McShaw & Partners Corporation tax compliance

For tax compliance services, we closely work together with our colleagues of Hamelink & van den Tooren, international tax lawyers. Together we can assist with:

• Preparation of your corporation tax returns and tax computations.
• Tagging of financial statements for taxation purposes.
• Advising on the most appropriate tax structures or day-to-day tax related issues.
• Advising on instalment payments corporation tax.
• Liaising with the Tax inspector in respect of technical issues as well as computational queries.
• Monitoring relevant tax claims and assessments.

Due to our professional code and independence regulations, our ‘One Stop Shop’ May not always be able to perform all services. However, we will always offer you access to our extensive professional internal and external network of contacts in all areas of business and governing agencies.

Detailed information

General requirements

Various requirements should be met when conducting or starting up business activities in the Netherlands.

McShaw International Business Support has a wealth of knowledge and experience, which meets the needs of foreign companies conducting business in or from the Netherlands.

In addition to offering a broad range of services, we would be pleased to support you in addressing the issues mentioned below in our ‘one-stop-shop’ concept.

Establishment of a company

• Choice of business entity
• Incorporation of business entity
• Assignment of management and/or directors
• Choice of seat and registered office
• Registration with the Chamber of Commerce
• Registration with the Tax Authorities
• Registration with the Dutch Central Bank and AFM (Authority Financial Markets)
• Registration with the Central Statistical Office
• Taxes / VAT, Wage tax, Corporation Tax
• Completing periodic returns

Salary accounting

• Employment contracts and registration
• Performing payroll accounting and reporting
• Application of various legal requirements

Annual financial statements

• Preparation of statutory (consolidated) financial statements, according to Dutch or EU/IFRS requirements
• Compilation, review or guidance audit assignment
• Preparation and filing of (abridged) financial statements at the Chamber of Commerce
• Keeping minutes of Board Meetings and Shareholders’ Meetings

Accounting system

• Set up of financial administration
• Keeping accounts/bookkeeping
• Periodic financial reporting in the desired format and currency
• Consolidation
• Training personnel

Consolidation, audit and filing requirements in the Netherlands

Depending on the size and structure of a company, various requirements are applicable with respect to the preparation and audit of the financial statements, and filing with the Chamber of Commerce.

Consolidation

Under Dutch law, three sizes of business (small, large) are recognised for the purpose of defining the obligations with respect to consolidation, audit and filing. If applicable, consolidation and the audit of group financial statements are compulsory. However, Dutch law contains exemptions for so so-called small and medium-sized entities regarding the preparation of consolidated statutory financial statements.

The criteria that determine the size category of companies – two of which must be met for two consecutive years:

Total concolidated value of assets (based on historical costs)
<EUR 4,4 million
<EUR 17,5 million
Consolidated net sales
<EUR 8,8 million
<EUR 35 million
Average number of emloyees
<50
<250
Entities that do not fit into these categories are considered to be large entities. Under Dutch GAAP, the following consolidation exemptions apply when certain conditions are met:

• Exemption for guaranteed group companies
• Exemption for intermediate holding
• Exemption for small groups

Audit

Small companies, small groups, and guaranteed group companies which meet the conditions as stipulated in article 2:403 are not obligated to perform a statutory audit. Medium and large-sized companies are obligated to have their financial statements audited by a certified public accountant. In the Netherlands these are called “Register accountant (RA)” or “Accountant-Administratie Consulent (AA)”.

Filing with the Chamber of Commerce

The financial statements should be filed with the Dutch Chamber of Commerce within 8 days after adoption by the General Meeting of Shareholders. Under certain circumstances it is possible to obtain an extension for filing. However, the statements should be filed no later than 13 months after year-end close. Small and medium-sized companies are allowed to file abridged financial statements in a simplified form.