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2023 Innovation Award
We are delighted to announce the outcome of CRF 2023 Innovation Award.
The CRF Executive Committee would like to extend its appreciation to all members who took the time to tell us about the innovative initiatives adopted by our members across the globe to improve service delivery and operational efficiency.
We will be recognising the winners at a special award ceremony during the upcoming CRF 2023 conference in Malta, which will be held from 17 – 20 October 2023.
There were two categories of award. Excellence, and Commendation.
Excellence
Türkiye, Ministry of Trade – Board of Directors Decision Module And General Assembly Decision Module
United Kingdom, Companies House – Register of Overseas Entities*
Commendation
Kazakhstan, Astana Financial Services Authority (AFSA) – Digital Resident
Maldives, Ministry of Economic Development (MED) – Self Generating Corporate Profile Sheet & Verification
Nigeria, Corporate Affairs Commission (CAC) – Companies Registration Portal (CRP)
Singapore, Accounting and Corporate Regulatory Authority (ACRA) – Ask Ada*
Slovenia, Agency of the Republic of Slovenia for Public Legal Records and Related Services (AJPES) – Bank Account Register
Philippines, Securities and Exchange Commission (SEC) – Electronic Simplified Processing of Application for Registration of Company (eSPARC)
Chin Li Fen
Chair, Innovation Award Sub Committee
*(Please note that in the interest of fairness and transparency, members of the judging panel from Singapore and the UK recused themselves of assessing their country’s respective applications)
Malta transposes the Mobility Directive
The Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019 amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers, and divisions, referred to as the “Mobility Directive” has been transposed into Maltese law on the 31st of January 2023.
The Mobility Directive is aimed at further enhancing the freedom of establishment of companies by creating a harmonized legal framework applicable to all Member States in the sphere of cross-border movement of limited liability companies, particularly cross-border divisions and conversions, which up until the coming into force of the Mobility Directive were largely dependent on fragmented national Member States’ legislation. This legal framework may result in an increased level of cross-border movement of limited liability companies, due to a reduction of costs in performing such mobility operations, especially SMEs, and also in the enhancement and further realization of advantages associated with the EU’s Single Market.
Spearheaded by the Ministry for the Economy, European Funds and Lands, three new Regulations under the Companies Act were put forward – the Companies Act (Cross-border Conversions of Limited Liability Companies) Regulations; the Companies Act (Cross-border Mergers of Limited Liability Companies) Regulations and the Companies Act (Cross-border Divisions of Limited Liability Companies) Regulations. To fully implement the transposition measures required as result of the Mobility Directive, the existing Cross-border Mergers of Limited Liability Companies Regulations (S.L. 386.12) are being repealed in order to be replaced by the new already referred to cross-border Regulations.
Through a national legislative initiative, the legal framework of cross-border mobility will, through the foregoing proposed regulations, equally apply to those limited liability companies which are formed in accordance with the law of other recognized jurisdictions outside of the European Union.
All in all, this will aid both public and private limited liability companies incorporated in one EU Member State to conduct a cross-border mobility operation to or with any other EU Member State, and through the Maltese national initiative, it will also encourage the freedom of establishment of limited liability companies formed or registered in accordance with the law of other recognized jurisdictions outside of the EU to carry out the same cross-border mobility operations available within the EU’s Single Market.
The Mobility Directive has been an awaited legislative instrument in the sphere of company law. Its effects may very well enhance competitiveness, reduce costs and administrative burdens, especially for companies having limited financial resources, thus offering greater productivity advantages as a result of economies of scale, and above all, provide adequate protection to shareholders, workers, and creditors of the involved companies. This protection arises from the provisions of the Mobility Directive itself.
Malta Business Registry’s Chief Executive Officer and Registrar Dr Geraldine Spiteri Lucas remarked that the new legal initiatives in place will encourage businesses to venture in the international markets whilst ensuring that the operation of the company and the employees are safeguarded throughout. ‘In an ever-changing world, the algorithm of businesses is constantly changing, and the transposition of the Mobility Directive caters to this scenario; that is by ensuring a sense of flexibility when it comes to business operations, something that has long been the essence of Malta’s Companies Act, and on the other hand, it ensures to safeguard employees’ said Dr Spiteri Lucas.
Minister for the Economy, EU Funds and Lands Silvio Schembri remarked that 28 cross-border companies have been registered in Malta by end of 2022. The new regulations will encourage free movement, strengthen Malta’s stance in mitigating money laundering, and most important voice employees’ concerns when the company is considering a cross-border mobility operation whilst safeguarding their interests’ said Minister Schembri.
STATEMENT: Russian Federation Membership of the CRF
03 March 2023
The CRF exists to promote liaison, co-operation and discussion among Members and it has never been more important to work collaboratively, to enable our corporate register members across the world to come together and share best practice globally. It is vitally important to us that every event we hold preserves these ideals and builds greater harmony, trust, and mutual respect among our member organisations.
