The basic duties of entrepreneurs include bookkeeping and annual preparation, approval and filing of financial statements.
Statutory bodies have to present their financial statements for approval to the shareholders’ meeting. Financial statements are filed with the Register of Financial Statements (Register). If the shareholders’ meeting does not approve the financial statements within the filing deadline, the financial statements will be filed as unapproved. Following approval of the financial statements, statutory bodies should not forget to file a note in the Register specifying the date of approval. This deadline is relatively short – 5 business days from approval of financial statements, otherwise the company runs the risk of a sanction amounting to 2 % of its total assets. If the books were later opened and the financial statements revised, the new approved financial statements have to be filed within the same period. The advantage of introduction of the new register is that financial statements do not have to be separately filed in the collection of deeds. The register will automatically ensure the transfer of this information.