28th regime

How a company establishes its subsidiaries and branches.

The governance of companies that would fall under EU Inc.

There would be a similar approach to the Articles of Association, the conduct of general meetings, etc., There would be a possibility of creating different share classes for a company, as well as how you transfer them between owners.

And for solvent companies that want to close, there would be a harmonized liquidation procedure and for innovative companies, a simplified insolvency procedure.

One important thing here to note is, I think, that the Commission did not opt for a universal new EU company law form, which we already know in Europe with, for example, the Societas Europea, also because this would have required unanimity among member states.

So instead, we got a regulation that would partially harmonize company laws of member states.

So within the member states' company laws, they would create a new EU Inc., basically.

And in terms of scope, the EU Inc. proposal is now open for all companies.

The Tánaiste has spoken about that.

The 28th Regime, Cyber Security Act, and of course, the biggie.

The biggie is, of course, the MFF.

Ireland's negotiating box that it inherited of 1.7 trillion euro you know trying to get that political agreement by the year end I think that's going to be tricky it's not going to be easy how we work on the own resources debate and of course this is all being framed against the backdrop of A world in which we have...

So they want to finally start working on that banking union, but also harnessing all the savings that sit in deposits, in low-interest deposits across Europe.

And then finally, this creation of EU Inc., which is a proposed 28th legal regime letting companies incorporate online, EU-wide, within 48 hours for under 100 bucks.

So effectively, they want to create a fake country that you can register with so you don't have to go through the 27 regime.

So if you're, let's say that you and I want to register in the EU right now, we would have to do in Germany or France or Italy and all of them.

I think you are like one of the most visible and loudest voices on like we should really be unapologetically building our European future.

And maybe before we get into all this grander vision picture of how that could look like, let's zoom in on like EU Inc.

Could you give us an elevator pitch for the people who still don't know what it is? Yeah.

So

So immediately, like you start off, not only like it takes way longer to incorporate, but you just have like you don't have the best people on board so by default you have this massive massive massive uh disadvantage and the system outcome of that today is not that we have all these great founders founding in europe although we do the system outcome has been that's consistently for the last more than 20 years a larger degree of our talent has gone to the united states before they even start out so like we usually hear in in europe this issue of like yes you have startups but once they grow they go to the united states That's true, but what's even worse, and that doesn't show up in the numbers because a startup that has never been founded doesn't show up in the numbers.

Our core issue is that we had this massive brain drain to the United States and the brain drain then is followed by a capital drain also, right? That's like another consequence.

So the key fix is actually relatively simple, right? the united states you have one single legal entity that's trusted by everybody and everyone uses it no matter where you are in the united states and actually that's a global system even right so even european founders are using it what we need in europe is an eu inc right that's one legal entity that's identical across the european union and in the future could be across europe it could be like globally used actually that's identical nowhere no matter where you start and that is a basic type of corporate infrastructure and once you have that and it's trusted and everybody knows how it works like how's the legislation how's the court system all of that then you can start building up like the remaining rest of the infrastructure for investing for governance and so on on top So that means standard investment documents.

That means standard digital systems to corporate governance, like raising new capital, changing the cap table, changing who's on the board.

It is the first evidence that capital gravity can run in the other direction and I will treat it as such.

Second, EU-INC will not be enforced before the 1st of January, 2028.

Confidence, I would say 75%.

It is at committee stage in September, 2026 and an opt-in corporate form touching company law, tax interfaces.

and insolvency does not clear the ordinary legislative procedure and leave enough runway before its date of application in 15 months.

And note the mechanism.

EU-INC is proposed as a regulation, not a directive, so there is no national transportation step.

It applies directly once it applies at all.