• coordination of photocopying, translation and other services.

You are able to appoint CFO2GO to be your databox administrator to receive and send communications to government agencies on your behalf. In practice, it works like a digital complement to the physical mail and communication services that are standard with the registered office service we offer.

What is the Databox Law?

Czech Law Nr. 300/2008 Sb. “On electronic acts and authorized conversions of documents” became mandatory for most legal entities on 1. November 2009. This law requires companies to maintain electronic databoxes for the purpose of communicating with Czech government agencies. It established an IT infrastructure (completely Czech language interface) that is operated by the Czech Post and the Ministry of the Interior to implement it. The law removes barriers to the government’s ability to advance individual actions; every communication is deemed delivered within 10 days. This can be significant, since in extreme cases a company that falls out of contact, even briefly, could find itself the target of forced dissolution, its assets soon to be conveyed on the State!

You are able to appoint CFO2GO to be your databox administrator to receive and send communications to government agencies on your behalf. In practice, it works like a digital complement to the mail and communication services that are standard with the registered office service. Of course, the Czech interface is no problem for us!

•CFO2GO pays notarial and court fees for re-registration within Prague as a courtesy. CFO2GO re-invoices notarial and court fees for re-registration from outside Prague, but charges no fees for our own services for doing so.
•Databoxes are paid a year in advance from the date of the contract. Registered office services can be paid monthly, quarterly or yearly.
•All aspects of setting up this service for you can be accomplished by CFO2GO on a power of attorney or in direct participation with you at our notary’s office.