Digitizing the “undigitizable”. German notary offices are known for their immutable processes and principles. Founders or their corresponding representatives are still required to make a personal appearance to their notary of choice to found a new company. Identities have to be checked manually, prior to the deed being read to and signed by all parties present. But that is about to change.
Founding and register applications online possible from 1 August 2022
Digital revolution, here we come, as in the not-so-distant future, this personal visit will become redundant (at least in some cases). From 1 August 2022, technology will take over and transfer the act of founding into the digital space. A video conferencing system, developed by the Federal Chamber of Notaries (Bundesnotarkammer) will be introduced to allow for identities to be verified and the act of founding and register applications to be completed online. Electronic signatures will then be sufficient for the signing of the deeds.
Though not for everything
Changes to processes in notary offices have been long overdue. They now help founders to reduce (travel) costs, while saving them valuable time they desperately need to build their company. Founders should not become overly enthusiastic, though, as for the time being, this digital process will only be made available for the founding of GmbHs (limited liability companies) and register applications (further information at https://www.onlineverfahren.notar.de/). It is an important step towards the digital transformation of the German notary.
Digitization to continue
It is a kick-start, promising for more changes to come. One of those might be the transference of the validity register for notarial powers of attorney and inheritance certificates onto the blockchain (further information at https://www.bnotk.de/aktuelles/details/innovationspreis-fuer-erste-blockchain-kooperation-in-der-justiz) or the digital archive for notarial documents (starting 1 July 2022).
We at YPOG have not only been supporting but driving the digitization of legal processes and are looking forward to many more to come.
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About us
YPOG stands for You + Partners of Gamechangers – forward-thinking legal and tax advice. Supporting companies that are focused on emerging technologies, YPOG embraces change as an opportunity to develop cutting-edge solutions. The YPOG team offers comprehensive expertise in the areas of Funds, Tax, Transactions, Corporate, Banking, Regulatory + Finance, IP/IT/Data Protection, Litigation, and Corporate Crime + Compliance + Investigations. YPOG is one of the leading law firms in Germany for venture capital, private equity, fund structuring, and the implementation of distributed ledger technology (DLT) in financial services. Both the firm and its partners are regularly recognized by renowned national and international publications such as JUVE, Best Lawyers, Chambers and Partners, Leaders League, and Legal 500. YPOG is home to more than 150 experienced attorneys, tax advisors and tax specialists as well as a notary, working across offices in Berlin, Hamburg, Cologne, and Munich.
Further information: www.ypog.law/en/ and www.linkedin.com/company/ypog
