Enhanced Digitalization Of GEMI's Functions

• Published date: 21 June 2022
• Subject Matter: Corporate/Commercial Law, M&A/Private Equity, Corporate and Company Law, Contracts and Commercial Law
• Law Firm: Eurofast
• Author: Ms Maria Sarantopoulou and Alexandra Theologou

Law 4919/2022: The enhanced digitalization of the General Electronic Commercial Registry's functions and other provisions on the promotion of foreign companies' establishment.

In April 2022 a new legislation on General Electronic Commercial Registry (G.E.MI.) was adopted. Law 4919/2022 adheres to the main principles of the existing commercial-law framework while aiming to enhance the use of digital tools and procedures in the field of corporate law to facilitate and accelerate the company incorporations and the establishment of branches and subsidiaries.

Law 4919/2022 optimizes the digital functions of one stop shops and the online registration of companies' details. The online registration of foreign companies' branches (either European or of third countries) is one of its main innovations. After the electronical submission of the documents required, the competent G.E.MI. authority will finalize the registration within ten days, according to the new provisions, which thereby shape a specific time frame for completing the establishment process.

It is already known that when a company is registered with G.E.MI. it receives a unique identification number ("G.E.MI. number"), which serves as the company's identity in the eyes of the authorities and the public. Now a new attribute, the European Digital Identity ("EUID"), is added to the company's identification details. The EUID is granted simultaneously with the company's registration and consists of data that allow the identification of the Registry's member state and the finding of the G.E.MI. number, so that identification errors can be avoided.

The Eurocentric orientation of the new law is evident not only in the issuing of EUID, but also in the provision that the General Electronic Commercial Registry will be interconnected with the national Registries of other member states, in order to send and receive company information. The General Electronic Commercial Registry will also be interconnected with TAXISNET (the Greek digital system where financial and insurance information of individuals and businesses is kept) to ensure unification of the existing data.

On another note, the articles 52 to 56 provide for the establishment of three new registries:

1. The...