The EU Small Business Act has been launched by the European Commission (EC) in order to encourage enterprise activity across EU Member States. The Act will reduce the administrative burden on small businesses and promote a 'think small first' principle, as well as encourage enterprise in young people. The EC is proposing a new company form, the 'European Private Company', designed to help small businesses operating across borders. However, the Act is yet to be finalised and ratified into the law of member states.