The European Commission has proposed facilitating the digitization of business law in the EU

On March 29, 2023, the European Commission presented a draft directive, which aims to facilitate the use of digital tools by companies in the EU and the procedure in the field of first commercial companies. The proposed directive should make available more information about companies through the system of connected commercial registers, ensure better exchange of information between Polish states and reduce the administrative burden for companies.

The proposed directive aims at communication of cross-border business activities and transparency and openness of business within the EU. In addition to the availability of company information, the proposal also seeks to improve the reliability of data in commercial registers and facilitate their use in basic cross-border transactions and other cross-border activities.

The proposal contains several key points:

  • In particular, information about companies should be at the EU level generally available media a system of connected commercial registers (BRIS). The proposal also expands the list of data contained in the commercial registers.
  • Searchable information efforts must be made, both in the system of connected business registers, and in two other EU systems that connect internal registers of beneficial owners and bankruptcy registers.
  • Accuracy, reliability and timeliness of information about companies should be useful, for example also help control give them before registration in trade registers in all Polish cities.

The proposed directive aims at the dream of a bureaucratic cross-border enterprise, namely through just once. This ensures that companies do not have to resubmit information after it has been provided when setting up a branch office and other similar activities in another country. They will be available in any country through a system of linked commercial registers.

In addition, the proposal contains established of the company’s unique EU certificate, which should contain a basic set of information about businesses and be available free of charge in all EU languages. The same goes for the draft international standard EU digital power of attorney model, on the basis of which it will be possible to legally represent the company in another country. Draft cl so on eliminating unnecessary formalitiessuch as external document requests.

The draft directive is now being discussed by the European Parliament and the Council. If accepted, Polish states will have two years to implement the directive internally.

Author: Kristina Hubkov,

Source: European Commission, Unsplash

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