The Digitalization Act and its impact on Business Law
25/05/2023
The Digitalization Act and its impact on Business Law
Flash informativos
Last May 10, the Digitalization Act came into force, which introduces relevant novelties in the field of business law. This law transposes, among others, Directive No. 2019/1151 of 20 June 2019 on the use of digital tools and processes in the field of company law. This law aims to boost digital transformation as a key element of the economy, ensuring the alignment of Spanish regulations with European regulations.
In the notarial field, it highlights the possibility of authorizing documents such as commercial policies, minutes of shareholders' meetings, letters of payment and cancellations of guarantees, deeds of revocation of powers of attorney, deeds of incorporation of companies, among others, through videoconferencing, which has a significant impact on the incorporation of companies and other corporate acts.
In addition, a general and unique electronic site is created in the registry area, facilitating access to registry services and information. Another relevant novelty is the option of incorporating limited liability companies completely online, using standard statutes to speed up the process. These measures represent an important step forward in the digitalization of business law, and it is essential to keep informed about developments and news in each area affected by this legislation.
For more information, you can download the summary note that we have prepared at Lener:
