Glossary

Agent (representative)

A person who is granted power of attorney.

Annual report

A document that informs on the company performance during the fiscal year.

The company's annual report provides information on its financial situation, business activities and financial results for the past financial year. Annual reports are required from the companies that have to submit their …

ARES

Access to Registers of Economic Subjects / Entities

An information system allowing a retrieval of information on economic entities registered in the Czech Republic. This system intermediates a display of data from particular registers of the state administration (called source registers) in whic…

Authorized representative

Prerequisites for the formation of trade license can be met only by individuals. The institute of authorized representative is a natural person appointed by an entrepreneur who

• is responsible for the proper operation of the trade and compliance with the trade licensing regulations,
• must sa…

Bank

Legal person established in the Czech Republic, founded as a joint stock company, which

Banking secrecy

All banking transactions and financial services of banks, including account balances and deposits are covered by banking secrecy.

Banking secrecy is the obligation on banks to maintain confidentiality of the above matters, if the client does not give consent to their disclosure. The law stipulat…

Bearer security

A security which does not bear the name of the holder.

For these securities, a change in holder is possible by simple handover of the security or through a transfer in accordance with the Securities Act. The advantage is the ease of trading on secondary markets. Bearer shares are always freely t…

Board of Directors of OJSC

Managing Authority of executive and administrative nature (therefore sometimes referred to as "the Board").

The authority that decides on all matters except for matters reserved for the General Meeting or Supervisory Board.

The Board of Directors consists of:

• …

Business (entrepreneurial activities)

Systematic activities carried out by an entrepreneur independently, in his own name and on his own responsibility for profit.

• independence - the entrepreneur himself makes business decisions, is not subject to command of anyone else, is in no relationship of subordination, is not personally…

Business (firm, company)

For the purposes of the Commercial Code, the business is a set of tangible, intangible and personal components of business. Following components belong to the business: things, rights and other assets owned by an entrepreneur and used to operate a business or due to their nature they serve this pur…