On 16 October 2008, the Department for Business, Enterprise and Regulatory Reform (BERR) published a consultation document seeking comments in respect of the European Commission's proposal for the creation of European Private Companies, which was published in June 2008.
The proposal will create a new form of private limited company, the Societas Privata Europaea (SPE), which is intended:
- to allow entrepreneurs to set up a private limited company following the same simple and flexible company law provisions across member states and
- to reduce compliance costs arising from disparities between national rules on formation and operation of companies.
A SPE will be able to redomicile by transferring its registered office from one member state to another while maintaining its legal personality.
BERR's consultation is open until 21 November 2008. The consultation document can be found by clicking here.