FAQs under Audit
The EPA generally provides for you to be able to offer your services from Barbados to a consumer in the EC. As with many of the provisions of the Agreement, there are some conditions that are country specific:
If you’re planning on providing Audit services from Barbados to any of the following countries – Belgium, Bulgaria, Cyprus, Denmark, Spain, Finland, France, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Romania, Slovenia, or the United Kingdom, you should know that there is no commitment in these countries to permit the supply of these services via this mode.
In Austria there is a Nationality condition for representation before competent authorities, and for performing audits provided for in specific Austrian laws (e.g. joint stock companies law, stock exchange law, banking law, etc.).
Only auditors approved in Sweden may perform legal auditing services in certain legal entities and these are the only persons who are allowed to be shareowners or form partnerships in companies which practice qualified auditing (for official purposes). In order to obtain approval, residency is required.
And in Latvia, an Auditor's report must be prepared in conjunction with an auditor accredited to practice in Lithuania.
The Barbados Private Sector Trade Team is here to answer any questions you may have about conducting trade in the European Community under the terms of the CARIFORUM-EC Economic Partnership Agreement. If after reading these questions and answers you still have queries, please contact us directly by email at firstname.lastname@example.org, or by speaking with one of our Trade Officials at 1-246-430-6541.
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Once again, there are general guidelines and specific EC country guidelines governing the staffs of Barbadian firms wishing to operate in Europe.
Generally, the senior staff of a Barbadian entity responsible for setting up an Auditing Services business may remain for ninety (90) days during any 12-month period.
Key personnel (described under the EPA as managers and specialists) are allowed to remain in EC countries for up to three years. Graduate trainees being sent to the EC may remain for one year.
The following countries have established conditions on Barbadian (and other CARIFORUM) Audit Professionals relocating for employment:
Austria: Austrian law contains a nationality requirement for representation before the competent authorities, and for performing audits in specific practice areas (e.g. joint stock companies’ law, exchange law, banking law).
Denmark: There is a residency requirement.
Spain: There is a nationality requirement for statutory auditors and for administrators, directors, and partners of companies other than those covered by the Eighth EEC Directive on Company Law.
Finland: There is a residency requirement for at least one of the auditors of a Finnish liability company.
Greece: There is a condition of nationality for statutory auditors.
Italy: There is a nationality requirement for administrators, directors, and partners of companies other than those covered by the 8th EEC Directive on Company Law.
Sweden: Only auditors approved in Sweden may perform legal auditing services for certain legal entities, i.e. in all limited companies. Residency is required for approval.
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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.
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