Societas Unius Personae (SUP)
A proposal for a directive by the European Commission dated
April 9 2014 provides for the introduction of a European legal
form for single-member limited liability companies with a single
shareholder (Societas Unius Personae – SUP).
This proposal replaces the abandoned proposal to introduce a Societas Privata
Europae (SPE) dated June 25 2008. Under the draft directive,
the EU Member States would be obliged to provide for a national
form of company in their legal systems for which the same
regulations and the EU-wide abbreviation SUP would apply in all
Member States. This is intended to make it easier for companies
(particularly SMEs) to perform cross-border activities (particularly
founding companies in foreign countries). On May 28 2015, the
European Council provided a general approach for its position
on the draft of the European Commission. Although there is a
substantial consensus, the European Council proposes some
changes. Because the discussions regarding the draft are still in
progress, it remains to be seen when the SUP will be available
as a legal form.
Under the directive, an SUP must have its registered offce and
either its administrative center or its headquarters in the Euro-
pean Union. The SUP distinguishes itself from other legal forms,
for instance, because it requires a minimum registered share
capital of only € 1. Standard articles of association and an online
foundation procedure are also provided for.
EU Forecast
euf:ba18f:151/nws-01