EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection Michael McGrath has confirmed that the long awaited 28th Regime or ‘EU Inc’ proposals will be published next week.
EU Inc. will be a new EU-wide legal framework designed to make it easier to set up, scale up and invest across the Single Market. It will provide an alternative to the complex and differing regulations faced by businesses that want to expand across different Member States.
The ambition is that a company can be established using a fully digital platform within 48 hours, and it will be recognised throughout the European Union. There will be a common rulebook that will simplify business operations across the EU Single Market and boost competitiveness.
With 450 million people, the Single Market is the world’s largest trading bloc. For Irish companies wishing to expand into other Member States, this legislation will reduce the burdensome administration costs and enable easier access to the European Market.
Commissioner McGrath has set four distinct objectives from these proposals:
- The ability to register and establish a company cheaper, faster and digitally that is recognised in each Member State;
- EU Inc will provide for adaptable, flexible and future-ready governance tools;
- Companies will find it easier to attract and retain talent;
- Access to investment will be boosted.
In September last year, Chartered Accountants Ireland responded to a call for evidence from the Commission on the 28th Regime.
There will be a further public consultation on these proposals once they are announced and Chartered Accountants Ireland will engage in that process to ensure the final proposals adopted by the EU will fulfil the ambitions and objectives set out previously.
The proposals are set to be launched next week, and the Institute will keep you informed of developments.
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