By Emma Byrne, 17th November 2022
The Digital Tools Directive is a new regulation on the use of digital tools and processes within company law. With the workplace always changing and the continuous rise in consumer expectations, it has become vital for companies to equip themselves with the most innovative and sufficient digital tools. There is no denying that in today’s world, modern intranet systems and multiple management/communication tools are becoming indispensable parts of digital transformation and the success of any business.
This article will discuss what will be implemented with this directive, and how that impacts CRO forms.
What is the aim of the Digital Tools Directive?
The Digital Tools Directive focuses on the harmonisation of the online procedures in the Member States and achieving better cooperation between authorities. The Directive does so by obliging Member States to ensure the possibility of online company registration, which is in turn, meant to speed up the registration process.
In relation to the background of the Directive, there have been various recent improvements in its development. For instance, the Digital Single Market and e-Government Action Plan. The Digital Single Market and e-Government Action Plan have helped develop online access to information and assistance services and improve digital tools when complying with company law requirements and administrative procedures.
Speeding up the registration of a company in a more cost-effective way is a particularly important subject of development across the EU. The directive targets this by no longer requiring companies to register or file the same components more than once, regardless of the country. The Digital Tools Directive also provides comprehensive and accessible information on companies. The required information includes any changes carried out in the register, such as the company’s name, registered office, registration number, legal form of the company, and other related documents.
How will this impact CRO Forms?
The CRO has several core functions such as the incorporation of companies and the registration of business names, the receipt and registration of post-incorporation documents, the enforcement of the Companies Act 2014 in relation to the filing obligations of companies and making information available to the public. Companies have a legal obligation to file certain documents with the CRO, these forms include but are not limited to Form LP1 and Form LP3, which are used to apply for and register a limited partnership for example. A limited partnership must be registered with the CRO and in accordance with the 1907 Act; otherwise, the partnership is a general partnership.
Following the implementation of the Digital Tools Directive, several external company forms are now available for online filing, therefore, the use of digital tools makes setting up a company or opening a branch of that company in another Member State more time and cost-effective.
Overall, it is a substantial improvement for a more digitally enhanced world!
If you require assistance regarding filing any of the necessary company registration forms for your company, the team here at Company Bureau would be more than happy to help. Contact us today on +353(0)1 6461625 or fill out our online contact form.
Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.