Recital 11

(11)In order to further cut costs and reduce the administrative burden relating to the formation of companies, including the length of procedures, and to facilitate the expansion of companies in the internal market, in particular SMEs, the use of the ‘once-only’ principle should be further extended in the area of company law. This principle is already well recognised in the Union, including in the Commission Communication of 9 March 2021 entitled ‘2030 Digital Compass: the European way for the Digital Decade’, as a means to allow public administrations to exchange data and evidence across borders, and is applied in different areas, such as for instance the technical system for the automated exchange of evidence between competent authorities in different Member States under Regulation (EU) 2018/1724 of the European Parliament and of the Council ⁶ .