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GLOBAL INFO

Belgium

COUNTRY:

BELGIUM

QUESTION:

ANSWER:

1.      What are the main company forms in your country?

Company limited by shares (NV / SA)

Limited liability company (BVBA / SPRL)

Cooperative company with limited liability / jointly liability

Partnerships

2.      Which is the most preferred company form by foreign investors?

Company limited by shares

3.      What are the basic capital requirements of this company? (minimum amounts, types of capital, deadline of capital contribution)

Companies limited by shares must be incorporated with an initial fully paid capital of 61.500 EUR.

In addition, the capital should be sufficient for normal business operations over a 2 year period.

4.      What are the basic rules of shareholders liability for company debts in this company?

Normally, shareholders have no liability for debts of the company. However, when the company is used to perpetrate fraud f.i. the corporate veil may be lifted and the shareholders may be subjected to personal liability.

5.      What are the basic management requirements for this company? (only natural persons, or nationals can be managers etc.)

Companies limited by shares are managed by a board of directors, the members of which are elected by the general meeting. Natural persons as well as legal persons may be elected.

There is no specific nationality requirement for managers, although the bylaws could provide such requirements.

6.      How long does the registration procedure of this company take?

Approximatively 1 week

7.      What are the main costs of formation of this company in local currency?

Notary cost about of 1.600 EUR (VAT included) for a capital of 61.500 EUR. This amount may vary depending on the amount of its capital.

8.      What is the average attorney’s fee of the formation of this company in local currency?

Depending on the complexity level between 1.000 and 1.800 EUR

9.      What are the basic publicity requirements of this company (filing of company changes, financial reports, etc.)

A company is formed upon the issuance of a certificate of incorporation (constitutional documents and statutory form). The company must be incorporated  by notarial deed, and published in the annexes of the Official Journal.

Annual accounts must be published at the Central Bank.

10.   What are the main auditor requirements?

Auditor is required when:

-        the turnover is more than 7.300.000 EUR

-        the balance sheet is more than 3.650.000 EUR

-        the average number of employees exceeds 50