Corporate law
Simplification of the European cross-border mergers’ law
After having implemented the European company statute in 2001 and having reaffirmed the principle of free establishment in the2005 European mergers’ directive, the cross-border mergers’ regime has been improved again by a European directive dated October 26th 2005, transposed in French law on July 3rd 2008. Thus, a cross-border merger now entails the transfer of all assets and liabilities.
Modification of the French trust’s regime (“Fiducie”)
The main change concerns the possibility for physical persons and companies subjected to personal income tax to enter into a trust agreement (“Fiducie”). Moreover, the duration of the trust is now 99 years instead of 33 years and lawyers will henceforth be able to be trustees.
Simplification of French Corporate law
The law for the modernization of the economy has considerably simplified French corporate law, notably concerning the individual businesses and the “Sociétés par Actions simplifiées” (SAS). Among other measures, the law suppresses the minimum capital required to incorporate a SAS and makes the appointment of a statutory auditor optional when the company is under some thresholds set by decree.
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