CROATIAN CHAMBER OF ECONOMY HOW TO START AN ENTREPRENEURIAL ACTIVITY IN CROATIA

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1 CROATIAN CHAMBER OF ECONOMY HOW TO START AN ENTREPRENEURIAL ACTIVITY IN CROATIA Zagreb, March 2015

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3 How to start an entrepreneurial activity in Croatia CROATIAN CHAMBER OF ECONOMY Zagreb, March 2015 The legal framework in force and business organization available to a business start-up, the procedures to follow when registering a business and starting business operations, the list of business activities requiring approval prior to company registration and other matters of interest to a foreign investor in Croatia

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5 TABLE OF CONTENTS Companies... 7 Limited liability company (d.o.o.) Simple limited liability company (j.d.o.o.) Joint stock company (d.d.) General partnership (j.t.d.) Limited partnership (k.d.) Economic interest grouping (GIU) Branch office Starting a business activitiy Representative office Crafts Sole trader Business activities requiring special licenses Important institutions and ministries in the Republic of Croatia

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7 The legal framework for foreign investment in the Republic of Croatia is designed so as not to make a difference between domestic and foreign investment. All that is possible with respect to domestic investors is also possible where capital is invested by foreign nationals. Moreover, foreign investors enjoy additional guarantees that are not given to domestic investors. The Croatian Constitution provides that the rights acquired through the investment of capital shall not be infringed by law or any other legal act and that foreign investors are guaranteed free transfer and repatriation of profits and invested capital from the country following the termination of investment activity and after having fulfilled all statutory obligations. When foreign investors form or participate in the formation of companies in the Republic of Croatia, their position, rights and obligations are equal under the principle of reciprocity which is presumed to apply to those of domestic investors. In the Republic of Croatia foreign nationals may invest capital: on a contractual basis in a company in a bank or insurance by starting a crafts business or by acting as sole traders by obtaining a concession for the exploitation of natural and other resources of interest to Croatia. 5

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9 I. COMPANIES A company is a legal person whose formation and organisation are governed by the Companies Act. The registration of a company in the court register is regulated by the Court Register Act and the Ordinance on the manner of registration in the court register. Under the Companies Act, in the Republic of Croatia it is possible to form either a corporation, i.e., a company based on capital, or a partnership*. Corporations include: limited liability companies simple limited liability companies joint stock companies Partnerships include: general partnerships limited partnerships economic interest groupings. The Act also regulates the setting up of branch offices and the position of the sole trader. Certain general principles apply to the formation of all forms of companies: Founders A company may be formed by any domestic or foreign legal or natural person. * Note: The Croatian Companies Act regulates business entities as including also categories that, due to their different legal properties, are not always regarded corporate in some other legal systems (e.g. partnerships, as defined by Croatian law). Company s legal personality All companies are legal persons. A company acquires legal personality upon its registration in the court register. Liability for the company s obligations A company is liable for its obligations with its entire assets. Members of a limited liability company, shareholders of a joint stock company and limited partners in a limited partnership are not liable for the obligations of the company unless otherwise provided in this Act. Members of a general partnership and general partners in a limited partnership shall have unlimited personal joint and several liability for company obligations with their entire assets. Firm name Firm name is the name under which the company conducts business and under which it takes part in legal transactions. A company s firm name is specified in the deed of formation, the company agreement, or the company s articles of association. A company may also use the abbreviated firm name which must be registered in the court register together with the company s firm name. A company s firm name must be clearly distinguishable from the firm names of other companies registered in the court register with the same court of registration. In addition to specifying a company s name, the 7

