All foreign companies may be registered as a foreign company either in the form of branch registration or in the form of place of business registration.
If a supposed company is not going to conduct economical activity on the territory, then the last variant is applicable. If the registered company in future will conduct activity on the territory them it will need to file an application on office registration. The result of non — filing of the application fines will be imposed both on the company and on the persons that have relation to it.
To register the representative office the following documents are required:
- Information about directors and secretaries of the company;
- Names and addresses of the persons authorized to accept documents on behalf of the company;
- Declaration indicating the date of the registration of the representative office;
- Certified copies of the company's documents, i.e. Certificate of registration, Memorandum and articles of association.
As soon as the representative office is registered, the accounting date will be determined.
Thus, the company is required to prepare and file financial statements A foreign company is also obliged to submit its recent accountancy, balance sheet, profits and losses account. Accounting books should be translated into English.