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Recent developments in the Italian Business Register and Company Law. Vito Giannella. The Italian Business Register. The IT company of the Italian Chambers of Commerce. . Unioncamere – the National Association of the Italian Chambers of Commerce.
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Recentdevelopments in the Italian Business Registerand Company Law Vito Giannella
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 • 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 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.
The Italian Business Registerat a glance • A completely paperless system • 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 • Online services • Opening, modification and closure of a company • Shareholdersupdates • Annual Accounts filing • PEC registration (registerede-email)
www.registroimprese.it A single website for all and for everything! • Access the data from • Business Register • Protests Register • Patents and Trademarks database • European BusinessRegister • Prepare & send applications for • Incorporations • Changes • Annual Accounts • Communications to Tax Agency, Social Security, other Public Administrations
Search tools and services search and download • 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) 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 CRF Conference, Rio de Janeiro, March 2014
The Business Register • Access to information PUBLIC ADMINISTRATION Central and Local PRIVATE USERS Professionals Businesses and citizens • Access to registroimprese.it with electronic payment • Application port (CAD) • De-certification DISTRIBUTORS commercial data providers Trade Associations Professional bodies • 200.000 users • 5 million Visits/Year • 50.000 users • 15 million Visits/Year • Online channel • Massive data access • 60 distributors • 50 million Visits/Year CRF Conference, Rio de Janeiro, March 2014
Single Communication - COMUNICA • 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. Chambers of Commerce The Business Register • About 6 million transactions in 2013 CRF Conference, Rio de Janeiro, March 2014
The Business Register • online vs. paper filing • A paperless system CRF Conference, Rio de Janeiro, March 2014
Recentdevelopments • for • simplification, reduction of administrativeburdens, • enhancement of market transparency CRF Conference, Rio de Janeiro, March 2014
XBRL filing • 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
Some figures • 2009: 978.647 balance sheets • xbrl instance documents = 25.000 2,5% • percentage error = 21,4% • 2010: 959.950balance 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
The BR back-office reduces checks and costs • From year 2013 • Only very complex files processed • Top level automatization reached
The Business Register • The in.balance service Company financial statements • 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 A new set of data ready to be analysed A "value" to be returned to businesses A huge potential for analysis CRF Conference, Rio de Janeiro, March 2014
Economicstatistics key accounting ratios comparison The business register can supply aggregations of Annual accounts by activity code, turnover, legal form on territorial base
Company positioning & Benchmark Services using open source platforms efficiency ratio efficiency ratio Return on Equity return on equity return on equity
1 Euro Ltd • New legal form “Societàsemplificata a responsabilitàlimitata - 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 totalincorporated 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. • “legal electronic address” is a new mandatory requirement for all types of companies in dealing with the Public Administration. The PEC (Posta ElettronicaCertificata – Registered e-mail) address is a new item in the official company data at the Business Register • For administrative simplification: • InfoCamere and the Ministry of Economic Development help companies, professionals and citizens to dialogue with the PA CRF Conference, Rio de Janeiro, March 2014
Toadopt legislative measurestoensure………beneficialownershipinformation tobemadeavailablethrough the Italy’s Registro delle Imprese…….. • Topromoteinternationalcooperation on the exchangeofbasic and beneficialownership information on companies, trustes and otherlegalentities. CRF Conference, Rio de Janeiro, March 2014
In operationsinceDecember 2013 www.lei-italy.infocamere.it CRF Conference, Rio de Janeiro, March 2014
17th ECRF Annual Conference, Italy 2014 “Our data, our value!”
Thankyou for yourattention • vito.giannella@infocamere.it