10 How to Start Up an Entreprise in Croatia firm name of a company must indicate the company s object legal form, e.g., a joint stock company or d.d.. The firm name of a company shall be in the Croatian language, expressed in the Latin alphabet, or in the official language of a member state of the European Union, expressed in the Latin alphabet, with Arabic numerals also being possible. Other parts of the firm name shall be in the Croatian language and shall be expressed in the Latin alphabet. The firm name of a company may include individual foreign words where these constitute the name or the firm name of a company member or a member s trademark or service mark registered in the Republic of Croatia or the trademark or service mark of a member s company registered in the Republic of Croatia, or if these are customary in the Croatian language, or if there is no appropriate substitute for them in the Croatian language, or if these are words of a dead language. A translation or translations of the firm name into one or more languages may also be registered in the commercial register. The word «Croatia» and its derivatives, as well as the flag and the national coat of arms of the Republic of Croatia, including their imitations, may be included in a firm name only with the approval of the Government of the Republic of Croatia or a public body authorized by it, The firm name and the abbreviated firm name used by a company must correspond in form and content to the firm name registered in the court register. A merchant s letterhead (letters, invoices, etc.) must indicate his/her firm name, seat, court of registration and number under which he/she is registered in the commercial register, firm name and seat of the legal persons holding his/her accounts and the numbers of these accounts printed on it. The same applies to the contents of a company s website. Company s object A company s object may be the undertaking of any allowed activity. Allowed activity means any activity that is not forbidden by law or contrary to the society s morality. A company s object is specified in the deed of formation, or the company agreement, or the company s articles of association and is registered in the court register. Where law provides that certain activities may be undertaken only subject to the approval, authorisation or some other act of a state body or an institution, such activities shall be registered in the commercial register only subject to prior approval from or authorisation of the said body or institution. Registered office A company s registered office is any place in the Republic of Croatia in which the company s management board is located and from which the company s business is run or any place in which the company is permanently undertaking its activity. It is indicated in the deed of formation, the company agreement, or the articles of association. The company may have only one registered office which must be registered in the court register. 8

11 Representation The authority to represent a company pursuant to law is vested with the persons defined by the Companies Act as having such authority with respect to each of the company forms. The names of the persons representing the company and the restrictions to their authority in their dealings with third parties are registered in the court register. The law distinguishes between statutory representatives, representatives by power of attorney, representatives by employment and procurators. 9

12 How to Start Up an Entreprise in Croatia COMPANY FORMS LIMITED LIABILITY COMPANY. (Croatian abbreviation: d.o.o.) The most frequent form of company in the Republic of Croatia is the limited liability company. The limited liability company is a company into which one or more legal or natural persons contribute to the share capital as set in advance. Contributions need not be of the same amount. In the process of company formation, a founder may subscribe to more than one share. The sum of all contributions must correspond to the amount of the company s share capital. Shares may not take the form of securities. Founders Members of the company may be domestic and foreign legal and natural persons. The company may also be formed and have as its member only one person. The limited liability company is a legal person. It acquires its legal personality upon registration in the court register. The company s assets are strictly separated from the assets of the company s members. The company is liable for its obligations with its entire assets. Company members are not liable for the company s obligations. Exceptionally, company members may be liable for the company s obligations if they abuse the said circumstance that they are not liable for the company s obligations. Share capital The share capital of the limited liability company must be expressed in the Croatian currency kunas (HRK). The minimum amount of the share capital of the company may not be less than HRK 20, The minimum par value of a share must be expressed as a whole number that is divisible by one hundred. The sum of par values of all shares must correspond to the total amount of the company s share capital. Prior to the company s registration in the court register, each founder must pay up at least one-fourth of the contribution for the assumed share payable in cash. In any case, the total amount of all payments in cash must equal at least HRK 10,000.00, i.e. at least half of the share capital must be paid in cash. Contributions to the company may be made in the form of things and rights. Such contributions, however, must be fully effected prior to the company s registration in the court register. Cash contributions must be paid into the company s account at a financial institution in the Republic of Croatia. Company formation procedure The limited liability company is formed on the basis of the company agreement which must be signed by all founders and made in the form 10

13 of a notarial deed or a private document certified by a notary public. If the company is formed by just one founder, it is formed on the basis of the founder s deed of formation which must be made in the form of a notarial deed. Company agreement or deed of formation must include the following: information about the founder (name and surname or firm name, domicile or registered office, if the founder is a natural person, his/her personal identification number and if the founder is a legal person, the registration number of the entity, i.e. the corresponding particulars if the person in question is a foreign national or a foreign entity); firm name and registered office; company s object; aggregate amount of the capital; amount of the original contribution of each founder, if the contribution consists of a thing or right, a detailed description of such thing or right and an indication of its value, and the number and par value of the shares assumed by each founder against payment; provision on whether the company is being formed for a definite or an indefinite period of time; the rights and duties of members vis-à-vis the company in addition to making their contributions in cash and the rights and duties of the company vis-à-vis its members. The totality of each individual member s rights and obligations constitutes his/her share in the company. As a rule, a company members share is determined on the basis of the amount of his/her original contribution. Formation costs Reimbursement to the founders of expenses the founders have incurred in connection with preparatory activities or the formation of the company may not be effected from the share capital. It shall, in particular, be prohibited to add the amount of such expenses to the share capital as a contribution. Reimbursement of expenses of the company s formation shall be approved only up to the maximum amount of reimbursement set in the company agreement. Unless otherwise agreed upon, the founders shall meet the costs of the company s formation in proportion to their contributions. Company bodies Mandatory company bodies are the management board and the general meeting. The management board comprises one or more members (directors). A foreign national may also be a member of the management board. Company members appoint and revoke the appointment of the members of the management board. The management board is responsible for company management, company representation, orderly keeping of the company s books, preparation of financial statements and keeping of the share register. The supervisory board is a mandatory body only if the average number of employees over the year exceeds 11

