European Commission President Ursula von der Leyen stressed on Tuesday the importance of the Unified European Companies initiative, known as the "28th Economic System," emphasizing the Commission's commitment to maintaining its ambitions to facilitate the establishment of startups and expand their activities across various EU countries.
Agence Anadolu reported that von der Leyen said at a conference dedicated to startups in Brussels: "The Commission is making strenuous efforts to maintain the high level of ambition adopted by the 28th Economic System." She affirmed that the single market represents "Europe's greatest asset," as it is a market comprising approximately 450 million people and is one of the largest and most prosperous markets in the world.
The Commission President pointed out that entrepreneurs wishing to expand their activities across European countries still face a complex network of different rules, procedures, and requirements. She said: "Instead of a single market, they face 27 legal systems and more than 60 national company models. We seek to change this situation through the Unified European Companies initiative, or what is known as the 28th System. It allows entrepreneurs to establish their companies entirely online, from anywhere in Europe, within 48 hours, and for a cost of less than 100 euros."
She stressed that the goal of the initiative is to enable companies to launch, grow, and expand throughout the European Union, affirming that the Commission has presented an ambitious proposal and is working to ensure its content is preserved during negotiations with the European Parliament and the Council of the EU. Von der Leyen warned that legislative discussions could weaken the initiative or slow down its implementation, stating: "The project should not turn into a huge, slow-moving tanker, but must be fast and agile."
The "28th System" initiative is a proposal to establish an optional, unified, and simplified legal framework for companies, aiming to overcome legislative disparities and bureaucratic procedures among the 27 member states. The initiative aims to eliminate bureaucratic complexities and differing laws among member states by providing a unified digital registration model similar to the US C-Corp system.
Source: Syrian Arab News Agency (SANA)
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