At first glance it often seems a change in a shareholder’s address, name or amount of registered capital is something trivial. But this would be far from the truth.
Section 5 (5) of Act 530/2003 Coll. on the Commercial Register, as amended, requires individuals entered in the Commercial Register and individuals empowered to act on behalf of a registered legal entity to enter any change in information or to delete outdated information within 30 days of when the legal fact occurred. A member of the statutory body is required to report any changes to the registration court. If this is not done, the registration court can fine the member of the statutory body responsible for reporting the change up to 3,310 EUR.
Neglecting to update information in the Commercial Register can cause problems even in daily life, such as in withdrawing money from a corporate bank account, if data on an identification card does not match data entered in the Commercial Register. The same complications can occur at the post office or in the ordinary course of business.
On 1 July 2016, new rules covering non-adversarial civil procedure became effective, governing the harmonisation of data in the Commercial Register with the actual legal situation. Action to initiate such a procedure may be brought by anyone with a legal interest in ensuring a company has entered the correct data.