14 How to Start Up an Entreprise in Croatia 200, or if a special act provides for this in cases where a company engages in a particular activity; or if the amount of the share capital exceeds HRK 600, and the company numbers more than 50 members, or if the company manages as a unity joint stock companies and limited liability companies that must have supervisory boards or holds a direct state of more than 50% of their share capital and if in both cases the number of employees in any of the companies or all companies taken together is on average greater than 200, or if the company is a general partner in a limited partnership and the average number of employees in both the company and the limited partnership exceeds 200 (Art. 434). The supervisory board must comprise at least three members and if there are more than three members, their number should be an odd one. A foreign national may also be a member of the supervisory board. Members of the supervisory board are elected by company members, unless some of them are to be appointed by employees pursuant to special statutory provisions. The general meeting is a mandatory body of the limited liability company. In the general meeting company members pass resolutions to which they are authorised under the Companies Act and the company agreement. SIMPLE LIMITED LIABILITY COMPANY (Cro: j.d.o.o.) The simple limited liability company is a subform of the limited liability company as the most frequent type of company in the Republic of Croatia. The simple limited liability company may be formed by means of a simplified procedure and may comprise no more than three members and one member of the management board. Founders Members of the company may be domestic and foreign legal and natural persons. There may be no more than three founders or members of the company, while the company s management board may comprise only one person. Share capital The share capital of the limited liability company must be expressed in the Croatian currency kunas (HRK). The minimum amount of the company s share capital may not be less than HRK and the lowest par value of a share HRK Contributions for assumed shares shall only be made in cash. Each HRK 1.00 par value of a share shall grant one voting right until the company s share capital increases to at least the amount of HRK 20,000.00, when the 12

15 provisions of the Act pertaining to the classic form of the limited liability company start to apply. Company formation procedure Limited liability companies may be formed by means of a simplified procedure. In any such case, the forms of the minutes drawn up by the public notary and annexed to the Act amending the Companies Act (Official Gazette 111/12) must be used. The filled-in form of the minutes serves the same purpose as the list of company members and the list of persons authorised to manage the company, and contains the statement whereby a member of the management board accepts his/her appointment and the management board member s signature which is to be filed with the court register. If the company is formed by just one founder, it is formed on the basis of the Statement on the Formation of a Simple Limited Liability Company which is given in the form of a minutes of the formation of a single member simple limited liability company. If the company is formed by more than one member, it is formed through the conclusion of the company agreement which takes the form of the minutes of the formation of a simple limited liability company comprising no more than three members. Company s business The company must have statutory reserves into which it must transfer a quarter of its profits as stated in the annual financial statements reduced by the amount of the loss carried forward from the previous year. The statutory reserves may be used for the following purposes: 1. to increase the share capital by means of conversion of the reserves into the company s share capital; 2. to cover a loss recorded in the annual financial statements for the year for which such statements have been prepared to the extent such loss is not covered by profits carried forward from the previous year; and 3. to cover a loss carried forward from the previous year to the extent such loss is not covered by annual profits recorded in the annual financial statements for the year for which such statements have been prepared. If the company is under threat of insolvency, the company s general meeting must be convened immediately. If the company increases its share capital in such a way that it amounts to or exceeds the amount of HRK 20,000.00, the provisions pertaining to the classic form of the limited liability company apply to the company. 13

