Europe is unique, with its world class talent, a market of 450 million consumers, and a strong tradition of stability and the rule of law. But in a rapidly changing global economy, we must ensure Europe remains a place where entrepreneurs choose to build, innovate and grow.

Geopolitical tensions are rising, supply chains are shifting and competition between major economies is intensifying. Companies today have real choices to make as to where to invest and expand. As the Draghi Report highlighted, Europe must do more to strengthen its competitiveness and better support European entrepreneurs.

Competitiveness is about ensuring that innovation thrives alongside fairness, that growth is matched with stability, and that opportunity is anchored in trust. In an unpredictable world, these qualities are not just economic advantages - they underpin Europe's political resilience, global influence and democratic stability.

To maintain and enhance this competitive edge, the EU must unlock the full potential of its Single Market. On paper, it is the largest in the world. In practice, its full potential remains untapped, especially for companies seeking to grow across borders in the EU. Today, businesses looking to expand in the EU must navigate 27 different company law systems. For start-ups and scale-ups in particular, this fragmentation slows growth, increases costs and discourages companies from scaling in Europe.

This is why, next week, I will present the 28th regime proposal. We call it simply EU Inc. It will be an optional, digital-by-default European corporate framework designed to make it easier for businesses to start, operate and grow across the EU - and incentivising them to stay in Europe.

Over the past year, I and my colleagues at the European Commission have consulted widely with entrepreneurs, investors and stakeholders across the EU. Their message was clear: Europe needs a simpler, more predictable corporate framework for companies that want to operate across borders.

More than 85% of respondents to our targeted consultation identified differences in national company laws as a major barrier, while almost three-quarters said the absence of a recognisable "EU brand" for private companies makes it harder to attract investment.

EU Inc responds directly to these concerns. It will provide a single, voluntary and harmonised set of corporate rules that companies can choose instead of navigating multiple national regimes. While designed with the needs of innovative companies, start-ups and scale-ups in mind, it will not be limited to these groups, but open to all founders and businesses.

Companies opting into the EU Inc form will benefit from faster and simpler procedures. Entrepreneurs will be able to register a company fully online within 48 hours through a single access point, with no minimum capital requirement. Corporate processes will be digital-by-default throughout a company's lifecycle, including online shareholder meetings, board meetings and streamlined digital insolvency procedures.

EU Inc will also help European companies compete for talent. Europe's talent is one of its greatest assets, yet companies often struggle to offer competitive incentives at scale. The new framework will make it easier to provide employee stock option plans, with common features across the EU, helping companies attract and retain the talent they need to grow.

Access to capital will also be easier. By providing a clearer and more predictable corporate structure, EU Inc will make it simpler for companies to raise equity across borders and throughout their growth cycle - from start-up to the critical scale-up phase.

This matters because too often European companies encounter barriers just as they are ready to grow. Faced with regulatory complexity across the Single Market, many choose to scale elsewhere - particularly in the US.

Europe should be the best place in the world to build a business. The talent is here. The ideas are here too. Our aim is to ensure that our regulatory environment allows companies to scale across Europe as easily as they can within a single country, and to keep European innovation in Europe.

The 28th regime is therefore not just a technical reform of company law - it's about unlocking the full potential of the Single Market.

At the same time, Europe's competitiveness must remain anchored in our core values of reliability, predictability and respect for the rule of law. These qualities foster trust which is one of the most powerful drivers of sustainable growth. It translates into better jobs, higher living standards and greater opportunities for our citizens, while strengthening Europe's ability to shape global standards.

European entrepreneurs should not have to leave to scale their ideas. By providing speed, simplicity and scale for businesses, with the level of certainty and trust that defines Europe, EU Inc can create the conditions for the next generation of EU companies to thrive.

The message is simple: if you want to grow in the future, Europe is open for business.

Michael McGrath is the Irish Commissioner responsible for democracy, justice, the rule of law and consumer protection