How to start a business in Belgium - company formation, notary advice, taxes & VAT.

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Belgium lies at the political heart of the European Union and it is the most cosmopolitan of all EU states. This may go some way to explaining its strongly free-market approach to businesses wishing to set up a company in Belgium. The authorities impose relatively few restrictions on foreign companies operating within the country.

What are the most common types of company in Belgium?

• The limited company (S.A. / N.V.)
• The limited liability company (S.R.L./B.V.)
• Foreign companies seeking to incorporate in Belgium can operate either through a subsidiary (established under Belgian law) or as a branch (which maintains the same statutes as those of the parent company).

What formalities must be completed to form a limited company (S.A. / N.V.)?

• The share capital of a S.A./N.V. is a minimum of €61,500 which must be fully subscribed and paid up.
• The constitution is carried out by notarial deed.
• The statutes must be published in the Belgian official journal.
• The language of the documents is either French or Dutch depending on the city region.
• A preliminary two-year financial plan (business plan) is required.

What are the other requirements for a limited company (S.A. / N.V.)?

• You can create this type of company alone or with other partners. At least one administrator is required.
• There is, in certain cases, a legal audit of the annual accounts.
• There are no residency or nationality requirements.

What are the procedures for creating a private company S.R.L./B.V. ?

• There is no minimum capital for the S.R.L./B.V. company form.
• The company must have at least one shareholder.
• This form of company only admits one director. At least one director is required
• Shareholders are only responsible for the assets they contributed to the company after 3 years of activity. For the first 3 years, the liability of the founders is unlimited.
• In order to become a company director, you must, depending on the region, demonstrate management skills. This is the case in Wallonia. In Brussels, it is no longer necessary to prove basic management knowledge, and in Flanders, to prove neither management nor access to the profession.

What are the other types of companies?

• The common law company: there must be at least two partners and the profits will be taxed under personal income tax.
• The Cooperative Society (SC) for which three founders are required. A symbolic euro is enough to create this company.
• The Limited Partnership (Scomm) for which a minimum of 2 founders are required (a limited partner - passive - and a general partner - active and generally the manager)
• The Company in Collective Name (SNC) for which a minimum of 2 founders are required

How easy is it to recruit staff?

Belgium has an advanced recruitment sector, including clerical and secretarial staff. Labour costs are high and generous welfare benefits are matched by high national insurance contributions for both employers and employees. In Dutch-speaking Flanders, the most prosperous region of Belgium, there is strong demand for skilled workers, particularly in IT and other technical fields.

What is the regulatory environment like?

Belgium guarantees the freedom to set up a company and transfer capital to all foreign companies and to any foreign investor who wishes to settle in Belgium in order to start a commercial or industrial operation. The benefits include:

• no prior authorization needed except for certain types of business such as banking, insurance and transport
• foreign capital may be brought into the country without restriction
• no preliminary authorization required for takeovers or joint ventures
• variety of tax breaks, including one which allows a multinational company to provide financial and managerial services virtually tax-free

Financial incentives and banking facilities

Full banking services are available which offer a complete range of commercial banking facilities, including those related to acquisitions and the raising of capital. We make it easy for you to open a bank account in Belgium. Financial incentives are available but vary widely according to location. These include:

• Flanders offers financial aid to SMEs starting up in established industrial zones or in industrial development zones; funding is also available to larger companies; extra incentives are in place for biotech companies and for businesses involving environmental controls
• Wallonia offers help with the purchase of land, buildings, equipment and project-related investment costs; aid is also available for investment in areas such as product development, licensing and market research
• Brussels may provide investment grants, initial exemption from withholding taxes in certain cases, interest free loans for industrial research, grants for employment of some categories of job-seekers and aid for technical and language training

For more information on company incorporation in Belgium, how to open a bank account or for any further issues on how to set up a business in Belgium including notary advice, taxes and VAT, please contact us on 0033 (0)1 53 57 49 10 or email us through our contact page and we’ll be happy to help.

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Why You Should Choose Euro Start Entreprises

How to start a business in Australia - company formation, business bank accounts & accountancy

There are many reasons for choosing to set up or expand your existing business in Australia. For a start the Australian foreign exchange market is in the top ten largest in the world and Australia is one of the richest developed and most industrialized countries.

And if that weren’t incentive enough, the best news for business people is that they can benefit from the speedy company formation process in Australia. A company can be formed within a couple of days, and upon receipt of the documents, company registration can be arranged within 4-5 weeks.

The local legal processes and bureaucracy can make some aspects complicated, but due to our contacts with Australian accountants and business migration agencies, we are able to help our clients smooth the path to opening their business in Australia or developing joint ventures with Australian business partners.

What are the most common types of company in Australia?

