During their meeting in Luxembourg, EU ministers responsible for digitalization reached a common negotiating position on establishing a European business portfolio.
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This is a milestone towards the digital single market. The new solution will allow companies to securely verify identity, authenticate and seamlessly send documents and data to offices and contractors throughout the Community. All this without wasting time in queues and – most importantly – without the need to appear in person at foreign branches.
Digital convenience, but without compulsion
Although the new tool is intended to drastically reduce bureaucratic procedures, Brussels does not intend to completely abolish traditional administration. In their official position, ministers expressed a clear position: European business portfolios should complement and not replace similar national solutions.
Entrepreneurs attached to traditional forms of contact with the office do not have to be afraid of changes. Although digital procedures will gain full legal force equivalent to a traditional visit to the counter, they will not erase the existing mechanisms or negatively affect the validity of national powers of attorney and authorizations.
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Cybersecurity under the microscope
Data security turned out to be a key element of the negotiations. For the business portfolio to gain the trust of companies, its suppliers will have to undergo extremely rigorous certification. Member States have imposed on the European Commission the obligation to create precise supplier evaluation criteria and control procedures.
The EU Council also decided to give local offices more time to verify entities willing to offer such services. Under the new plan, national supervisory authorities will have 60 days instead of the originally proposed 30 days to thoroughly assess whether a given service provider meets strict cybersecurity standards.
