I have a small business involved in the Accounting field and I would like to open an office in France. Under the EPA, will I be allowed to open a branch of my firm there?

February 09 2012 |

The restrictions placed on Barbadian Accounting and Auditing Services under the EPA vary from country to country. In France, the provision of these services must be approved by the Minister of Economics, Finance and Industry and the Minister of Foreign Affairs. France, along with other countries in the EC, however, has specific stipulations that must be followed in order for you to open your proposed business along with restrictions in specific areas such as the percentage of ownership that must be held in local (EC country) hands. The following chart lists conditions applicable for both Accountancy and Bookkeeping and Auditing Services by country.

Accountancy and Bookkeeping Services

Auditing Services

Austria: Foreign accountants’ (who must be authorised according to the law of their home country) equity participation and shares in the operating results of any Austrian legal entity may not exceed 25%, if they are not members of the Austrian Professional Body.

Cyprus: Access is subject to economic needs test. Main criteria: the employment situation in the sub-sector.

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

Cyprus: Access is subject to economic needs test. Main criteria: 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: There is a residency requirement for at least one of the auditors of a Finnish liability company.

Latvia: In a commercial company of sworn auditors more than 50% of the voting capital shares must be owned by sworn auditors or commercial companies of sworn auditors of the EC.

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.

General conditions which also apply to these sectors are:

Austria, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Spain, Greece, Finland, Hungary, Ireland, Italy, Lithuania, Latvia, Malta, Poland, Romania, Slovak Republic, Slovenia: Limitations on the acquisition of land and real estate.

Estonia, Finland, Italy, Romania and Sweden: Limitations requiring local citizenship or residency of senior management or Board of Directors.

Poland: Limitations on the type of business.

Bulgaria, France, Finland and Italy: Limitations on the type of investment e.g. a maximum percentage for foreign shareholding or voting rights.

EC: Limitations on the treatment extended to branches and agencies.