Every year, companies registered with the Kamer van Koophandel or Chamber of Commerce must file their Annual Accounts. Generally, Annual Accounts can be submitted 8 days after adoption at the Chamber of Commerce. This general rule, though, leaves room for ambiguity since the deadline for submission depends on the type of corporation. Yet, It is legally not possible to get a postponement of the submission of annual accounts. In all cases, the annual accounts must be filed within 12 months of the end of the financial year.
Here you will find a layout of the most important points to remember.
The specific deadlines for submission are based on the type of corporation.
For the bv (private company), as the most common type of corporation, the following rules apply:
• Within 5 months of the end of the financial year, the board completes the accounts and presents them to the shareholders.
• The shareholders can give the board permission to postpone this for 5 months in exceptional circumstances.
• Subsequently, the shareholders have 2 months to adopt the annual accounts
• If the financial and calendar years correspond, then the final deadline for submission is July 31st (5 + 2 months). With the maximum postponement possible, this date can run to December 31st.
If each shareholder is also a director or supervisory director, signing of the annual accounts immediately leads to adoption. In this case, the 2 month adoption period no longer applies. For a private company, this means that you submit your accounts within 10 months and 8 days of the end of the financial year. If the financial and calendar years are the same, the final submission date is thus November 8th.
Accounts that are not adopted on time
What if the shareholders have not adopted the annual accounts on time? Then you submit the current annual accounts. For a private company, these are submitted within 7 months of the end of the financial year. If you have a maximum postponement of 5 months, you then submit the current financial accounts within 12 months (7 +5 months) after the end of the financial year.
Submit on time
Not submitting annual accounts on time is prosecutable as an economic offense. The Bureau Economische Handhaving (Office for Economic Enforcement) of the Belastingdienst (Inland Revenue) can draw up an official report on the basis of which the Openbaar Ministerie (Public Prosecutor) can impose a financial fine or refer the case to a judge.
Furthermore, you can become personally responsible if you do not submit your accounts on time and if your company goes bankrupt. Ensure therefore that you submit your accounts within the appropriate time period. The requirement to submit accounts is valid to the date of its removal.
Please feel free to contact us for more information the Chamber of Commerce or Annual Accounts.