EU Inc, von der Leyen: “Starting a Business in Europe must take 48 hours”

“Barriers inside EU hurt us more than tariffs from the outside. Across our union, entrepreneurs who want to scale up are the first victims of regulatory fragmentation. Instead of one market, they face 27 legal systems and more than 60 national company forms. Obviously this must change and fast, and so here comes EU Inc, the 28th regime. EU creates a single European company framework. It is one simple set of rules that works across our entire single market of 450 million consumers. It will make it drastically easier to start and to grow a business in Europe. Any entrepreneur will be able to create a company within 48 hours. From anywhere in the European Union, fully digitalized for less than €100 and without minimum share capital. At its core, EU Inc. is digital. EU in companies will operate in a fully digital environment, from registration to shareholder meetings, from document storage to capital operations, it will all be supported by the new European business wallet. So companies will be able to manage their documents and communicate with other businesses and administrations fully digitally in all 27 member states”, European Commission President Ursula von der Leyen said in a statement on Wednesday.