Company incorporation in Australia can be set up as follows: a 'Proprietary Company' is one that has its members restricted to 50 non–employee members. Proprietary companies are further divided into two classifications - large or small.

Large proprietary companies must have two of the following criteria:

• Where consolidated and operating revenue exceeds Aus $25 million
• Where consolidated and gross assets exceed a Aus $12.5 million
• Where the company and its controlled entities have 50 or more employees
• Share capital Aus $1.

Small proprietary companies are therefore those that do not meet any two of the criteria listed. They are not required to report certain financial requirements in their annual returns under the Corporations Law and are not required to hold annual general meetings.

Requirements for a propriety company incorporation in Australia:

• Minimum number of members for a proprietary company is 1                                     
• Maximum number of members for a proprietary company is 50 non employee members
• Company Secretary – Appointing a secretary is optional but if one is appointed he/she must be an Australian resident. Additional secretaries need not be residents
• If a secretary is not appointed, the directors will be responsible for carrying out the duties and responsibilities of a secretary.
• Minimum numbers of directors – one must be an Australian resident

What about banking and accounts?

Whether you just need a straightforward tax return or audit, or accountancy services in conjunction with your company formation in Australia, we can help. We will ensure that all documentation is submitted to deadline, legislation is fully compliant, to save you the time and money of managing it yourself. Wherever possible we will provide a fully inclusive quote based upon your approximate invoices, turnover and activity so that you are able to work out an accurate budget.

In addition to these accountancy services, we also provide assistance with setting up a bank account which is a fairly quick process if you understand all the documentation required for the application. There is a wide representation of banks throughout Australia and setting up a bank account is one of the first things we advise once your business is set up. The timescale for processing a bank account is generally 5-10 working days, but it does depend on the bank and the type of account.

So, whether it is a speedy company formation in Australia or joint venture which opens your business to a new market, Euro Start Entreprises is happy to guide you through the process of Australian company incorporation. Please don’t hesitate to call us on 0033 (0)1 53 57 49 10 or email us directly from our contact page for further information or to discuss your business plans in Australia.

How to start a business in Austria - company formation, legal advice, taxes, VAT & accountancy

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A prosperous and sophisticated business centre and a traditional trading bridge to Eastern Europe and the Balkans, Austria actively welcomes foreign investors. Setting up a company here is physically very easy. There is plenty of office and industrial space available, both for short and long term let and we can provide serviced office facilities. Furthermore, Austria's banking system is one of the most reliable in Europe.

Requirements for company formation in Austria:

• A company with limited liability (GmbH) is the usual form of company in Austria.
• Minimum share capital is €10,000; €5,000 has to be paid up.
• At least one shareholder will be required.
• At least one managing director, who does not have to be an Austrian citizen or resident in Austria, will be required.
• Audit and disclosure requirements may be necessary.

What other types of company are there?

• Stock Corporation (AG) - minimum share capital €70,000, at least two shareholders required
• General Partnership (OHG) - unlimited liability for all partners
• Limited Partnership (KG) - unlimited liability for at least one partner
• Registered Civil Law Partnership (EEG) - similar to OHG or KG but suitable for small companies and partnerships
• Cooperative (Genossenschaft) - legal entity with flexible membership, no fixed capital, not primarily for profit
• Foreign Branch - GmbH and AG companies based abroad may establish a branch in Austria

The main formalities regarding Austrian company incorporation include:

• Drafting of articles of association
• Legalization of articles of association by notary
• Entry in the commercial register

How easy is it to recruit staff?

Austria has a well-developed recruitment sector both for professional and support staff. In some industries, such as telecommunications, engineering and building, it is preferable that the head of the company should be an Austrian national. We can help you with all your recruitment issues.

What is the regulatory environment like?

Austria is a participant in the Euro and there is free movement of both capital and earnings. It has dual taxation agreements with a number of other countries, in particular all members of the European Union, the USA and Canada, and no industries are closed to foreign investment.

Financial incentives & banking facilities

Full banking services are available which offer a complete range of commercial banking facilities, including those related to acquisitions and the raising of capital. We can help you open a bank account in Austria.

Government incentives include the following:

• investment allowance - 9% of all purchases for depreciable business properties are tax deductible, as are 6% of all software purchases
• investment incentive- project costs ranging from 15% to 70% are covered
• pre-market development - incentive of 25% to 50%
• research allowance – from 12% to 18% of research budgets are deductible where this research will lead to an increase in export revenues
• industrial research – incentives range from 50% to 60% of incentive-eligible costs dependent on area and size of business

For further information on company incorporation in Austria, or for details on legal advice, taxes, VAT and accountancy in Austria, please don’t hesitate to call us on 0033 (0)1 53 57 49 10 or email us directly from our contact page.