New system in place for interconnecting Company Registries in Europe
Directive 2012/17/EU, developed by the Commission Implementing Regulation (EU) 2015/884 of 8 June 2015, established a system for interconnecting Business Registers in the European Union, based on an e-justice portal that links the central European platform to national Company Registries.
In Spain, these regulations have been transposed by means of a series of reforms that involved a modification to the Code of Commerce and led to the Order of 9 May 2017, of the General Directorate for Registries and Public Notaries, on the interconnection of business registers.
Following this major reform, information about any company registered in any member state may be requested via Internet from any other member state, which will streamline transactions and in many cases avoid lengthy legalisation procedures such as the famous Hague Apostille.
This measure will, for example, make it easier to deposit accounts of foreign parent companies in cases of consolidated groups or the accounts of foreign companies with branches in Spain.