16 How to Start Up an Entreprise in Croatia JOINT STOCK COMPANY (Cro: d. d.) A joint stock company is a company based on capital in which members (shareholders) participate with their shares in the share capital divided into shares. A joint stock company may also be formed by only one person, i.e. it may have only one shareholder. The joint stock company is a legal person. It acquires its legal personality upon registration in the court register. The company is liable for its obligations with its entire assets. Shareholders are not liable for the company s obligations. The basic act of the joint stock company are the articles of association. They regulate the company s organisation. Share capital The share capital and shares must be expressed in par value in kunas (HRK) (Art. 161). The minimum par value of the share capital is HRK 200, The company may issue either par value shares or no par value shares. The par value of a share may not be less than HRK Share par values higher than HRK must be stated in multiples of HRK The percentage of the authorized capital is determined in the case of par value shares by the proportion between their par value and the par value of the authorized capital, and for no par value shares by the number of shares. Shares may be registered shares (Art. 165). The transfer of shares, except of those issued in non-material form, is effected by endorsement. The provisions of the Bills of Exchange Act apply analogously to the form of the endorsement, legitimation of the holder and his/her obligation to surrender. Shares issued in non-material form are transferred as set forth in the act on non-material securities (Art. 227). Depending on the rights they confer, shares may be ordinary or preferred. Ordinary shares confer the right to vote at the general meeting, the right to the payment of a portion of the company s profits (dividend) and the right to the payment of a portion of the remainder of the company s liquidation estate or bankrupt s estate. Preferred shares confer certain preferential rights, such as the right to a dividend expressed as a predetermined cash amount or as a percentage of the par value of the share, preferential rights to dividend payment and payment of the remainder of the liquidation estate or bankrupt s estate, and other rights pursuant to law and the company s articles of association. Company formation procedure The Companies Act provides for simultaneous and successive formation of joint stock companies. Company founders are the shareholders that adopt the articles of association. A joint stock company is formed simultaneously when: the company founders acquire all company shares and make a notarised statement of this fact 14

17 establish and sign the company s articles of association and make a notarised statement of this fact make a notarised statement of their establishing a joint stock company A joint stock company is established successively when: the company founders establish the articles of association the company founders acquire a portion of the shares the company founders issue an invitation to the public to subscribe to shares (prospectus) on the basis of which the shares are to be subscribed. The share subscription deadline may not exceed three months from the date set as the subscription start date. If not all shares are subscribed to and paid as provided for in the prospectus within this period, the founders may themselves, within 15 days after the expiry of the said time limit, subscribe to or acquire unsubscribed shares. If they fail to do so, it shall be deemed that the formation has been unsuccessful. In such case the founders shall issue within the next 15 days a new announcement inviting subscribers to collect the paid-in amounts. Where share subscription is successful, the founders shall distribute shares among subscribers within 15 days from the expiry of the time limit for the subscription of shares. Filing for the registration of a joint stock company in the court register All members of the management board and the supervisory board, i.e. all executive directors and all members of the board of directors shall file the company to the court for registration in the commercial register. The filing for registration in the court register must contain the following: 1. firm name, registered office, address of the company in the Republic of Croatia and object of the company; 2. price at which shares have been issued; 3. total amount paid in for the shares issued and the form of consideration therefor; 4. members of the management board, i.e. executive officers, shall certify that they have been advised of their obligation to make full disclosure to the court and that they have not been convicted of the criminal offence of abuse of bankruptcy proceedings, abuse within the framework of bankruptcy proceedings, preferential treatment of a creditor, violation of the obligation to keep the books and records referred to in the Criminal Act of the Republic of Croatia or imposed the safety measure of prohibition to engage in a line of occupation that is in whole or in part encompassed by the company s object, which exclusion applies for the duration of such prohibition; 5. list of members of the management board and the supervisory board, i.e. the executive directors and the members of the company s board of directors, stating each member s name and surname, 15

