Czech Republic

Champion of European Companies?

Published on 25 August 2010 at 12:07

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"Czech Republic, the new haven for murky businesses", headlines Lidové noviny for its front-page story on a flourishing new form of commercial activity: the creation of European Companies (designated by the Latin term, "Societas Europaea" or SE). Recently introduced to the Czech Republic, this new legislative framework allows a company to legally operate throughout all 27 EU member states, while at the same time guaranteeing the complete anonymity of its shareholders. It is now child's play "to buy a European company, ready to go", Lidové noviny confirms, explaining that nearly half of the 605 SE's created in the European Union are based in the Czech Republic. One of the reasons for this success stems from the fact that Prague is campaigning to abolish national anonymous company (SA) structures, considered lacking in transparency and triggering conflicts of interest in the public market sector.

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