Since the coming into force of the respective legislation for the Societas Europaea (the European Company, or SE) in 2004, almost 100 SEs have been formed or are in the process of being formed. But who has formed an SE, how and why? This paper is a shortened form of a rather extensive report submitted by the author to the French Ministry of Justice in 2007, outlining the use of SE in Europe until 2007. The various motives and advantages behind setting up real SEs in practice are discussed. Likewise, the author exposes some of the problems arising from the establishment of this supranational corporate form. In view of the approaching due date for review of the SE Regulation, the paper concludes with various suggestions for improvement.