The Ministry of Justice of the Slovak Republic is currently actively working on preparing another package of changes and amendments that are expected to significantly improve the efficiency of the Commercial Register. Today, we will take a closer look at the specific changes this package of measures is expected to bring and how they will impact the operations and functioning of the Commercial Register.
New technical forms for the Commercial Register’s electronic services are now available and can be actively used. Similarly, it is now possible to file a request for the registration of changes in the Commercial Register free of charge if the change involves only the addition of identification data for statutory representatives and partners of companies to the Commercial Register.
In April 2022, entities that entered liquidation before October 1, 2016, and that were published in the Commercial Gazette prior to that date will be removed from the Commercial Register, as these entities are presumed to be bankrupt. A list of these entities is published on the website of the Commercial Gazette.
Further updates are expected in May 2022, when a new notification module should become available, and automated data verification for registered entities based on cross-referencing with the reference registry should also be launched.
At the same time, a list will be published of foreign legal entities, organizational units of foreign legal entities, and organizational units of Slovak legal entities that, by September 30, 2021, have not confirmed the registered data in the Commercial Register pursuant to a special law or have not proposed a change to the registered data in the Commercial Register pursuant to a special law.
The latest developments expected to be implemented in the near future include the creation of new forms for filing applications with the Commercial Register, which will ensure data accuracy. A guide for drafting articles of association is also in the works. One of the fundamental goals that remains is the overall simplification of filing applications with the Commercial Register. For this reason, the Ministry of Justice is currently preparing a new Commercial Register Act. However, this initiative is still in its infancy, so the legislative process has not yet begun. It is estimated, however, that the National Council will debate the new Commercial Register Act during 2023, with the effective date currently set for January 1, 2024. The amendment is also expected to introduce so-called external registrars. In specific matters, external registrars will be attorneys and notaries, with whom individuals will be able to file applications with the Commercial Register in person. This should result in greater convenience for Commercial Register clients, faster registration, and a reduced burden on the registry courts.
We will continue to monitor developments in the legislative process and changes to the Commercial Register, and we will keep you clearly informed of any new developments.
