Company Extracts Available Online

The Ministry of Justice recently created a system whereby the commercial extracts of companies registered with the commercial courts are available online. The web site is www.orsr.sk.

The extracts for companies registered in the commercial courts of Bratislava are now available (although some information has yet to be fully reported), and the extracts registered in the courts of other regions are being added and updated continuously.

Computer-generated extracts cannot be used for official purposes; a stamped extract is still required. However, it is now possible to view important information online, including a company's owners and registered capital.

A search engine within the web site recognizes the following:

• the names of companies and executives (eg, executives of limited liability companies, members of boards of directors and supervisory boards of joint stock companies);

• the registered seats; and

• the official identification or court file numbers of companies.

One of the important features of the extracts is that all information is presumed to be correct and may be relied on by the public as being accurate.

A further development is that the Act on Court Fees has been amended to allow a fast-track approval procedure for establishing new limited liability companies. The new law calls for approvals within 24, 48 and 72 hours of the filing of the application upon payment of increased court fees. For example, the fees for the 24-hour fast-track approval are double those of an ordinary filing (ie, SIKr20,000 and SIKr10,000 respectively).

Recent experience suggests that implementation of the fast-track system may not keep pace with the change in the law, and the changes are too recent to indicate whether the procedure is fully functional.

For further information on this topic please contact Kevin T Connor or Paul J Carrier at Squire Sanders & Dempsey by telephone (+421 7 5930 3411) or by fax (+421 7 5930 3415) or by e-mail ([email protected] or [email protected]).