The Executive Committee, at its meeting of 21 February 2023, considered that, in light of the Russian Federation’s ongoing invasion of Ukraine and the significant international turmoil it has caused, the continued membership of the Russian Federation (Federal Tax Service of Russia) is not in the interests of the CRF.
No appeal was received before the deadline of 1200UTC on 28 February 2023 and, as a result, the expulsion has come into effect.
Louise Smyth
President, Corporate Registers Forum
Conference 2023 Registration OPEN
Exciting news!
Registration is now OPEN for our CRF 2023 Conference, hosted by Geraldine Spiteri Lucas and Malta Business Registry
Early bird rates are now available.
Visit our dedicated website for more information.
2023 Membership Fees
Our CRF membership continues to grow. 2023 will be an exciting year for us. We have begun the execution of our new 5-year Strategy and will look forward to welcoming the corporate registry world to Malta in October for our annual conference (keep your eyes peeled for an announcement very soon).
So, we are grateful to so many of our wonderful members for renewing their membership for another year.
If your jurisdiction hasn’t received their invoice, or would like it re-sent, please contact us on secretary@corporateregistersforum.org
CRF Newsletter, September 2022
Here is our September 2022 edition of the CRF Newsletter.
In it you will find exciting news about our Conference and AGM, upcoming Technical Workshops as well as our Innovation Award and participation in the International Business Registers Report.
If you have any feedback, ideas, an article or suggestions for next quarter’s newsletter please don’t hesitate to email the secretariat@corporateregistersforum.org
Download or read the newsletter here CRF Sept 2022
Report on the first digital International Business Registers Survey
EBRA, in collaboration with CRF, IACA and ASORLAC, have launched their Report from the first digital International Business Register Report (IBRR) survey, which took place in October 2021.
The survey looked at Business Register Legal Settings and Business Dynamics and is the result of a pilot project that involved Business Registry Associations from around the world. The Project will continue in 2022, with a second survey on the Use of eServices (to be launched in September 2022).
The report analyses the results from 85 participants that took part in the online survey and offers an insight into the practice and performance of different business registries.
It highlights how different registries manage:
- Shareholder Details
- Beneficial Ownership
- Incorporations and Terminations
The survey data allows business registries from around the world to learn valuable lessons, as well as sparking ideas for improving systems and overcoming obstacles within their own registries. A wide range of knowledge is covered in the survey data, including the fees in different jurisdictions and how business registers combat corporate identity theft.
The digital survey and report are the efforts of a dedicated Working Group supported by EBRA, involving highly skilled individuals representing jurisdictions and international associations from around the world.
To read the report, please click here: IBRR-Report-2022_En-1
For more information, please contact Survey@ebra.be
To view the results in the digital tool, please click here: View digital tool
The International Business Register Survey has been running for over 20 years. In 2021, the survey went digital for the first time.
To see previous reports, please click here: https://ebra.be/international-surveys/.
Annual General Meeting – voting open!
Agenda and hybrid registration for the AGM
The 2022 Annual General Meeting of the Corporate Registers Forum will take place on 24 September 2022 at the Conference venue, Maldives.
Voting for most AGM business, including election of our new Executive members, will take place remotely, in advance of the meeting. Please vote using this link before 17 September.
Executive has finalised the Agenda for the AGM and share it for your information. We are delighted to see so many colleagues register for the Conference and look forward to also seeing you at the AGM.
Recognising that many jurisdictions continue to have travel restrictions due to COVID, we have resolved to enable a hybrid AGM. If you do not plan to attend the Conference, but would like to participate in the AGM please register via this link.
Draft CRF Strategy 2022-27
The Executive has developed and endorsed a new 5 year strategy for the CRF, which will be presented to members at Conference. Following this we will then seek formal approval from members at the AGM. We invite you to take the time to read the Strategy now.
2023 CRF Innovation Award
We are pleased to announce the launch of the 2023 CRF Innovation Award, to celebrate the spirit of innovation and to honour CRF member jurisdictions which have successfully put in place world-class initiatives that have positively impacted their stakeholders. The CRF Innovation Award was first introduced in 2020.
Despite the Covid-19 pandemic disrupting operations and livelihoods worldwide, our member jurisdictions have endeavoured to implement creative solutions to enable their stakeholders to carry on operations, strengthened the digital capabilities of their own registries, or adapted to the changing circumstances and transformed critical registry functions.
We would like to invite you to submit an entry for the 2023 CRF Innovation Award, and share about the initiatives you have implemented to improve service delivery and operational efficiency.
The awards are open to CRF members only, and are applicable for projects implemented in 2021 or 2022. The submissions will be judged by a panel made up of CRF Executive Committee members. A total of five prizes will be awarded to deserving entries, and winners will each receive a plaque and cash of up to USD 500.00.
Submission for the 2023 CRF Innovation Award is by application form and closes on Saturday, 31st December 2022. Please email your submission to CRF Secretary at secretary@corporateregistersforum.org
Download an application form