I have registered a limited liability company — what comes next?

What does the law say?

Accounting starts from the first month, not from the first revenue. The head of the undertaking approves an accounting policy and is responsible for organising ongoing accounting records — art. 16 of the Accountancy Act. A month with zero turnover also has an accounting result and has to be closed.

Not everyone may draw up your financial statements. Financial statements are drawn up by persons in an employment, official or contractual relationship with the undertaking, or by an accounting firm (art. 17 of the Accountancy Act), and the preparer must meet the education and length-of-service requirements under art. 18 of the Accountancy Act — from 2 years' service for a master's degree in accounting and economics to 8 years for secondary economic education. A contract with an accounting office covers this requirement.

The manager's social insurance is a choice that has to be declared. If you are the sole owner and you work in the company, you are insured either under a management and control contract or as a self-insured person. The choice is declared with a form OKd-5 declaration to the National Revenue Agency within 7 days of the start of activity. The details and the monthly cost are in the separate case on the social insurance of a manager.

VAT is assessed before the first transaction, not after it. Mandatory registration arises at a taxable turnover of 51 130 € for the current calendar year, but for services from and to taxable persons in the European Union the obligation to register arises with no threshold — before the first such invoice is issued (art. 97a of the VAT Act).

A cash register — only if you receive cash. Ordinance No. N-18 requires a fiscal receipt for sales, but expressly excludes payments made by depositing money into a payment account, credit transfer, direct debit and cash transfer. A company that receives payments solely by bank transfer needs neither a cash register nor sales management software.

The instrument of incorporation is to be converted into euro. The capital of all companies has been technically redenominated by the Registry Agency as at 1 January 2026, but bringing the incorporation documents into euro has a separate deadline — 31 December 2026, with no state fee. For a company newly registered in 2026 the question does not arise if the instrument has already been drawn up in euro.

The steps in order

1. A company bank account. The capital-raising account is converted into a current account once the UIC has been issued. From that moment company money runs separately from personal money — mixing the two is the most expensive mistake of the first year.
2. A decision on the manager's social insurance and a form OKd-5 declaration within the 7-day deadline. The choice of type of insurance applies for the whole calendar year and can be changed only in January.
3. A contract with an accounting office and a clear procedure for submitting documents: when, in what form, by which date each month.
4. An assessment for VAT — by type of activity and clients, not only by expected turnover. Registration under art. 97a is mandatory even at zero turnover.
5. Method of payment. If you are going to receive cash or card payments on the spot, you need a fiscal device; if everything goes through the bank, you do not.
6. A first employee, if one is coming. The contract is entered in the Employment Register before the person is allowed to start work.

What goes wrong most often?

• An accountant is looked for in the third month. Catching up costs more than the service for the same period, and deadlines that have already passed cannot be met retroactively.
• One card for everything. Personal purchases through the company account create expenses without grounds, which then have to be explained during a tax audit — and are sometimes reclassified as hidden profit distribution.
• “No activity — no obligations.” The absence of income cancels neither the manager's social insurance nor the annual returns.