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Prague TV Directory Expat Q & A Business

Setting up a new Company

Posted by: CECRC - [anonymous]
Email: schrodingerscatuk@yahoo.co.uk
Date posted: Wed 24th Mar, 2004
Category: Business
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How difficult is it to set up a new company in the Czech Republic?

COMMENTS:
[ anonymous ] - [anon] Wed Mar 24th 15:18 2004 / #1
Going the normal route can take anywhere from 2 weeks to 6 months. If you're on a tight start up schedule, buy a ready made company.
[ anonymous ] - [anon] Wed Mar 24th 15:29 2004 / #2
They can answer all your questions here. They are fast and competent:

http://www.spolecnostionline.cz/en/index.php
jeff jeff Wed Mar 24th 17:10 2004 / #3
Here's a dry article on PTV that talks about some of the issues:
[from Ministry of Foreign Affairs]

http://prague.tv/info/article.php?name=setting-up-business
cr - [anon] Thu Mar 25th 10:30 2004 / #4
Fast and competent is not recommended when buying shelf companies from an unknown provider. Buy it from a reliable and trustworthy source.
Bob Hound - [anon] Thu Mar 25th 12:52 2004 / #5
www.relocation.cz is a good company. They can set you up a company right from the start. They are also fairly competitive and don't lie about their prices. Be wary there are a lot of scam artisits out their claiming they can give u a better deal and in the end u end u paying more.
RMI actually is on the PTV site.
[ anonymous ] - [anon] Thu Mar 25th 13:53 2004 / #6
I've used spolecnosti online. they are fast, competent, reliable and trustworthy.
cr - [anon] Thu Mar 25th 14:49 2004 / #7
Caveat emptor! And don't trust anonymous recommendations on PTV. Spolecnosti Online was spun off from Akont which, if I recall, had some shady dealings a few years back.

Most law firms can provide shelf companies or direct the inquirer toward reliable suppliers of shelf companies. Companies which specifically specialise in shelf companies are:

Spolecnosti Online
RMI
TMF
ASB Prague
[ anonymous ] - [anon] Thu Mar 25th 15:02 2004 / #8
Sorry, but actually, there are nothing _but_ anonymous recommendations on PTV, as there is no trustworthy authority to verify anybody's identity.

Until Jeff (if that is his real name) institutes PKI to authenticate posters, you have no way of knowing if I am Viktor Kozeny or the Dalai Lama.

For that matter, who the hell is cr?
bobhound - [profile] Thu Mar 25th 16:04 2004 / #9
I wrote the above comment #5. My user name is bob hound. So we now have two credible postings, this one and #5. I would agree with posting #7. Seems like he/she knows more about company formation than me. I have only heard good things about the above firms that help people form companies.
cr - [anon] Thu Mar 25th 18:01 2004 / #10
#8,

There is a difference between informative postings and those who try to recommend a specific company. As soon as I try to persuade someone to use Company A, then any intelligent person should ask what is my relationship to Company A? Do I get a commission for referred business? Do I hold shares in Company A or am I perhaps an owner? If yes, is my recommendation reliable?

So far that no one has bothered to point out the risks involved in buying a shelf from an untrustworthy supplier and I won't bother going into it here (without charging my hourly fees :-).

CECERC: the best advice is to ask any reputable law firm whom they recommend for these services.

good luck
Scott MacMillan - [profile] Thu Mar 25th 19:43 2004 / #11
Woah there. Do NOT go to a "reputable" law firm. Any of the big international corporate law firms in Prague (if that's what you meant) will recommend themselves for the job, and they'll charge you Kc 60,000-100,000 for a job that should cost Kc 20,000 max (not including the required basic capital of starting a company, which is Kc 200,000, but that's not really a cost -- you just have to deposit it in a Czech bank account). What you need is a cheap private lawyer that charges Kc 2,000 an hour. Go to zlatestranky.cz and randomly find three or four anonymous-sounding law firms in Prague, call them up, and get a flat-fee quote. If they don't speak English (presuming you don't speak Czech), hang up and call somebody else. If you're starting a company from scratch, it's pretty difficult for them to screw it up, and whether you go to White & Case or Advokatni Kancelar Jan Novak a synove, the product is the same. (It's what you do with a company AFTER it's set up that can get you into trouble.) Don't pay them anything until you can see your name on www.justice.cz (the Commercial Registry). Then again this is all probably covered in the PTV article, which I haven't read. By the way if you write to me (I think my email's on my profile) I can recommend a nice enough Czech-American lawyer who fits the bill. I wouldn't go for those expat service companies, because I imagine they'd probably just outsource it to one of these reasonably priced law firms and increase the bill by X%.
[ anonymous ] - [anon] Thu Mar 25th 19:58 2004 / #12
Agree with Scott. The only reason you'd go with a provider is if you require a shelf company (for time reasons)- BUT be careful with buying shelf companies. Most tend to give you a 'flat' fee, but 'forget' to mention that you will have additional fees for changing the registered address, jednatel, add. translators and so forth. Many will quote in the region of 50k - 70k 'flat' fee, but you end up paying an additional 30k on top. Not worth it. If you have time, go with a local lawyer.
[ anonymous ] - [anon] Thu Mar 25th 20:52 2004 / #13
All of the above are why I recommended Spolecnosti on line- their prices are clearly outlined, they will give you a price for the whole package, and not add anything on.