18 How to Start Up an Entreprise in Croatia permanent address and personal identification number; 6. where the company has one shareholder who is a natural person, his/ her first name and surname, permanent address, personal identification number (in the case of foreign nationals, the number and designation of his/her personal identification document and the state that issued it); if the single shareholders is a legal person, the firm name or the entity s name and registration number and if the legal person is foreign, the corresponding particulars; The following must be appended to the filing: 1. the company s articles of association and the documents serving as the basis for the adoption of articles of association, as well as underlying documents used by founders to take possession of their shares; 2. if a special benefit is to be granted at formation or if a thing or right is to be contributed or acquired, the agreements on which the stipulations are based or which were entered into in execution thereof; 3. proof of amount paid, contributions of things and rights, and of the company s right to use them freely (proof of amount paid shall be provided by the authorised credit institution); 4. an itemised account of the formation expenses, including total expenses; 5. the documents relating to the appointment of the management board and the supervisory board, i.e. the executive directors and the members of the board of directors; 6. the formation report and the formation audit reports together with underlying documentation; 7. where the provision on the company s object or any other provision of the company s articles of association required the consent, authorisation or some other act of a state body or an institution, the act of this body or institution. The following is entered in the court register: 1. the company s firm name; 2. the company s registered office (address); 3. the company s object; 4. the amount of the share capital or authorised capital; 5. the date of establishment of the articles of association; 6. the names and surnames, personal identification numbers and permanent addresses of the members of the management board, the chairperson and the members of the supervisory board; 7. the duration of the company; 8. the authority of the members of the management board to represent the company; 9. if the company has one shareholder and he/she is a natural person, his/her first name and surname, personal identification number and permanent address (in case he/ she is a foreign national also the state that issued the personal identification document). If the single shareholder is a legal person, the firm name or the entity s name and registration number. 16

19 Bodies of the joint stock company the management board the supervisory board the board of directors the general meeting. The management board comprises one or more persons ( directors ) as provided for in the articles of association. If the management board comprises more than one person, one of them shall be appointed chairperson. Any natural person with full transactional capacity may be a member of the management board. A member of the management board may not be a person who has been convicted of the criminal offence of abuse of bankruptcy proceedings, abuse within the framework of bankruptcy proceedings, preferential treatment of a creditor, violation of the obligation to keep the books and records referred to in the Criminal Act of the Republic of Croatia or who has been imposed the safety measure of prohibition to engage in a line of occupation that is in whole or in part encompassed by the company s object, which exclusion shall apply for the duration of such prohibition. Both Croatian and foreign nationals may sit on the management board. Members of the management board are appointed by the supervisory board for a period not exceeding five years. Rights and obligations of the management board include: company management representation preparation of decisions and general acts of the general meeting drafting of contracts execution of decisions of the general meeting reporting to the supervisory board on issues relating to company management. The supervisory board must comprise at least three members. The articles of association may provide for a specified higher number which, however, must be an odd number. A foreign national may also be a member and there is no obstacle to all members being foreign nationals. The members of the supervisory board are elected by the general meeting for a period not exceeding four years and may be re-elected. The supervisory board supervises the management of the company and has the right to inspect and examine the company s books and records and any other company documents. The board reports to the general meeting on the performed audit. Board of directors The articles of association may provide that a company shall have a board of directors instead of a management board and a supervisory board. The board of directors must comprise at least three members. The articles of association may, however, provide for a specified higher number. The members of the board of directors are elected, i.e. appointed, for a period specified in the articles of association, which may not, however, exceed six years. They may be re-elected, i.e. re-appointed. The general meeting is a company body at which the shareholders exer- 17

20 How to Start Up an Entreprise in Croatia cise their rights with respect to the company. All shareholders are entitled to participate in the general meeting. The competence of the general meeting is defined by law and the articles of association. The general meeting in particular resolves on the election and removal of members of the supervisory board, i.e. the board of directors, appropriation of profits, amendments of the articles of association, increases and reductions in the share capital, dissolution of the company, etc. Decisions are generally taken by a simple majority of votes. GENERAL PARTNERSHIP (Cro: j.t.d.) A general partnership shall mean a company of two or more persons who have joined in order to permanently engage in an activity under a common firm name, whereby each member of the company has unlimited joint and several liability to company creditors with all his/her assets. A company member may not dispose of his/her interest in the company without the consent of the other company members. Founders A company member may be any natural or legal person, be they domestic or foreign. Legal relationships between company members are governed by the company agreement. In this respect company members enjoy maximum freedom because the provisions of the Companies Act apply in so far as relationships between company members have not been regulated otherwise by the company agreement. Share capital The general partnership does not have share capital. Unless otherwise agreed in the company agreement, company members have to contribute equally. A member may invest in the company money, things, rights, labour and other services or goods. Partnership management is entrusted to all partners. The company agreement may provide that only (a) particular company member(s) is/are authorised to manage the partnership. Each partner is authorised to represent the partnership. Formation procedure A general partnership is formed by the adoption of the company agreement which need not be a notarised document. Thereupon a notarised filing for registration in the court register is submitted. The filing for registration in the court register contains the following particulars: the firm name, registered office and object; the company members (first name and surname, personal identification number and permanent address, i.e. the firm name and reg- 18

