Michael McGrath to develop EU-wide company status

Companies established in Ireland will be able 'trade cross borders in a seamless manner'

Former Minister for Finance Michael McGrath takes up the role of EU Commissioner for Democracy, Justice and the Rule of Law. Picture: Darragh Kane

Creating a single company registration status that is recognised across the EU will be one of the priorities for new EU commissioner Michael McGrath.

The former minister for finance takes up the role of EU Commissioner for Democracy, Justice and the Rule of Law.

It means he will be responsible for a range of issues including consumer protection, ensuring the rights of the continent’s 450m consumers.

He will also focus on data protection, including data privacy and data sharing with partners around the globe to ensure commerce and trade across borders.

Mr McGrath said EU Commission president Ursula Von Der Leyen has also asked him to bring forward a new proposal for a company status that will be recognised throughout the European Union.

“So that we can trade cross borders in a seamless manner,” he said.

“That when you set up a company in Ireland, you can trade very easily and efficiently throughout the European Union with that company status registered here, being recognised throughout the European Union.

“And also adding a single market dimension to the rule of law, because the fundamental essence of the role will be about protecting our democracy, protecting the rule of law throughout the European Union, but ensuring that companies have the certainty that when they engage in their trade throughout the European Union, the contracts are enforceable in every jurisdiction and that the independent judiciary will give effect to arrangements and agreements that have been entered into.”

In her mission letter to Mr McGrath, Ms Von Der Leyen said his role would also include stepping up the fight against information manipulation and interference by foreign sources.

He will also steer work to add a single-market dimension to address rule-of-law issues affecting companies, particularly SMEs operating across borders.

McGrath will also be responsible for developing a clear EU approach to anti-corruption to ensure EU funding can be dedicated to national measures on fighting corruption and protecting the EU’s financial interests.