I am not getting any money from them, in fact I gave them money and am satisfied with the result.
jeff jeff Fri Mar 26th 07:24 2004 / #14
To the #8:

You wrote:" "Sorry, but actually, there are nothing _but_ anonymous recommendations on PTV, as there is no trustworthy authority to verify anybody's identity."

Exactly. As in EVERY public forum/chat/etc. Creating an identity is as easy as submitting a name and fake email.

This is normal for net activity. And maybe normal life activity:
Things are not always what they appear.

You mentioned PKI:
You are not suggesting PKI for a public forum are you? :]

Note:
(Public-key infrastructure (PKI) is the combination of software, encryption technologies, and services that enables enterprises to protect the security of their communications and business transactions on the Internet. )
[ anonymous ] - [anon] Fri Mar 26th 09:42 2004 / #15
http://searchsecurity.techtarget.com/sDefinition/0,,sid14_gc i214299,00.html

"The public key infrastructure provides for a digital certificate that can identify an individual or an organization and directory services that can store and, when necessary, revoke the certificates. "

In theory, you could require all posters to authenticate by signing their messages with an encrypted signature issued by a trusted authority. This would be one way of having reasonably good proof of the identity of the poster. It's technically feasible, but a huge PITA, and generally not worth it in a public forum, or for small websites.

Realize, of course, that whether or not you trust the identified poster in meatspace or not is your problem.

And yes, Jeff, it was a joke, however obscure and geeky.

(BTW- I think it's amusing that 'cr' thinks that adding two letters in the name field when posting gives him some authority over those who do not)
cr - [anon] Fri Mar 26th 12:18 2004 / #16
Scott,

Sorry, I have to completely disagree with your comments about law firms. In my experience, any reputable law firms is RELUCTANT to provide shelf companies, jednatels, registered addresses, etc. as this is more legal administrative work and not advisory work. There is e.g. a clear conflict of interest for a lawyer to serve as the statutory representative of a client's company AND provide legal advice to the same client. Any reputable law firm will prefer sticking to what they do best: sticking to providing only legal advice.

In my experience, law firms get involved with providing shelf companies because 1) they want to keep their client happy 2) they don't have enough business or 3) they don't understand the importance of preserving the appearance of independence.
[ anonymous ] - [anon] Fri Mar 26th 15:29 2004 / #17
#12- Agree with your comments on "forgetting" to mention additional fees- I got hit up for a registered address change after I didn't want to pay 15k a month for the service. #13- Spolestni are clear on prices?! These are the crooks who ripped me off. Steer well clear.

Go for lawyers or some Cesky.
[ anonymous ] - [anon] Mon Mar 29th 19:02 2004 / #18
I've used spolecnosti online. they are fast, competent, reliable and trustworthy.
AK - [anon] Mon Mar 29th 22:14 2004 / #19
CR: Actually, many reputable law firms do help clients purchase shelf companies or set up their own. These services are considered to fall within the scope of "legal advice" of any law firm practising commercial law. This often forms part of a larger undertaking, such as an acquisition or the creation of a special purpose vehicle for a bond issue or the like. Whether or not this is a cost-effective strategy for someone simply wishing to set up a company is another matter.
[ anonymous ] - [anon] Tue Mar 30th 11:57 2004 / #20
I did mine myself. Zivnostensky List and commercial register. Its not easy and downright frustrating. I can recommend a private account/tax adviser that sets these up on the side for extra income. He quotes about 12,000 or less. He is honest and you pay as you go (thousand here thousand there as needed for stamps, his time etc) I am an American and it was even more difficult because we are non-EU. If you are interested in this mans' contact information then let me know.
Jerry - [anon] Wed Mar 31st 21:30 2004 / #21
#20- When you say "pay-as-you-go"- what were the total fees? I also don't understand how it works with the 'registered capital'. Do you actually have to pay this amount? Even 50% seems like a lot!!
[ anonymous ] - [anon] Thu Apr 1st 20:59 2004 / #22
Jerry,

No one seems to have a clear idea on total fees, but I can tell you that you DO have to pay in registered capital if you set up a new one, but for some reason you DON'T if you buy a shelf company (at least I didn't). Go figure.

