Statement

Setting up a company will soon cost only €1 – Hayes

Dublin MEP Brian Hayes has today (XXXX) said that the cost of setting up a company will soon cost as little as €1 and will only take a couple of hours. This is the aim of a new proposal adopted by the European Parliament.

“Currently the cost and length of time of setting up a new company varies between member states. Some member states have a ‘one stop shop’ where all the necessary requirements can be completed while others have excessive bureaucracy and high costs.”

“Under new proposals passed by the European Parliament this week it will be soon possible to set up a company for one Euro and through online registration. This is very pro-business idea. It will allow people with good ideas to start a business within a couple of hours and at virtually no cost.”

“In Ireland it takes two to five days to set up a company at a cost of €50. In other EU countries such as Slovakia it can take 10 days and in Italy costs €2,000. The new legislation will change that. Procedures will be made easier, costs will be substantially reduced and cross border trade will be encouraged.”

“This is an example of how the EU can create new jobs and growth opportunities” concluded Mr Hayes.

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