Common working terminology: Definition of "Key Business Event"

Description

The working group agreed that the list of key business events, defined in the common working terminology needs some revision:

• Some of the events currently in the definition are not to be considered as key business events (for instance Innovation, Funding).
• Some key business events are missing (for instance Starting a new branch)
• Some key business events are sector specific (for instance Premises & Environment, Legal and Regulatory).
• Also there the WG had a discussion on the difference between selling and closing a business. When closing a business, it stops to exist which means for instance removal from the business register. Selling a business does not include ceasing of activities and thus it is a different stage from a business point of view and also involves different public services. The WG agreed on having closing and selling a business as two separate business events.

Also the Working Group requested to add a description of each key business event.

Proposed solution

The following is proposed as list of Key Business Events and their definitions:

1. Starting business:
   All public services for local businesses until the business is eligible for operation.
2. Starting cross-border business:
   All public services for foreign businesses (branches or temporary service provision).
3. Doing business:
   All public services for business operation, growth, expansion, tax, except staffing.
4. Staffing:
   All public services related to staffing a business.
5. Closing business:
   All public services related to closing a business. This covers also mergers and acquisitions. The criterion is a change in the registry that causes a termination of operation of a legal entity.

Component

Category