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 Current time in Andorra |
However, the UPB considers that private numbered accounts do not hinder the authorities, as the banks comply with strict know-your-customer rules. This is fundamental to the Andorran philosophy of keeping issues at a domestic level and preserving privacy and confidentiality. Andorra does not automatically pool information on its residents with any external government or authority. Constitutional protection is guaranteed whether a person is an Andorran national or not.
The Company Law, passed in December 2007, defines the liabilities of contributors and directors; reduces administration costs; speeds up the process of incorporating Andorran companies; makes it obligatory for all Andorran incorporated companies to present annual accounts and makes it obligatory for companies reaching certain turnover levels, asset levels and/or numbers of employees to be independently audited annually.
The Company Accounting Law aims to create generalised accounting standards for all business activities, making it easier to compare company accounts with those from other countries. This information will not however be freely available and will only be provided upon application by qualified local applicants only. Andorran privacy laws will apply to this information in the hands of any local recipient. It will be obligatory to file company accounts in 2009.
The Foreign Investment Bill’s objective is to facilitate foreign investment in certain economic sectors within a restricted legal framework, to increase liberalisation and competitiveness, to enter into economic cooperation agreements with neighbouring EU countries and to create investment incentives in certain types of activity.
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