Important deadline in the calendar of managing directors – change of ‘TEÁOR’

With the entry into force of a new version of the Standard Industrial Classification of Activities (TEÁOR), all main and other activities of business associations were reclassified in the company register at the beginning of the year in line with the new classification system. In practice, this means that the previous activity codes ending '08 have been automatically updated to their new equivalents ending '25.

However, as a result of the reclassification, the new main or other areas of activity do not always reflect the actual operations of the company. In our experience, several companies have registered inaccurate or less relevant activity categories, while in some cases – where there is no clear equivalent for a given activity in the new system – the outdated code has remained registered.

Under the current legislation, companies shall decide until July 1, 2025, whether to accept the automatically transferred main and other activities or request their correction from the Tax Authority. Until that date, it is also possible to modify those activities that are still listed in the company register under the previous code.

Accurate and up-to-date records of activities are also important from a business perspective, especially when conducting activities that require a license or during background checks by a prospective business partner. We therefore recommend reviewing the registered activities and, if necessary, correcting them before the deadline.

The list of new TEÁOR numbers is available here.

It is also important to note that the transfer of new or modified activities requires an update of the company's articles of association. This can be done at the same time as other corporate changes, such as a change of managing director or the appointment of an auditor, but also for the sole purpose of updating the scope of activities, in which case no fees or publication costs are payable.