New EU-wide framework enhances access to corporate information and simplifies formalities across Member States through a unified digital register system
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 through a series of reforms that included a modification to the Code of Commerce and resulted in the Order of 9 May 2017 issued by 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 online from any other Member State. This will significantly streamline cross-border transactions and, in many cases, eliminate lengthy legalisation procedures such as the well-known Hague Apostille.
This measure will, for example, facilitate the deposit of accounts of foreign parent companies in consolidated group cases, or the submission of financial statements by foreign companies with branches in Spain.