HOW TO SET-UP A PRIVATE LIMITED COMPANY (BV) IN

BELGIUM

• A ‘besloten vennootschap’ (bv), is the Dutch and Belgian equivalent of a private limited company.

STEP-by-step guide:

• Complete a questionnaire which gives information about the applicant, the registered company in the United Kingdom, and information about the new company to be incorporated in Belgium.
• Complete a financial plan covering the first 24 months, including profit & loss sections and balance sheets. The financial plan is used to determine the funds needed to start your company and if you need a security deposit in your Belgian Business bank account and if so, how much it needs to be.
• A draft deed of incorporation will be provided by a Notary to open a business bank account with a Belgian bank, after the questionnaire and the business plan are completed

For example, through Barclays Bank which is affiliated with Belfius bank in Belgium:

• When the bank account is opened, pay the agreed starting capital and the security deposit (if applicable) into the Belgian company bank account and a bank certificate provided showing the initial capital blocked by the bank.
• Company will be registered by the Notary and will publish the annexes in the official Belgian Gazette.
• At the end of the deed of incorporation a power of attorney can be made to fulfill all formalities regarding obtaining a VAT and EORI numbers also the registration with the Social Security Office

IMPORTANCE OF THE FINANCIAL PLAN:

Belgian law imposes strict requirements on the financial plan. If the company goes into receivership in the first three years after incorporation, the official receivers will go through the financial plan originally provided. If they find that the financial plan provided by incorporation was not substantiated, persons responsible be held liable and court cases can follow.

ELEMENTS IN THE FINANCIAL PLAN:

1 ° An accurate description of the intended activity.

2° An overview of all sources of financing at the time of incorporation, where appropriate, stating the securities provided in that regard.

3 ° An opening balance sheet drawn up in accordance with the schedule referred to in Article 3: 3, as well as projected balance sheets after twelve and twenty-four months.

4 ° A projected profit and loss account after twelve and twenty-four months, drawn up in accordance with the schedule referred to in Article 3: 3;

5 ° A budget of the expected income and expenditure for a period of at least two years after the foundation.

6 ° A description of the assumptions used in the estimation of the expected turnover and the expected profitability.

7 ° If applicable, the name of the external expert who aided in drawing up the financial plan.