21 istered office of each company member); the names and powers of the persons authorised to represent the company. The filing must be accompanied by the agreement on the company s formation (company agreement). LIMITED PARTNERSHIP (Cro: k.d.) A limited partnership is a company of two or more persons who have joined in order to permanently engage in an activity under a common firm name, of which at least one has unlimited joint and several liability for the company s obligations with all his/her assets (general partner) and at least one is liable for the company s obligations up to the amount of assets contributed into the company (limited partner). Founders A member of a limited partnership may be any natural or legal person, be they domestic or foreign. A limited partnership is a legal person that upon registration in the court register acquires its legal personality. Share capital A limited partnership does not have share capital. Formation procedure The company is formed by the adoption of the agreement on the company s formation (company agreement), which need not be a notarized document. The company agreement shall assign to one or more company members the position of general partner(s) and to one or more company members the position of limited partner(s).. The filing for registration of the company in the court register contains the following particulars: the firm name, registered office and object; the first name and surname, personal identification number and permanent address, i.e. the firm name and registered office of each company member; the names and powers of the persons authorised to represent the company; information on the limited partners; the amounts agreed upon and paid by each limited partner. Company management and representation are entrusted to the general partners. 19

22 How to Start Up an Entreprise in Croatia ECONOMIC INTEREST GROUPING. (Cro: GIU) An economic interest association is a a legal person formed by two or more natural and legal persons in order to facilitate and develop the performance of economic activities constituting their object in such a manner that such legal person does not make profits for itself. Members of a grouping may be persons carrying on an economic activity. Persons practicing a liberal profession may also become members of a grouping. Share capital An economic interest grouping is formed without any share capital and the rights of members may not be expressed in terms of securities. The activity of the grouping must be related to the economic activities of its members and must not be more than ancillary to those activities. Formation procedure An economic interest grouping is formed by the conclusion, in the form of a notarial deed, of the contract for the formation of the grouping. The said contract must contain the following: the name of the grouping, its registered office and the object for which it is formed; information on the members of the grouping (firm name, first name and surname, legal form, registered office or permanent address as well as the number and place of registration of each member of the grouping); the duration of the grouping, except where this is indefinite. The grouping acquires legal personality upon its registration in the court register. The filing for the grouping s registration and any amendments to such registration (Art. 588) must be made by all members of the grouping s management board. Along with the grouping itself, the members have subsidiary unlimited liability for the grouping s debts and liabilities. The management board of the grouping, which may comprise one or more natural persons that are appointed by the members of the grouping, manages the grouping s affairs and represents it. 20

23 BRANCH OFFICE Under Croatian legislation foreign companies and sole traders may engage in economic activities by setting up branch offices (Art. 612). The statutory provisions relating to the setting-up of branch offices by domestic companies shall apply to the setting up and operation of foreignowned branch offices. A branch office is not a legal person. The rights and obligations resulting from its business activities are not vested with the branch office itself but with its founder. A branch shall operate under its own firm name. In doing so, it must specify both its seat and the seat of its founder. in order to register a branch office, it is necessary to append the following documents in original and certified Croatian translation to the filing for registration: 1. an excerpt from the register in which the founder is registered clearly indicating its legal form, date of formation of the branch office s foreign founder, number of registration, object. particulars on the persons with representative authority and the scope of their powers (Art. 613); 2. the decision of the founders on the setting-up of the branch office; 3. copy of the founder s deed of formation, company agreement or articles of association, publicly certified pursuant to the laws of the country in which the founder s registered office is located; 4. publicly certified summary of the founder s last annual financial statement. The court of registration will allow registration if the founder proves that: it was validly formed in the country of its registered office; persons from the Republic of Croatia may set up branch offices in the founder s country under the same conditions as those applicable to the founder in the Republic of Croatia. The founder is required to file to the court of registration any change of particulars. Where a single founder sets up a number of branch offices, a separate formation procedure shall be followed for each of the branch offices. In such case the filing for registration in the commercial register shall specify the principal branch office and designate the other by ordinal numbers.) The founder shall appoint one or more persons in each branch office to represent him/her. He/she may appoint the same persons in several branches to represent him/her. As they are not legal persons, branch offices may not independently acquire legal rights and take on commitments in legal transactions. All rights and obligations resulting from the branch office s activities are vested with the founder. Where a dispute arises with third parties, a 21

