Recent developments in the italian business register and company law   vito giannella
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Recent developments in the italian business register and company law vito giannella Presentation Transcript

  • 1. Recent developments in the Italian Business Register and Company Law Vito Giannella
  • 2. CRF Conference, Rio de Janeiro, March 2014 2 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.
  • 3. CRF Conference, Rio de Janeiro, March 2014 3 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
  • 4. CRF Conference, Rio de Janeiro, March 2014 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 4
  • 5. CRF Conference, Rio de Janeiro, March 2014 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 5
  • 6. •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 CRF Conference, Rio de Janeiro, March 2014 6 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
  • 7. The Business Register Access to information CRF Conference, Rio de Janeiro, March 2014 7 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 Professionals Businesses and citizens  Application port (CAD)  De-certification  Access to registroimprese.it with electronic payment  Online channel  Massive data access
  • 8. 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 CRF Conference, Rio de Janeiro, March 2014 8 Chambers of Commerce The Business Register About 6 million transactions in 2013
  • 9. 2010 2011 2012 2013 Internet 3,222,507 5,163,743 3,649,520 5,804,868 Paper 1,086,951 288,031 421,892 508,293 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 online vs. paper filing A paperless system The Business Register CRF Conference, Rio de Janeiro, March 2014 9
  • 10. Recent developments for simplification, reduction of administrative burdens, enhancement of market transparency CRF Conference, Rio de Janeiro, March 2014 10
  • 11. CRF Conference, Rio de Janeiro, March 2014 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
  • 12. 12 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% CRF Conference, Rio de Janeiro, March 2014 Some figures
  • 13. 13 The BR back-office reduces checks and costs 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 2010 2011 2012 2013 2014 Annual accounts submitted to the Quality Assurance Process Annual Accounts 0 100,000 200,000 300,000 400,000 500,000 600,000 2010 2011 2012 2013 2014 Costs for the Quality Assurance Process €uro From year 2013  Only very complex files processed  Top level automatization reached
  • 14. 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 CRF Conference, Rio de Janeiro, March 2014 14 Company financial statements A new set of data ready to be analysed A huge potential for analysis A "value" to be returned to businesses
  • 15. Economic statistics The business register can supply aggregations of Annual accounts by activity code, turnover, legal form on territorial base key accounting ratios comparison
  • 16. Company positioning & Benchmark Services using open source platforms Return on Equity return on equity return on equity efficiency ratio efficiency ratio
  • 17. CRF Conference, Rio de Janeiro, March 2014 17 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.
  • 18. PEC – Posta Elettronica Certificata REM – 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. CRF Conference, Rio de Janeiro, March 2014 18 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
  • 19. CRF Conference, Rio de Janeiro, March 2014 19 QR Code
  • 20. CRF Conference, Rio de Janeiro, March 2014
  • 21. In operation since December 2013 CRF Conference, Rio de Janeiro, March 2014 21 www.lei-italy.infocamere.it
  • 22. CRF Conference, Rio de Janeiro, March 2014 17th ECRF Annual Conference, Italy 2014 “Our data, our value!” 22
  • 23. CRF Conference, Rio de Janeiro, March 2014 23 Thank you for your attention vito.giannella@infocamere.it