CENTRALIZED BALANCE SHEET DATABASE
Luxembourg introduced a Standard Chart of Accounts as of January 1, 2011. Accompanying this new standard, Luxembourg set up a centralized balance sheet database1 in 2012
Corporate obligations and the balance sheet database
All Luxembourg companies must file the balance of their accounts with the balance sheet database. This rule applies to the following companies:
- Luxembourg companies;
- Luxembourg branches of foreign companies;
- Sole proprietorship companies (except businesses making less than 100,000 EUR turnover per year).
However, Luxembourg companies which draw up their annual financial statements according to international accounting norms are exempted.
Companies must file their balance of accounts as listed in the minimum standard chart of accounts (along with the corresponding annual financial statements) with the Company Trade Register.
The Trade Register will then maintain these records on the centralized balance sheet database.
The consequences of filing
Luxembourg public administrations and organizations will have access to the information held in the database on these Luxembourg companies.
1As described in the Law of December 19, 2002 on corporate accounting and annual financial statements.