Since 2014, all business corporations are governed according to the Act 90/201which capital is divided into a number of shares. The minimum share capital amounts CZK 2 000 000 or EUR 80 000. Contribution to the authorized capital of the company may be non-monetary, which then must be valued by an expert.
Foundation of the company requires the adoption of the statutes where the founders, among others things, determine the internal structure of the company. We distinguish two-tier system and a unitary system.
In the two-tier system, company has management and supervisory board, but the number of members (may be only one person) as well as the period of functioning (if not specified, lasts 1 year) of these bodies is not determined. In the unitary system, there are Statutory Director and the Board. The number of board members can be freely determined in the statutes, and may be even one person (if not stated otherwise in the statute, the Management Board has three members). The Chairman of the Board may exercise simultaneously the functions of a statutory director.
Joint stock company issues nominal shares (then tracks the list of shareholders) or bearer shares. Bearer shares may exist only as registered or so-called immobilized securities. Different types of shares can have various special rights. They can determine participation in profits, different power of votes at the General Meeting etc. These particular shares should be clearly specified in the statutes. A novelty on the market is no-par value shares. When specified by the statutes, the company may issue shares, which have no nominal value and represent the same participation in the company financial capital. This participation in financial capital is determined by the number of no-par value shares. One no-par value share mean one vote, unless the statutes allows the issue of shares with different power of votes.
As of 1.1.2014, all joint stock companies have obligation to run a website where they must disclose information such as financial statements or invitations to the General Meeting etc.