Corporate Governance in European Union. European Company Law
• Creation process of SE
There are several ways of forming an SE: by merger, as a holding company, or as a subsidiary. An SE can also be formed by a PLC transforming into an SE.
Once registered, an SE has legal personality. It must have a registered office and its head office must be in the same Member State.
An SE must have share capital and shareholders whose liability is limited in a similar manner to that of a PLC.
Regardless of the currency in which it is expressed, an SE is required to have a minimum amount of subscribed share capital equivalent to at least EUR €120,000. The relevant conversion rate is that for the last day of the month preceding the formation of the SE.
Current formation conditions for SE are very burdensome: the set-up costs, time-consuming and complex procedures, and legal uncertainty of the SE formation process , mostly stemming from the lack of uniformity of the SE Statute and the many references to national law, are amongst the most important obstacles discouraging businesses from establishing an SE.
Also there is a heavy cross-border requirement (in particular the requirement for companies forming an SE to have had a subsidiary or a branch in another Member State for at least two years before the SE creation), limited methods of creation of an SE and a high minimum capital requirement as considerable obstacles.
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