24 How to Start Up an Entreprise in Croatia party to it is not the branch itself but the company or the sole trader that owns it. Branch offices are required to keep business books and records according to the regulations applicable in the Republic of Croatia, namely the Accounting Act, International Accounting Standards and tax regulations. Regulations governing company formation: The applicable regulations are available at the Official Gazette s official website: the Companies Act (Narodne novine [Official Gazette; abbreviated: NN] 152/11, 111/12, 68/13) the Court Register Act (NN 1/95, 57/96, 45/99, 54/05, 40/07, 91/10, 90/11, 148/13, 93/14) the Ordinance on the manner of registration in the court register (NN 22/12, 127/14) the Decision on the manner of and conditions for access to court register information (NN 138/02) the National Classification of Economic Activities Act (NN 98/94) the Decision on the national classification of economic activities (NN 58/07, 72/07) the Ordinance on the classification of business entities according to the National Classification of Economic Activities NKD 2007 (NN 80/07, 45/09, 16/12, 8/13). 22

25 II. STARTING A BUSINESS ACTIVITY The formation of a company in the Republic of Croatia requires registration with the commercial court, the Central Bureau of Statistics, the Tax Administration, the Croatian Pension Insurance Institute and the Croatian Institute for Health Insurance. It is customary to hire a domestic lawyer or some other legal representative to oversee the procedure of company formation. Firm name of the company Prior to registration, it is necessary to check with the commercial court whether the desired company name has already been registered in the court register of the same court of registration. It is recommended that in addition to the chosen company name alternative names be prepared if any of the proposed names has already been taken. In order to be able to use the word Croatia or any of its derived forms in the company name, the founders must obtain special approval from the Government of the Republic of Croatia or the state authority authorised thereby. Business premises In order to be able to register, a company must have its official address in the Republic of Croatia. Certification of documents The filing for registration in the court register and all accompanying documentation must be certified by a notary public. It is necessary to present to the notary public one s identity card or, where one is a foreign national, passport. All the founders and other persons whose signatures need to be certified must be present. Under Croatian law the notary public is authorised to draw up notarial acts, minutes and notarial certificates having the force of public documents. The notary public is also authorised to represent parties in noncontentious matters before courts and other public bodies where such matters are directly related to the documents drawn up by him/her. Certified translation If any of the documents is written in a foreign language, it is necessary for registration purposes to provide the document in original and certified copy of its Croatian translation. Company bank account The share capital (HRK for a simple limited liability company, HRK 20, for a limited liability company and HRK 200, for a joint stock company) must be paid into a bank account, while the receipt of deposit must be appended to the filing for the company s registration. Accounts used by legal and natural persons for the conduct of payment transactions are opened and managed by banks on a contractual basis and in line with the relevant regulations (Payment Transactions Act, NN 133/09, 136/12). A business entity may hold accounts with several banks of its own choice. When opening an account the following must be enclosed: 23

26 How to Start Up an Entreprise in Croatia 1) the Decision on registration in the court register (a copy is to be enclosed, while the original is to be presented only for inspection); 2) the notification of business entity classification issued by the Central Bureau of Statistics (a copy is to be enclosed, while the original is to be presented only for inspection); 3) the seal; 4) the identity card. Filing for registration in the court register Registration in the court register is within the competence of the court of registration with jurisdiction over the area in which the registered office of the entity to be registered is located. The registration procedure is instituted by submitting the filing to the commercial court. relevant register court an application for entry into the court register. The filing for registration in the court register must include the following: 1. the firm name, seat and address of the company in the Republic of Croatia and the object of the company; 2. the amount of the company s share capital; 3. the members of the management board, i.e., the executive directors, shall certify that they have been advised of their obligation to make full disclosure to the court and that no circumstances prevail that would be contrary to the provision of Article 239, paragraph 2, of this Act; 4. first names and surnames, i.e. firm names, of company members. If company members are natural persons, also their personal identification numbers. If they are legal persons, their registration numbers, i.e. the corresponding particulars if they are foreign persons. The following must be appended to the filing: 1. the founding act (company agreement, deed of formation, decision of the general meeting, or the like) accompanied by all appendices, including the powers of attorney of the proxies certified by a notary public; 2. the decision on the appointment of members of the management board, the decision determining the address of the company; 3. a list of company members or general partners or founders specifying their first names and surnames, permanent addresses and personal identification numbers, in the case of foreign nationals, passport numbers and the states that issued them, or the firm names or names, registered offices and the entities registration numbers (Cro: MBS), with an indication of the courts of registration and the numbers under which they are registered in the commercial register, amount of the share capital, and the ordinal numbers and par values of the shares the founders subscribed to and the amounts of the contributions effected; 4. statements by members authorised to represent the company that they accept their appointments; 5. proof of payment of the funds required for the company s for- 24

