recent developments in the italian business register and company law vito giannella
TRANSCRIPT
Recent developments in the Italian Business Register
and Company Law
Vito Giannella
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The Italian Business Register
The IT company of the Italian Chambers of Commerce.
Unioncamere – the National Association of the Italian Chambers of Commerce.
The Italian Chambers of Commerce, Industry, Handicraft and Agriculture are classified as local autonomous public institutions by Law n.580/1993. Their mission is to further the general interests of the production system and of the enterprises that are their member.
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The Italian Chambers of Commerce Network
The Italian Chambers of Commerce are the center of a wide network of agencies providing services and developing strategies and projects aimed at promoting a balanced growth of the economy.
• 105 Chambers of Commerce
• 1 National Association
• 19 Regional Associations
• 66 Mediation/Arbitration Chambers
• 146 Branches providing local services
• 144 Companies for the management of promotional services
• 607 Companies in partnership with public and private entities
• 9 Foreign Trade Centers
• 65 Euro Info Centers
• 74 Italian Chambers of Commerce abroad
• 32 Italian-Foreign Chambers of Commerce
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Data > 6 million registered companies
> 10 million persons (entrepreneurs, shareholders, directors, auditors and managers)
> 1 million Annual Accounts filed annually
> 7 million protests
> 1 million trademarks
The Italian Business Register at a glance
Online services Opening, modification and closure of a
company
Shareholders updates
Annual Accounts filing
PEC registration (registered e-email)
A completely paperless system
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A single website for all and for everything!
Access the data from Business Register
Protests Register
Patents and Trademarks database
European Business Register
Prepare & send applications for Incorporations
Changes
Annual Accounts
Communications to Tax Agency, Social Security, other Public Administrations
www.registroimprese.it
•search for current or past information on companies or natural persons
•download of
– Company profiles (name, company number, legal form, registered office, type of activity, date of incorporation) and Company documents (financial statements, articles of association, by-laws,
shareholders information, legal representative, etc.)
– Natural person profiles (name, company/ies in which the person holds an office and type of office held)
Search tools and services
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search and
download
additional
services
• graphic and visual representation of the data, in addition to the traditional text format
• monitoring of selected companies and email notification of any change
• maps of headquarters, branches and production units of companies throughout Italy
The Business RegisterAccess to information
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PUBLIC ADMINISTRATION
Central and Local
50.000 users 15 million Visits/Year
200.000 users 5 million Visits/Year
DISTRIBUTORS
commercial data providers
Trade Associations Professional bodies
60 distributors 50 million Visits/Year
PRIVATE USERS
ProfessionalsBusinesses and
citizens Application port (CAD)
De-certification
Access to
registroimprese.it with
electronic payment
Online channel
Massive data access
The Single Communication (“ComUnica”) allows companies to fulfil all their obligations towards the Business Register, INPS (Istituto Nazionale Previdenza Sociale [National Social Security Institute]), INAIL (Istituto Nazionale per l'Assicurazione contro gli Infortuni sul Lavoro [National Institute for Industrial Accident Insurance]) and the Tax Administration.
Single Communication - COMUNICA
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Chambers of Commerce
The Business Register
About 6 million transactions in 2013
2010 2011 2012 2013
Internet 3222507 5163743 3649520 5804868
Paper 1086951 288031 421892 508293
500,000
1,500,000
2,500,000
3,500,000
4,500,000
5,500,000
6,500,000
online vs. paper filing
A paperless systemThe Business Register
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Recent developments
for
simplification, reduction of administrative burdens, enhancement of market
transparency
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Mandatory for all companies except companies that produce Annual Financial Reports according to IFRS
Filing limited to Primary Financial Statements Balance sheet (assets and liabilities) Income statement (profit and loss)
Companies needing extra facts definition are allowed to add the PDF Annual account to the XBRL instance document
XBRL filing
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2009: 978.647 balance sheets xbrl instance documents = 25.000 2,5% percentage error = 21,4%
2010: 959.950 balance sheets xbrl instance documents = 940,751 98% percentage error = 2 %
2011 : 1.007.473 balance sheets xbrl instance documents = 978.647 98,66% percentage error = 0,25%
2012 : 1.005.650 balance sheets xbrl instance documents = 976.873 98,9% percentage error = 0,13%
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Some figures
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The BR back-office reduces checks and costs
2010 2011 2012 2013 20140
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
Annual accounts submitted to the Qual-ity Assurance Process
Annual Accounts
2010 2011 2012 2013 20140
100,000
200,000
300,000
400,000
500,000
600,000
Costs for the Quality Assurance Process
€uro
From year 2013
Only very complex files processed Top level automatization reached
in.balance is the online service created by InfoCamere for the Chambers of Commerce based on the data of the financial statements in XBRL format The service creates new and extraordinary possibilities of exploration for economic research, as it enables searches to view and compare the data from companyfinancial statements contained in the Business Register Thanks to in.balance, it is possible to analyse company data based on various criteria (headquarters, type of activity, economic or financial value, etc.) or as specifically chosen
The in.balance service The Business Register
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Company financial statements
A new set of data
ready to be analysed
A huge potential for analysis
A "value" to be returned
to businesses
Economic statistics
The business register can supply aggregations of Annual accounts by activity code, turnover, legal form on territorial base
key accounting ratios comparison
Company positioning & Benchmark Services using open source platforms
Return on Equity
return on equity
return on equity
efficiency ratio
efficiency ratio
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1 Euro Ltd
New legal form “Società semplificata a responsabilità limitata - SSRL” with 1€ capital, no notary costs, just online declaration at the Business Register website
In 2013 about 19.000 of new simplified Ltd (20% of the total incorporated in 2013) of which more then 50% with «under 35» founders.
PEC – Posta Elettronica CertificataREM – Registered e-mail
INI-PEC is the Indice Nazionale degli Indirizzi di Posta Elettronica Certificata [National Index of Certified E-mail Addresses] by the Ministry of Economic Development and implemented by InfoCamere.INI-PEC collects all the certified e-mail addresses of Companies and Professionals in Italy.
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For administrative simplification:
InfoCamere and the Ministry of Economic Development help companies, professionals and citizens to dialogue with the PA
“legal electronic address” is a new mandatory requirement for all types of companies in dealing with the Public Administration. The PEC (Posta Elettronica Certificata – Registered e-mail) address is a new item in the official company data at the Business Register
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QR Code
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• To adopt legislative measures to ensure……… beneficial ownership information to be made available through the Italy’s Registro delle Imprese……..
• To promote international cooperation on the exchange of basic and beneficial ownership information on companies, trustes and other legal entities.
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In operation since December 2013
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www.lei-italy.infocamere.it
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17th ECRF Annual Conference, Italy 2014
“Our data, our value!”