APOGEO’s client is a company that owns and/or has a significant influence over a series of companies working in property development. The client operates in the Czech Republic and abroad, and formerly controlled numerous Czech and foreign entities. In the boom years, the number of these companies corresponded to the need to expand, but during the economic crisis of 2007/2008 they were no longer economically justifiable or effective. The costs involved in the everyday administration and upkeep of these companies, i.e. bookkeeping, submitting tax returns (corporation tax, natural person income tax), audits, consolidation, reporting, rents and HR costs, not only exceeded any positive outcomes, but in some cases - as a result of poor transparency - led to our client’s loss of effective control over the company.
APOGEO agreed with the client to take control over the administration of these companies and ensure all the necessary services in carrying out the following steps:
Today the client’s earlier foreign structure has been pruned back to a third of its size. All companies in Central and Eastern Europe are now under the client’s control, proper accounts are kept and are part of a group reporting arrangement.