27 mation, proof of contribution of things or rights, including a list of such things and rights, their identifying descriptions and appraised values, and in case of real estate, excerpt from the land register; 6. proof of payment of court fees for the registration and first-instance decision on registration in the court register of the commercial court and proof of advance payment of the costs of publication of the said registration in the Official Gazette; 7. proof of appointment of management board members with representative authority, including an indication of their powers or proof of appointment of procurators, including an indication of their powers, their certified signatures, and personal identification numbers (OIB), and in case of foreign nationals, their passport numbers and the countries that issued the passports; 8. if during the company s formation special benefits are conferred or things and rights are invested, the audit report on the company s formation and on the formation audit, where an audit was performed; 9. a list of persons authorised to manage the company, their first names and surnames, dates of birth, personal identification numbers, permanent addresses, scope of authority and statements, given before the notary public, that they accept their appointments; 10. if the company has a supervisory board, list and signatures of the chairperson and members of the said board, showing their dates of birth and permanent addresses; 11. the license document of a government body if required by law for the purpose of the company s formation and registration in the commercial register; 12. signatures of the members of the management board certified by a notary public and deposited with the commercial register; 13. explanation of the company s firm name, if the firm name is foreign. In addition to the prescribed documents, the founder of the company is required to append a statement certified by a notary public that neither he/ she nor the company in which he/she has shares has any outstanding debts or liabilities that have become due, as well as a certificate issued by the authorised legal person conducting payment transactions stating that neither he/she nor the company in which he/she has shares has an outstanding payment order on their accounts, and certificates of the Tax Administration, the Croatian Pension Insurance Institute and the Croatian Institute for Health Insurance stating that neither he/she nor the company in which he/ she has shares has outstanding tax, pension insurance or health insurance liabilities. The statement must not be older than eight days from the making of the filing. The court register is open to the public. Consequently, anyone, irrespective of whether he/she has a legal interest, may inspect the particulars contained in the main register and the collection of documents and demand that he/she be issued an excerpt or a certified copy. Court fees for the company s registration in the commercial register 25

28 How to Start Up an Entreprise in Croatia total HRK (HRK for the filing + HRK for the formation). Publication of company s registration Upon registration in the court register, the commercial court delivers to the Official Gazette and the daily newspapers the particulars concerning the registration. The publication of registration in the Official Gazette costs HRK Contact - Official Gazette: Narodne novine - Odjel oglasa i pretplate Savski gaj, XIII. put 6, Zagreb Tel.: +385 (0) Fax: +385 (0) Company seal After receiving a positive decision on registration in the court register it is necessary to have a stamp made. A copy of the decision on registration in the court register must be appended to the seal order form. The seal must specify the company s firm name and the number under which the company is registered in the court register. Registration number A request for the classification by activity under the National Classification of Activities, i.e. a request for the issuing of a registration number and activity code, is made to the Central Bureau of Statistics within 15 days from receipt of the decision on the registration in the court register. The following is to be appended to the request: 1. the decision on registration in the court register; 2. form RPS-1 (available in Official Gazette (Narodne novine d.d.) shops); 3. a copy of the money order certifying to the payment of the administrative fee. Contact - Central Bureau of Statistics: Državni zavod za statistiku Zagreb, Ilica 3 Tel.: +385 (0) Tax number The tax number request is filed with the Tax Administration office having jurisdiction over the area where the registered office is located. The decision on registration in the court register, the notification of business entity classification issued by the Central Bureau of Statistics, and the signature registration card must be presented for inspection. The application must be filed for the purpose of its registration in the register of persons liable to profit tax and VAT. Contact - Ministry of Finance/Tax Administration: Ministarstvo financija Porezna uprava Zagreb, Josipa Ruđera Boškovića 5 Tel.: +385 (0) Fax: +385 (0) Pension insurance Employers, legal and natural persons, persons under obligation to pay contributions are required to deliver within 15 days from the start of business the following documents to the regional office of the Croatian Pension Insurance Institute with jurisdiction over the employer s registered office: registration form M-11 P relating to the start of business of the person under obligation to pay contributions registration form M-1 P for each new employee. 26

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