The EU Focuses on Cross-Border Trade
The Council has agreed on a compromise text for a draft directive aimed at creating a new status for single-member private limited liability companies.
The aim is to facilitate the cross-border activities of businesses, particularly small and medium size enterprises, and the establishment of single-member companies as subsidiaries in other member states, by reducing the costs and administrative burdens involved in setting up these companies. This will enable businesses to enjoy the full benefits of the internal market.
To achieve this goal, the draft directive introduces a common framework governing the formation of single-member companies.
Member states would have to ensure that their national legal systems provide for a form of establishing a company that complies with common rules defined in the directive. The legal form would be established at the national level. It would have an EU-wide abbreviation: Societas Unius Personae (SUP).
A major innovation in the draft directive is that the SUP can be registered on-line using templates provided by the member states. The aim is to facilitate economic activity to create growth and jobs, in line with the EU’s digital agenda. We are following this renovation, since it will bring new opportunities to our customers to take their business across the borders.