Matthias Hilpert

20+ year operator turned investor

[Matthias Hilpert @mhilpert]

Most days I feel Twitter is primarily my more vocal VC friends, but just in case there are also hidden B2B founders and operators out there, this one is for you! 😉

[Matthias Hilpert @mhilpert]

@gdibner couldn't have said it better!

[Matthias Hilpert @mhilpert]

@dim0kq Thank you, Dimko, for your service and for your bravery, I deeply respect your sacrifice and am very grateful to you and your fellow soldiers for it!

[Patrick Hansen @paddi_hansen]

The new EU Inc - how it works and what's still missing 🇪🇺

3 days ago, the EU tabled its long-discussed proposal for a “28th regime” — a new optional company form: EU Inc.

→ Europe still has 27 different company law systems
→ A major barrier for startups scaling across the Single Market
→ A core theme of the Draghi & Letta reports and the EU competitiveness agenda

What is EU Inc.?

→ An optional EU-wide corporate form
→ A single rulebook you can opt into instead of national regimes
→ Still anchored in a Member State (not a fully separate EU system)

Registration / setup

→ Fully digital (no paper, no physical presence)
→ Via EU interface (BRIS) or national registers
→ 48h incorporation (with templates), max €100
→ 5 working days with custom statutes
→ “Once-only” principle: data reused across tax, VAT, etc.

Governance

→ Board structure (at least 1 EU-resident director)
→ Fully digital governance (online meetings, e-voting)
→ Harmonised duties, liability, conflict rules
→ Minority shareholder protections (incl. exit rights)

Shares & fundraising (key for startups)

→ Fully digital shares (no paper, no notaries required)
→ Free transfer of shares across borders
→ Flexible share classes (incl. multiple voting rights)
→ No minimum capital (can be €0)
→ No nominal value shares by default
→ Designed to support SAFEs, convertibles, warrants

Employee stock options (big one)

→ New EU-wide ESO regime
→ Taxation only at sale of shares (not grant/vesting/exercise)
→ Aimed at fixing Europe’s “dry tax” problem

Cross-border scaling

→ Branches & subsidiaries set up digitally EU-wide
→ Company data shared automatically via BRIS
→ EU Company Certificate + digital power of attorney
→ No re-submission of the same info across countries

So what’s the catch? (key criticism from the startups)

→ Core areas still national: tax, labour, insolvency -> this won't change anytime soon
→ Not a fully unified EU company code
→ Disputes in countries remain with national courts (no EU-level system) -> probably the main point of criticism at the moment

What’s next?
→ Parliament + Member States negotiations starting now
→ Political deal targeted by end of 2026
→ Likely application ~2028 (after entry into force + 12 months)

Bottom line:

One of the most ambitious EU steps in history toward a real Single Market for companies. Not yet “one rulebook” across the board - but a big step in the right direction.

Pushback from usual interest groups will be significant, so outcome and final shape remain tbd. The history of similar proposals such as the Societas Europaea in 2004 shows how tough it is to crack that nut. But Fingers crossed.

Congrats for this initial success to long-time supporters like @euinc_petition @euacc @euacchq. Keep pushing!

[Matthias Hilpert @mhilpert]

@SaidHaschemi I wish they all would be as quiet though

[Matthias Hilpert @mhilpert]

@louicop It was beautiful and impressive, I actually wrote a few of my French friends a dedicated message about that. Congrats to France and Paris!

[Matthias Hilpert @mhilpert]

@JoshuaOgundu ...these are the undeniable facts!

[Matthias Hilpert @mhilpert]

@RobertMSterling that's exactly how it works!

[Matthias Hilpert @mhilpert]

@pawell Agreed, the lack of liquidity is needed in venture of course, still, most investors allocate across asset classes incl. their respective features. Hard for me to stop grinning looking at my public market returns these days 😁

[Matthias Hilpert @mhilpert]

@pawell or you may find that LPs feel that public market returns will beat venture returns while providing for lower risk and daily liquidity given macro tail winds ahead 😉

[Matthias Hilpert @mhilpert]

@p0ti0nt0wn yes please

[Matthias Hilpert @mhilpert]

@lucasGo_art46 me, please

[Matthias Hilpert @mhilpert]

@LesleyAtterwill yes please

[Matthias Hilpert @mhilpert]

@agrhrds yes please

[Matthias Hilpert @mhilpert]

@Thirteen_Stars_ yes please

[Matthias Hilpert @mhilpert]

@FinleyHound yes please

[Matthias Hilpert @mhilpert]

@PhillipsPOBrien yes please

[Matthias Hilpert @mhilpert]

@mrjonfinger @HeyGen_Official As a native German, I'm impressed, but have to say that the German is only around 80% there, likely good enough for a private conversation, but not necessarily for a business negotiation. Hoping that this moves fast, though, mostly on behalf of my French friends 🤣

[BMFTR @bmftr_bund]

Bundesministerin @starkwatzinger freute sich, heute die #UNIPRENEURS-Auszeichnungen an 20 herausragende Professorinnen und Professoren zu verleihen. UNIPRENEURS ist die Initiative zur Stärkung der #Ausgründungen aus Hochschulen in Deutschland. Wir brauchen mehr davon! 🚀

[Chan-jo Jun @Anwalt_Jun]

Wenn @x sich weigert, rechtswidrige Inhalte zu entfernen oder legale Inhalte entfernt, ist jetzt die @bnetza zuständig, um den #DSA durchzusetzen. Gegenüber @bastelbro1 teilte die Behörde mit, dass dafür Mail: [email protected] verwendet werden sollte. Wir testen das. Intensiv.

[Matthias Hilpert @mhilpert]

@hrklmann Yep, I would expect actually that B2B has more inertia given the more limited accountability of the decision makers vs B2C. Interestingly, this gets worse (or better for the supplier) the bigger the account becomes, hence the higher NRR figures of enterprise vs SME accounts.