Failure to Submit Annual Reports to Become More Visible

At the beginning of July, the Chamber proposed the Ministry of Justice that in the future the Commercial Register could better highlight if an organisation has not submitted their annual report in due time. The Ministry notified the Chamber that the respective amendment will be applicable in the e-Commercial register from the end of August.

Many entrepreneurs fail to submit their annual reports to the register in due time, i.e. fail to fulfil their reporting obligation to the state. Even though even now, the e-Commercial Register provides an opportunity to find information if the annual report has not been submitted, the Chamber finds that the information should be more highlighted. The public should have a clearly visible and understandable view of the dates as of which the annual report has not been submitted.

Furthermore, the Chamber found in their proposal that highlighting the failure to submit the annual report in due time in a better and clearer way will help ensuring more transparency in the business environment and activities of entrepreneurs. Additionally, the amendment should have a positive influence on the submission the reports. Additionally, businesses will have the opportunity to get an overview of their transaction partner’s background in an easier and faster manner to see if the specific transaction partner is law-abiding or not.

The Ministry’s response to the Chamber revealed that this amendment has been technically prepared and it will be applied together with the new e-Commercial register portal from 27.08.2021.