Decree Law No. 24/2019
- Issuer: Presidency of the Council of Ministers
- Diploma Type: Decree Law
- Number: 24/2019
- Pages: 786 - 791
Summary in plain english
This decree-law establishes the rules applicable to the share of information between the national commercial registry and the commercial registries of other European Union’s Member-states.What is going to change? An electronic interconnection system between the registry services of the Member-states, the BRIS (Business Register Interconnection System) is incorporated.
The BRIS provides the information and documents regarding the commercial registry of each Member-state.
For example, in the case of cancellation of a company registered in Spain, the Portuguese commercial registry service will receive this information for the cancellation, in Portugal, of the registry of the corresponding permanent representation.
The cross-border merger processes are notified through the system, by the national commercial registry, about the registries of every Member-state participating in the merge.
The communications received through this system (opening of a settlement process or cancellation of a registry) waiver the submission of documents.
The BRIS provides certain information regarding the limited liability companies (LLC) for free.A single identification number, the EUID, is created.
For the exchange between registries to be simpler, the companies are identified by a number which contains the information of the country and registry service of origin, as well as the legal person identification number at the Member-state of registration.What advantages does it bring?
This decree-law aims to:
- improve the access to the information on the companies;
- allow the exchange of information about the registries between the Member-states;
- ensure that the Member-states hold updated information.
This decree-law takes effect when the deliberation of the board of directors of the Registries and Notary Institute, confirming the operation of the Register Interconnection System, is published.
Legal translator is the translation of texts within the field of law