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Are you thinking about getting a ready-made company and want to know what benefits you will get from your purchase, what to look out for when choosing and what all is included in the price of a ready-made company? Let's take a closer look at the advantages and disadvantages of ready made companies. IN SHORT: WHAT IS A READY-MADE COMPANY A ready-made…

The new year brings changes in taxes for entrepreneurs and employees, as well as a number of legal innovations. Higher minimum wage and taxpayer's rebate, increase in insurance premiums for self-employed persons, amendment of data boxes or directive on work-life balance and others. Read the full overview and stay up to date on what's coming up this year. …

The year 2022 brought major changes in the use of data boxes. As of 1 January, an amendment came into force that automatically sets all data box users to receive so-called postal data messages (PDZ). Let's explain in detail what the change actually is, what you should look out for and what benefits it brings to you. In another article, we have already…

When you want to start working for yourself, a sole proprietorship is the easiest and fastest way. Before you go to the office, think about which type of business and what you want to do. You already know what you will be doing, but how do you translate your business into the language of the authorities? Our article will help you with that. BASIC…

You may have really gone to the trouble of coming up with a name for your company, but now you need to change it. Maybe because the name contains the name of a partner who is no longer in your company. There are countless reasons to change your company name, but it's important to know that an owner can change their company name at any time. So how does…

I'm sure you've heard these terms before - mergers and splits. Although they both sound very sophisticated, they are basically the merger of two (or more) companies or, on the contrary, the demerger of their assets. Learn about the types of a corporate conversions and find out what rules you shouldn't overlook. MERGERS BY ACQUISITION AND CONSOLIDATION…

Tax records and accounting are two different things. It is common for new entrepreneurs to be confused about these concepts and not know which one to choose. So let's explain both terms. We will describe the differences and you will learn who has to keep tax records and who has to keep accounting records. WHAT IS TAX REGISTRATION? The main objective of…

Even if you are not a VAT payer in the Czech Republic, be careful when trading with foreign countries. You may be obliged to register as an identified person. WHO MUST REGISTER AS AN IDENTIFIED PERSON? In short, an identified person (IP) is a VAT payer only for cross-border transactions. As an IO, you get your VAT number, but unlike VAT payers, you…

VAT may not be a simple matter even for experienced entrepreneurs, especially when it comes to foreign transactions. In this article, you will find basic information on the VAT rules that apply to sales of goods to EU countries and beyond. PLACE OF SUPPLY AND VAT FOR FOREIGN TRANSACTIONS When you trade with foreign countries, you need to correctly…

A virtual office for your company at an address in the centre of Prague or Brno - that sounds great. But how can you access your company correspondence if you live elsewhere? To keep you in the loop, we've described the mail service that comes with every virtual office we offer. VIRTUAL REGISTERED OFFICE IS NOT JUST AN ADDRESS IN THE COMMERCIAL REGISTE The…

You want to start a company and you’re thinking about which form of business to choose. Will a joint-stock company or a partnership be more profitable for you? What kind of capital do you need? In this article, we dive into the differences between the various types of companies and help you decide. WHAT IS A COMPANY? Commercial companies are legal…

In the context of the Pandora Papers case, words like ‘tax haven’ and ‘offshore company’ have come back to the fore. What do we mean by these terms? Here is an easy-to-understand explanation that makes sense even to those with zero business involvement. TAX HAVENS: EXPLANATIONS AND EXAMPLES In normal market economies, such as in the Czech Republic, the…

A foreigner can start a business in the Czech Republic in several ways and, in this article, we will look at the two most common ones: a trade licence and a limited liability company. How does a business with a trade licence (formerly a trade certificate) differ from setting up your own company? What advantages and disadvantages do both options offer? …

Do you rent an apartment through Airbnb? If so, how do you pay tax on your income? Income From Rent or Self-employment? Government anti-epidemic measures over the past two years have severely restricted not only travel but also accommodation. The aforementioned restrictions have not only affected traditional hotels and guesthouses, but also…

As a foreign entity, you can enter the Czech market in several ways. In this article, we will focus on the two most common. We will talk about what advantages the formation of a branch office offers and when it is worth incorporating a new limited liability company. Foreign companies, which intend to do business in the Czech Republic or which are…

There are several ways to combine two companies. In this article we will take a look at the meaning of the terms, which are often confused and overlap with each other. You will find out what mergers, acquisitions, mergers by acquisition, mergers by the formation of a new company, and other forms of company transformations are and how they are different.…

We give you a brief overview of the most important changes in the field of taxes and accounting for in 2021. TAX NEWS IN 2021 TAX PACKAGE Perhaps the biggest story at the end of 2020 was the discussed new tax package. The main changes include: abolition of the super-gross wage; changes in depreciation of tangible and intangible assets; flat…

Is it really possible today to form a company quickly and at minimal cost? Or even online? Politicians promised changes, implemented some, but in the end, specialized companies had to bring this to life. "I remember when my partners and I started a company 18 years ago," our client Jana Frýdová confided in us. "It was a process that took many weeks, and…

The term registered branch was introduced by the Business Corporations Act. This designation is used for a branch of a foreign company that is domiciled in a state other than the one in which the company operates. Previously, the term organizational unit was used for this type of branch, but since 2014, when the Business Corporations Act and the New…

A company can be dissolved for many reasons. These reasons can be on the part of the shareholders or based on a court decision (then it is a forced dissolution of the company). The company may also be dissolved for other reasons, such as the expiration of the validity period, if it was established for a definite period, the achievement of the purpose for…