In a major step forward towards better access to information concerning companies, the European Commission adopted yesterday a proposal to interconnect business registers within the EU. Company registers provide company information that is essential for consumers and business partners alike, such as information on a company's legal form, its seat, capital and legal representatives. This should bring about a big improvement for companies when setting up branches, conducting cross-border trade or providing cross-border services in the EU. Business registers are currently organised at national, regional or local level, and lack the capacity to share information in an efficient and transparent manner. The proposal, which requires amendments to EU Company Law, will now pass to the Member States and the European Parliament for consideration. For background and details see press release.
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