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

Recent developments in the Italian Business Register

and Company Law

Vito Giannella

CRF Conference, Rio de Janeiro, March 20142

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.


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

CRF Conference, Rio de Janeiro, March 2014 4

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


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

•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


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

The Business RegisterAccess to information


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

ProfessionalsBusinesses and

citizens Application port (CAD)

De-certification

Access to

registroimprese.it with

electronic payment

Online channel

Massive data access

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


Chambers of Commerce

The Business Register

About 6 million transactions in 2013

2010 2011 2012 2013

Internet 3222507 5163743 3649520 5804868

Paper 1086951 288031 421892 508293

500,000

1,500,000

2,500,000

3,500,000

4,500,000

5,500,000

6,500,000

online vs. paper filing

A paperless systemThe Business Register


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Recent developments

for

simplification, reduction of administrative burdens, enhancement of market

transparency



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

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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%


Some figures

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The BR back-office reduces checks and costs

2010 2011 2012 2013 20140

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Annual accounts submitted to the Qual-ity Assurance Process

Annual Accounts

2010 2011 2012 2013 20140

100,000

200,000

300,000

400,000

500,000

600,000

Costs for the Quality Assurance Process

€uro

From year 2013

Only very complex files processed Top level automatization reached

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


Company financial statements

A new set of data

ready to be analysed

A huge potential for analysis

A "value" to be returned

to businesses

Economic statistics

The business register can supply aggregations of Annual accounts by activity code, turnover, legal form on territorial base

key accounting ratios comparison

Company positioning & Benchmark Services using open source platforms

Return on Equity

return on equity

return on equity

efficiency ratio

efficiency ratio


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.

PEC – Posta Elettronica CertificataREM – 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.


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


QR Code


• To adopt legislative measures to ensure……… beneficial ownership information to be made available through the Italy’s Registro delle Imprese……..

• To promote international cooperation on the exchange of basic and beneficial ownership information on companies, trustes and other legal entities.

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In operation since December 2013


www.lei-italy.infocamere.it

http://www.lei-italy.infocamere.it/


17th ECRF Annual Conference, Italy 2014

“Our data, our value!”


Thank you for your attention

[email protected]

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

Government & Nonprofit

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