The establishment of a company in Europe provides entrepreneurs with ample advantages. The Treaty on the Functioning of the European Union (TFEU) created an internal market with equal treatment for its citizens and free of discrimination. The result is an environment where goods, capital, and workers can move freely. The fourth fundamental freedom allows for establishment and provision of services by EU citizens in any of the member states. The internal market furthered economic and social integration within the member states. In combination with technological developments and globalization, privacy protection gained further attention.
Protection of the fundamental Union rights is done by harmonization of laws in all member states of the Union. The General Data Protection Regulation (GDPR) governs personal data of individuals in the EEA. The Regulation gives individuals in the EEA control over their personal data and provides for a uniform regulatory framework for enterprises that deal with the personal data of these data subjects.
The European single market is easy accessible to Union residents. European company formation often grants corporate access to the internal market without restrictions. Similar to individuals willing to enter the Union, legal entities also have a single point of entry. This means that new entrants need to comply with the entry requirements in just one member state to utilize the advantages of the internal market.
The upside of European incorporation is the accessibility via a single point of entry. To ensure the proper functioning of the internal market, Union law protects the foundation principles. As such, European companies are subject to these rules as well. These days, most enterprises have a website. Online activities have a virtual character and can easily cross border. Therefore, the website policies must provide for detailed information on data protection and other rights of the data subject relating to data protection.
Data and privacy protection
The GDPR Regulation applies to any enterprise that is processing personal information of individuals in the EEA. This is regardless of the location of the enterprise. Even though there are exemptions, GDPR is enforced on most enterprises falling in the scope of the Regulation.
Regulation is often seen as a limitation to a free market. However, the balance between protection of individuals and the objectives of enterprises is crucial. From a branding and marketing perspective, enterprises can use meticulous GDPR compliance as a competitive advantage. Additionally, the adequate implementation of a privacy protection policy often gets approval from prospects, users and customers. Using GDPR Software can help to minimize unnecessary distraction and maximize corporate efficiency. European companies should seek easy but straightforward tools that help them excel. GDPR software can be such a tool.
European companies must follow Union laws. Although there are derogations that allow qualifying companies to refrain from compliance with European Regulation, the GDPR Regulation is a mandatory framework that applies to any enterprise that deals with personal data of data subjects in the European Union. GDPR Software Solutions provide an easy to operate and most of all functional platform to comply with the Regulation and make business prosper.