At the tap of a finger, capital moves instantly. Data travels across the globe in seconds.

Yet in Europe, it can still take weeks or even months to set up a company.

Or to start doing business in another country within the single market.

Barriers inside Europe hurt us more than tariffs from the outside.

Across our union, entrepreneurs who want to scale up are the first victims of regulatory fragmentation.

Instead of one market, they face 27 legal systems. And more than 60 national company forms. And the consequences are real.

The time and money spent filling paperwork is not spent on creating or innovating.

Obviously this must change and fast and so here comes EU Inc. The 28th regime. EU creates a single European company framework. It is one simple set of rules.

That works across our entire single market of 450 million consumers.

It will make it drastically easier to start and to grow a business in Europe.

Any entrepreneur will be able to create a company within 48 hours.

From anywhere in the European Union fully digitalized for less than €100. And without minimum share capital.

And at the heart of this proposal is one simple principle that says once only.

Companies will provide their information to public authority, their data, one time only.

And that information will then be shared automatically between relevant administrations,

from business registers to taxes, to social security etc authorities, you just name it.

And this information will be stored and easily accessible in a new EU business register for EU Inc. companies. The second feature. At its core, EU Inc. Is digital.

EU in companies will operate in a fully digital environment from registration.

To shareholder meetings, from document storage to capital operations,

It will all be supported by the new European business wallet.

So companies will be able to manage their documents and communicate with other businesses and administrations fully digitally in all 27 member states. The third feature is talent promotion.

EU Inc. will make it easier for companies to attract talent,

because there's certainly no shortage of that in Europe. Our continent is a powerhouse of innovation.

Nearly 125% of the world's scientific publications come from here, from the European Union.

And we have more early stage startups than any other region globally. Now with EU Inc.

Employee stock options will be simpler to offer. And easier to manage across borders.

So it will help EU companies to compete for the best people.

And founders will be able to protect EU companies and employees from unwanted takeovers. The 4th feature is cushioning risk.

In business, failure should not be the end of the road, it should be part of the journey.

With EU Inc. We want to reward entrepreneurship and make it less risky.

And this is why we will fully digitalize insolvency procedures.

And introduce a fast track insolvency process for startups.

So that entrepreneurs can start again more easily.

And finally, let me be very clear on one important point.

The EU Inc. proposal will in every way respect existing social standards and labor law.

And this includes our employees' rights to participate in companies' boards.

This proposal includes strong safeguards to ensure that such rules are applied. So to conclude, EU Inc. is faster. It is cheaper.

It is fully digitalized for all stages of the process, all across the European Union. And this is only the beginning.

We will make it easier for venture capital to flow to businesses.

This will be done by the savings and Investment Union.

We will explore new possibilities for cross-border telework, for startups and scale-ups.

And today we also adopted a recommendation to harmonize the definition of innovative startups and scaleups across Europe. So that we can design better policies.

To help our businesses to grow and to thrive in Europe.

And this is the overall objective one Europe, one market. Thank you very much.