In a world where technological advancements are taking place at a staggering pace, entrepreneurs are increasingly expecting to set up and do business with the help of digital processes. The European Union, in a drive to encourage innovation in business, has now set out in Directive 2019/1151 the ambition for member states to fully digitalize the registering and incorporating of companies.

Pursuant to the Directive, two years from now, by 1 August, 2021, it should be possible to fully incorporate a company online without having to register physically with any authority. This includes drafting any text required for the incorporation of a company. An exception to this rule is possible for public limited liability companies, on account of the complexity of their formation and registration. The Directive intends the whole online formation process to not exceed more than 10 working days.

The consequences for the Belgian entrepreneurial landscape should not be underestimated. Until today, amongst other requirements, a notarized deed of incorporation  has to be physically filed with the registry of the court of enterprises and published before registration is possible.

The Directive thus amends European company law in order to provide more efficiency, transparency and legal certainty to companies by making it possible to set up a company very quickly, effortlessly and completely online.

If you are interested to learn more about the establishment of commercial entities or non-profit organizations, do not hesitate to contact the Brussels office of Dentons Europe LLP in case of further questions. Our professionals are available to provide any tailor-made advice at short notice.

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries.

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.