Following the adoption of Directive (EU) 2019/1151 dated 20 June 2019 on the use of digital tools and processes in company law (the Directive), the Minister of Justice filed a bill of law on 15 February 2022.
The bill intends to amend the Civil code, the law on the organization of the notarial profession, the law on commercial companies, as well as the law on the trade and companies’ register in order to, inter alia, digitalize certain aspects of the life cycle of a Luxembourg company.
One of the important purposes of the bill, especially in Luxembourg where transactions require flexibility and quick responsiveness, will be to allow the incorporation of certain commercial companies by way of an online and digitalized process.
The general deadline to transpose the Directive was 1 August 2021. However, Luxembourg has availed of the possibility to have an extension by one year, i.e. by 1 August 2022. Given that the transposition deadline has now expired, the parliamentary process relating to the bill should accelerate in the next year.
