Our Audit Firm based in Barbados is interested in opening a European office in the EC. Can we do that under the CARIFORUM/EC Economic Partnership Agreement?

February 09 2012 | Audit


Generally, the answer is yes, but there are certain conditions.  These are the conditions that apply in particular countries of the European Community:

Austria: The equity participation and shares that are a result of operations of a legal entity in Austria by CARIFORUM (including Barbados) accountants (who must be authorised according to the law of their home country) may not exceed 25%, if they are not members of the Austrian Professional Body.

Cyprus: Access is subject to economic needs tests.  The primary determining factor of the needs test is the employment situation in the sub-sector.

Czech Republic & Slovakia: At least 60% of capital share or voting rights are reserved to nationals.

Denmark: In order to enter into partnerships with Danish authorised accountants, foreign accountants must obtain permission from the Danish Commerce and Companies Agency.

Finland: At least one of the auditors of a Finnish liability company must be a resident of Finland.

Latvia: In a commercial company of sworn auditors, at least 51% of the voting capital shares must be owned by sworn auditors or commercial companies of sworn auditors of the European Community.

Lithuania: No less than 75% of shares shall belong to EC auditors or auditing companies. 

Sweden: Only auditors approved in Sweden may perform legal auditing services in certain legal entities, i.e. in all limited companies.  Only such persons may be shareowners or form partnerships in companies which practice qualified auditing for official purposes.

Slovenia: The share of foreign persons in auditing companies may not exceed 49% of the equity.