On 21 January 2015, Luxembourg's Governing Council adopted a proposal for the creation of a simplified limited liability company (Sàrl-S). The new business form is for natural person entrepreneurs, and involves lower establishment costs, quicker establishment time and an initial capital requirement of just 1 euro. The Sàrl-S may be formed by a notarial deed or a private agreement, and formation should be able to be completed in 1 day.