Brussels, 18 March (LaPresse) – "With a single tap, capital moves instantly. Data travels around the world in a matter of seconds. Yet in Europe, it can still take weeks or even months to set up a business or start trading in another country within the single market. Internal barriers within Europe harm us more than customs duties from outside. Across our Union, entrepreneurs looking to expand are the first victims of regulatory fragmentation.” So says European Commission President Ursula von der Leyen, announcing the new proposal on the 28th regime. “Instead of a single market, they face 27 legal systems and over 60 national company forms, and the consequences are real. The time and money spent on filling out paperwork is not being spent on creating or innovating. Obviously, this must change, and quickly, which is why we are introducing EU Inc, the 28th regime. EU Inc creates a single European company framework. It is a simple set of rules that works across our entire single market of 450 million consumers, and will make it drastically easier to start and grow a business in Europe,” he explains. “Any entrepreneur will be able to set up a company within 48 hours from anywhere in the European Union, fully digitised, for less than €100 and without a minimum share capital,” he explains. And at the heart of this proposal is a simple principle: companies will provide their information to public authorities just once, and that information will then be automatically shared between the relevant administrations, from business registers to tax, social security or other authorities.”
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