1. Minimum capital requirement: BEF 1,250,000 to be fully subscribed at incorporation. A minimum of 25% of the capital must be paid in at incorporation with an absolute minimum of BEF 1,250,000; 2. Capital contributions may consist of cash or any asset with an economic value. The shares issued in consideration for the capital contributions may be in registered or in bearer form; 3. Minimum number of shareholders: two, which may be legal or natural persons. There are no restrictions as to the shareholders' citizenship or place of residence. In most public limited companies which are part of an international group, all but one shares in the company are owned by the ultimate parent company or another group company, while the remaining share is owned by an individual or a group company; 4. Minimum number of directors: three. Directors are usually natural persons, even though legal persons may be appointed as director. There are no restrictions as to the directors' citizenship or place of residence; 5. An auditor must be appointed to review the company's financial statements if two of the following criteria are exceeded: (i) annual turnover (not including VAT): BEF 170 million, (ii) balance sheet total: BEF 85 million, (iii) total number of employees: 50. The appointment of an auditor is also required when the company has more than 100 employees. The above criteria must be assessed on a consolidated basis (i.e., taking into account the parent company). The auditor must be a member of the Belgian Institute of Certified Auditors.The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Didier Leclercq on + 32.2. 517.94.23.
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