Transfer of Business in the Czech Republic

Richard Bacek, Associate General Counsel, Siemens AG, Czech Republic

Czech law provides various legal options for transfer of the business from/to a Czech legal entity: a) asset deal; b) transfer of business activity; c) transfer of (part of) enterprise; d) de-merger / spin-off; and e) share deal. The transfer of business between individual entrepreneurs and accounting / tax issues related to each option is not subject to this overview.

Richard Bacek joined Siemens in October 2009 as the General Counsel for the Czech Republic. Prior to October 2009, Richard worked for 9 years at CMS Cameron McKenna in Prague, since 2006 as a partner in Corporate Team. Richard Bacek graduated in 1996 at the Law Faculty of the Charles University in Prague. In 1997, Richard attended Academy of American and International Law in Dallas, TX, USA. He is a member of Czech Bar Association since 2000.

Siemens AG is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. For over 160 years, the company has stood for technical achievements, innovation, quality, reliability and internationality. In addition, Siemens is the world’s biggest provider of ecofriendly technologies. Around €23 billion, or nearly one-third of the company’s revenue, is generated by green products and solutions. In fiscal 2009, ended on September 30, 2009, Siemens had revenue of €76.7 billion and net income of €2.5 billion. At the end of September 2009, the company had around 405,000 employees worldwide. Siemens resumed the operations of its subsidiary in the Czech Republic in 1990. Currently, with 11,000 employees, Siemens belongs among the largest employers in the Czech Republic. In the fiscal year 2008/2009, Siemens Czech Republic reported a turnover of CZK 30 bn. Further information is available at http://www.siemens.com and http://www.siemens.cz.