Free Online Bank Accounts for Foreigners - PDF by gfa18637

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									FILING AND CONSULTING ANNUAL ACCOUNTS
IN BELGIUM
Dirk Tuymans - National Bank of Belgium
FILING OF ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM
• Filing of annual accounts before 2004
   – very high degree of standardisation:
      98% of all enterprises use a standard model
   – several software vendors offering offline software
      for drawing up annual accounts
   – low filing charges for annual accounts on diskette
      (as opposed to annual accounts on paper)
   – modernisation of the Belgian Companies Register
      in 2003
   => strong incentives to start up a project to file
      annual accounts via the Internet
FILING OF ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM
• January 2004
   – enterprises started to file annual accounts over the
     Internet
   – serious limitations:
       • only during office hours
       • only digital certificates issued by the NBB
       • only structured data files in the form of a text
         file (specific NBB format)
       • only bank cards accepted as payment method
   – in close cooperation with
       • accounting institutes and software vendors
       • legislator and federal government
FILING OF ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM




                    Phase 1: Introduction
                    Internet = max. 15%
FILING VIA THE INTERNET:
CBSO IN MOTION
• By June 2006:
   – extension of opening hours
   – use of additional digital certificates, already used
     for other e-government applications
       • the authentication certificate found on the
         electronic identity card of Belgian citizens
       • a qualified certificate from three commercial
         certificate authorities
   – introduction of new methods of payment
       • bank transfer
       • credit card
FILING OF ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM




                    Phase 2: Growth
                    Internet = max. 30%
FILING VIA THE INTERNET:
CBSO IN MOTION
• "Turning point" April 2007:
   – abolition of filing on diskette
   – introduction of the XBRL format for enterprises
       • 300,000 entities involved
       • free online software "Sofista" for drawing up
         annual accounts
       • real administrative simplification for
         enterprises: net savings of 17.3m EUR
         (23% of all filing charges) in 2008
   – introduction of the PDF format for enterprises and
     NPOs, as provided for in the First EU Directive
FILING OF ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM




                    Phase 3: Maturity
                    Internet = min. 85%
FILING VIA THE INTERNET:
CBSO IN MOTION
• April 2008:
   – open 24/7/365 (except on Sunday mornings - maintenance)
   – additional use of the certificate on the EID for
     760,000 foreigners residing in Belgium
   – introduction of the XBRL format for NPOs
       • 7,000 entities involved
       • extension of the free online software "Sofista"
       • real administrative simplification for NPOs:
         net savings of 0.5m EUR (45% of all filing
         charges) in 2008
FILING VIA THE INTERNET:
CBSO IN MOTION
• March 2009:
  – limitation of filing on paper to enterprises with a
    turnover of < 500,000 EUR, NPOs and foreign
    companies, as provided for in the First EU
    Company Law Directive
FILING OF ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM




           At present
           Internet = 96.8% (92.8% XBRL and 4.0% PDF)
           Paper = 3.2%
CONSULTING ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM
• Online consultation started in November 2001
   – 24/7/365
• Limitations:
   – access restricted to registered clients
     (login + password)
   – subscription fee
   – only current calendar year + last 3 calendar years
   – only in the form of a PDF file
CONSULTING ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM




                Phase 1: Introduction
                Internet = max. 30,000 downloads
CONSULTING VIA THE INTERNET:
CBSO IN MOTION
• As from February 2008:
   – no access restrictions
   – free of charge
   – current calendar year + last 5 calendar years
   – note: 2/3 of the downloaded annual accounts
     concern SMEs (also during the financial crisis - end
     of 2008)
   – www.nbb.be > Central Balance Sheet Office
     > Consulting annual accounts > Application
CONSULTING ANNUAL ACCOUNTS
VIA THE INTERNET IN BELGIUM




          Phase 2: Growth
          Internet = max. 300,000
          downloads/month
CONSULTING VIA THE INTERNET:
CBSO IN MOTION
• Future (end of 2009):
   – all annual accounts filed in the form of an XBRL file
     will be available in this format in the same online
     application (free of charge)
   – note: all XBRL files are already available via
     Webservices (paying application);
     target group: major data vendors

								
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