S.L. 386.25 Art. 8Applicability of articles 76 and 77 of the Act.

(1) The online formation of a company shall not be conditional on obtaining a licence or authorisation, save for the provisions of articles 76 and 77 of the Act.

(2) The Registrar shall ensure that where the payment of share capital is required as part of the procedure to form a company, the necessary means are provided for such payment to be made online to a bank account of a bank operating in the Union in accordance with regulation 16 and shall ensure the existence of means to provide for proof of such payments online.