Starting a business in Belgium: the home of the European Union

The private limited company – known as the SRL (Société à Responsabilité Limitée) in French and BV (Besloten Vennootschap) in Dutch – is the structure most commonly used by foreign investors in Belgium. An SRL/BV is a separate legal entity and shareholders' liability is limited to their capital contribution. There's no fixed statutory minimum capital requirement; however, founders must ensure that the company has sufficient initial funding to carry out its planned activities and for this must prepare a financial plan. It is recommended to use the services of a local chartered accountant for the preparation of such document. An SRL/BV allows for 100% foreign ownership and is suitable for operating subsidiaries, small and medium-sized enterprises (SMEs) and group holding companies.

The joint stock company – SA (Société Anonyme) in French and NV (Naamloze Vennootschap) in Dutch – is generally used for larger, capital-intensive or regulated businesses. An SA/NV is a separate legal entity and requires a minimum €61,500 capital investment, with share capital divided into shares and offering limited liability to its shareholders. This structure is typically suitable for large operational entities, holding companies and businesses considering public listing, and is required for certain regulated sectors (such as banking and insurance). An SA/NV comes with more formal governance and reporting requirements.

A branch office allows a foreign company to operate in Belgium without incorporating a separate legal entity. The branch is considered an extension of the parent company, which remains fully liable for the branch's obligations. It must be registered with the Crossroads Bank for Enterprises and comply with Belgian accounting and tax requirements. There's no minimum capital requirement. A Belgian branch office is often used for project-based or initial market entry operations.

A representative office (or liaison office) may be established for non-commercial purposes. Its activities are limited to market research, promotional activities and coordination with customers or partners. It cannot carry out commercial transactions or generate revenue in Belgium. As a result, it's typically used by foreign companies testing the Belgian or EU market before committing to full incorporation.

While less commonly used by foreign investors, Belgium also recognises structures broadly equivalent to general partnerships and limited partnerships (societes en commandite). These are typically used for professional services or joint ventures and involve varying degrees of partner liability. Regulatory approval and sector-specific rules may apply, particularly where professional licensing is required.

Setting up a business in Belgium involves a range of costs, which vary depending on several key factors. These include the chosen entity, your specific business activity and the region in which you plan to establish operations – be that Flanders, Wallonia or the Brussels-Capital Region.

Once we understand your plans, we can walk you through the expected costs of expanding into Belgium.

• Registration and incorporation fees: Costs associated with company incorporation in Belgium with the relevant authorities. This includes registration with the Crossroads Bank for Enterprises, via a regional Commercial Court, and publication of the incorporation deed in the Belgian Official Gazette.

• Notary and legal fees: Most Belgian companies, including the private limited company (SRL/BV) and public limited company (SA/NV), require a notarial deed of incorporation, which involves notary and related legal transaction costs.

• Capitalisation costs: While Belgium no longer imposes a fixed minimum capital requirement for the SRL/BV, there must be sufficient initial equity to support planned activities, as demonstrated by a financial plan. For an SA/NV, a minimum capital of €61,500 is required, with at least one-quarter paid up at incorporation.

• Tax and social security registration: Businesses must register for corporate income tax and, where applicable, VAT with the Belgian tax authorities. Employers must also register with the National Social Security Office.

• Visa and work permit costs: Expenses for professional cards, long-stay visas (Visa D), work permits or Single Permits for non-EU/EEA nationals, including residence visas where applicable.

• Office space rental: Costs for leasing office space, which vary depending on the city and quality of the premises. Brussels, Antwerp, Leuven and Ghent are generally among the more expensive locations.

• Professional fees: Costs for engaging professional services, such as legal counsel, business setup consultants, payroll providers and accounting services.

• Other potential costs: These may include translation costs (Belgium has three official languages: Dutch, French and German), bank charges and other miscellaneous administrative expenses.

At Hawksford, we'll usually start by understanding your business objectives. From there, we can guide you through the timeline and requirements for incorporating an entity in Belgium.

We typically begin with a detailed consultation to understand your business plans, operational requirements and long-term goals. Based on this, we can provide guidance on the legal structure (such as SRL/BV, SA/NV or branch office), regional location and available investment incentives or grants.

After the initial consultation, we can put together a structured plan for your setup. This can include Belgian company law requirements, governance structure, shareholder arrangements and regulatory considerations specific to your industry.

Our team can then assist with preparing all required documentation, including drafting the financial plan, articles of association and notarial deed. We can also coordinate with a Belgian notary for the execution of the incorporation deed and ensure compliance with applicable legal requirements.

We can manage your registration with the Crossroads Bank for Enterprises, VAT registration (if applicable) and affiliation with a social insurance fund for self-employed directors. Where required, we can also assist with applications for sector-specific licences or permits.

Our team can also support applications for Single Permits, professional cards and residence visas for non-EU/EEA directors or employees, liaising with the relevant regional and federal authorities.

For corporate bank account opening in Belgium, we can advise on documentation requirements and coordinate with local and international banks to ensure a smooth process.

After incorporation, we can provide ongoing support with office setup, payroll registration, employment contracts and operational logistics.

We also help you with managing ongoing accounting and tax compliance, including corporate income tax, value-added tax (VAT) registration and filing, statutory financial statement preparation and bookkeeping in accordance with Belgian Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), as required.

The overall timeline for setting up a business in Belgium can vary depending on your business setup and regulatory requirements. We're committed to managing the process efficiently, enabling you to plan ahead for your market entry.

• Chosen legal structure: Incorporation of an SRL/BV or SA/NV typically takes several weeks, including preparation of the financial plan and notarial deed. Branch registrations operate on a similar timeframe.

• Complexity of business activity: Regulated sectors (such as financial services, pharmaceuticals or construction) may require additional licences or approvals, which can extend timelines.

• Regional requirements: Certain permits and incentives are administered at the regional level (Flanders, Wallonia or Brussels-Capital), and processing times may differ slightly between regions.

• Efficiency of document processing: The time it takes relevant authorities to review and approve submitted documentation also plays a role. Timely submission of complete and accurate documentation can help to avoid delays.

At Hawksford, we apply a structured approach, supported by experience, to help your incorporation progress smoothly. Our team can provide clear guidance on the next steps and save you time. We can also work with you to ensure all documentation is complete and submitted correctly, reducing the risk of delays.

• Initial planning and document preparation: Typically 1 week

• Capital account opening and financial plan preparation: 4 to 6 weeks

• Notarial incorporation and registration: Generally 2-3 working days

• VAT and social security registrations: Usually 1 to 2 weeks following incorporation

• Visa and work permit processing (if required): Commonly 4 to 8 weeks, depending on nationality and region

• Bank account opening: Typically 2 to 3 weeks from incorporation if completed with the same bank that issued the capital account, depending on compliance checks and bank procedures

While these are indicative timelines, we maintain consistent communication and proactive management throughout the process, ensuring the most efficient setup possible within Belgium's legal and regulatory framework.

For a more accurate assessment based on your plans, please get in touch with our team.