CHECKERBOX
peter peter - [profile] Fri Apr 2nd 17:40 2004 / #23
As far as I understand it, the law requires a company to have a minimum of 200,000 CZK to start. You just need proof that you have these funds - so you can take the money straight out of the bank again after you've started your s.r.o. A shelf company is a company that's already been created, so you don't need the registered capital to buy it from whoever created it.
Jerry - [anon] Sat Apr 3rd 20:10 2004 / #24
Peter- How do you take the money out? Doesn't it need to be with invoices or something?
Allo - [profile] Thu Jul 22nd 15:52 2004 / #25
Hiya Scott, You mentioned some time ago that you could recommend a nice enough Czech-American lawyer and I was searching for just the thing! Any chance of sending me his info? Thanks. Allo
[ anonymous ] - [anon] Thu Jul 22nd 17:09 2004 / #26
Zizka and parterns are a fairly good firm.
Thier number is 420-225-999-120 and ask for Martin Zizka.
Happa - [anon] Mon Jan 24th 01:06 2005 / #27
Hi Scott,
Could you please pass along the info of the Czech-American lawyer to me as well? An email address perhaps?
Many thanks!
jeff jeff Mon Jan 24th 11:16 2005 / #28
Our partner, Companies.cz, can sort you out. http://www.companies.cz

Or request info here:
http://www.prague.tv/business/company-formation.php
Derrick - [anon] Mon Jan 24th 12:04 2005 / #29
http://www.malis.net/ is an excellent choice for company formation. Used them myself. Highly qualified staff.
Graham - [anon] Sun Feb 5th 00:51 2006 / #30
[this comment moved to the dump; posted from ip-85-160-28-51.eurotel.cz]
todd todd - [profile] Sun Feb 5th 11:29 2006 / #31
I have a spare company that was purchased for buying property I will sell it for 50K. email me at todd.benson@gmail.com if interested
[ anonymous ] - [anon] Sat Mar 25th 08:33 2006 / #32
You also need to independantly check the accounts of an "off the shelf" company. Some of the ones we have taken over the accounts for have had problems with the methods used in the transfer of basic capital. Even from "reputable companies"
Art of the Travel - [anon] Mon Jul 31st 13:30 2006 / #33
Starting an incoming travel agency in Prague isn t easy, but it finally started to work :-) - took nearly 5months, but works now. The main is to have the right trade license, deals and then work work work work work... and send daily at least about 50 emails to potentional partners, yes, at minimum this!
see www.artofthetravel.com
[ anonymous ] - [anon] Mon Jul 31st 14:08 2006 / #34
I too have a debt free sro for sale, price is just 20,000 kc. Verifiable zero debt email czechsro4sale@gmail.com
Carl Nowaleski - [profile] Fri Nov 24th 16:57 2006 / #35
Hello, a better choice than setting up a new company is to buy ready made company. For example here you can find good offer: http://www.ecompanies.cz or e-mail: info@ecompanies.cz.
davidmc Sat Nov 3rd 13:07 2007 / #36
dbrown - [profile] Thu Jan 22nd 11:26 2009 / #37
can a foreign national (student doing full time Masters IT) in Czech and on a long term student visa genuinly allowed to work 20 hrs a week, start business by forming a SRO company in IT in Czech and work full time for his company while completing his studies too? Does he needs to apply for another visa for business operation like residence permit or any other trade permit etc.
billjones billjones - [profile] Thu Nov 25th 14:24 2010 / #38
I went to http://www.pobox24.cz and they set me up with an "off the shelf" corporation and got me a bank account in less then a month. And I was still out of the country at that point. happy to tell you all about them. And they speak english - which helped me, and they really cared about doing a good job. Other companies i talked to sent me huge files that i did not understand. if I can help you out, just let me know - for some reason, getting real info on this kind of thing is next to impossible in czech
billjones billjones - [profile] Mon Nov 29th 15:06 2010 / #39
KLR650 - [profile] Sun Jan 23rd 22:54 2011 / #40
Bill, how many Korunas approximately to do all of this?
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I think that is a good choice to start any good business... It recruitment agencies
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mario-dumont - [profile] Tue Feb 18th 14:22 / #44
It is always difficult and challenging.

-----------
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ttn112 - [profile] Mon Apr 7th 12:11 / #45
All of the above are why I recommended Spolecnosti on line- their prices are clearly outlined, they will give you a price for the whole package, and not add anything on. I am not getting any money from them, in fact I gave them money and am satisfied with the result. http://dulichkinhdo.com.vn/
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