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On 25.4.2018, the European Commission formulated an amendment to Directive (EU) 2017/1132 as regards the use of digital tools and processes in company law. The estimated time for voting on the amendment in the EU institutions is in the first half of 2019. The amendment is a response to the ever-increasing market digitalization, i.e. the use of digital tools by companies, and the EU's need for prosperous companies that can easily operate in the single market. Reducing costs and simplifying the new rules should have a particularly positive impact on micro, small and medium-sized enterprises, which strongly dominate in the EU. Jobs, growth and investment should be encouraged. With the increased use of digital technologies throughout the life cycle of companies, the new regulation should contribute to the creation of a single digital market.
The amendment to the Directive governs the establishment of a company and branches online, so that the applicant's personal presence is no longer necessary, which greatly reduces the costs of establishment. An important novelty for the cross-border establishment of companies and branches is the obligation of the Member States to provide easy access and comprehensive information on the relevant company law procedures, obligations and formalities, at least in the official EU language understood by the largest number of cross-border users. In the same language, Member States should also make available on-line templates of founding documents. Member States may request information from other Member States regarding the prohibition of preforming the Director's duties. The proposed rules on the disclosure of information about companies, which are disclosed by entering the business register, are in line with the "once only" principle, which eliminates the unnecessary transmission of the same information to the various authorities. Based on this principle, there is also a proposal for a provision that the Member State, in which the company is registered, should notify the Member State in which the company's subsidiary is registered, by means of a system, which links registers, about possible changes of the company's information. The amendment of a directive envisages the extension of a set of free-of-charge data on companies (former firms, websites, legal status and activity), which will facilitate the collection and verification of important information in the field of business relations with companies and stakeholders. The amended rules also allow the development of networking of registers and the related European core platform.
Read the whole proposal and the explanatory memorandum on:
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PwC hosted together with AmCham BB, followed by PwC&AmCham “Reforms, Banking Sector Consolidation and Business Restructuring Conference".
We were happy to welcome 200 guests.
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