54Article 49 TFEU requires the elimination of restrictions on the freedom of establishment. That freedom includes, for companies established in accordance with the legislation of a Member State and having their registered office, central administration or principal place of business within the European Union, the right to exercise their activity in other Member States through a subsidiary, branch or agency (judgment in Commission v Denmark, C‑261/11, EU:C:2013:480, paragraph 25 and the case-law cited).
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