Unlike English law, French law only has one model set of articles of association approved by government regulation for a single shareholder limited liability company (EURL) in which the single shareholder has the role of director. Although there are a wide range of unofficial model articles of association accessible on the internet, it is strongly recommended that legal advice should be sought when drafting articles of association. Particular attention should be given to questions such as the corporate purpose, shareholdings, the date of the end of the financial year, the mechanisms for calling meetings and powers of the directors.
New Bill to simplify company formation
Draft law on the action plan for the growth and transformation of enterprises (PACTE) is to be put before the lower house of the French Parliament in September.
The draft provisions include measures to reduce restrictions on small and medium size business. Setting up new companies will be simplified in order to reduce costs and speed up the formation process. Currently companies are registered on each local company and commercial register where they have their registered office and branches. There are currently circa 1400 business formalities centres in France. Under the new proposal a single online service will be put in place to manage the registration of new companies.
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