Proposal for a Directive on Single-Member Companies

posted in: EU news

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On 9 April 2014 the European Commission presented a proposal for a Directive on single-member companies. The proposal for a ‘societas unius personae’ or SUP must, according to the Commission, remove obstacles to the cross-border economic activities of SMEs in the internal market.

The proposal seeks to harmonise requirements for the creation of single-member companies. The main elements of the proposal include:

  • The obligation for the Member States to authorise direct online registration of SUPS, without the founder having to go to the country concerned.

  • The implementation of model statutes that are identical throughout the European Union and available in all EU languages.

  • The requirement to have a minimum capital of 1 euro to create an SUP.

The Commission’s proposal is available at the following address: http://ec.europa.eu/internal_market/company/docs/modern/cgp/smcd/140409-smcd_en.pdf

The Council of the Notariats of the European Union expressed its profound disagreement with the Commission’s proposal in a press release available here: http://www.notaries-of-europe.eu/news/press-releases/directive-sup-cp