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GUIDE to GOING GLOBAL CORPORATE Belgium GUIDE TO GOING GLOBAL CORPORATE Belgium Downloaded: 25 Sep 2021 INTRODUCTION GUIDE TO GOING GLOBAL | CORPORATE INTRODUCTION Welcome to the 2021 edition of DLA Piper’s Guide to Going Global – Corporate. GUIDE TO GOING GLOBAL SERIES To compete and be successful today, companies need to develop and scale their businesses globally. Each country presents its own set of unique laws, rules and regulations and business practices that companies must understand to be successful. In order to help clients meet the opportunities and challenges of expanding internationally, we have created a handy set of global guides that cover the basics companies need to know when going into and doing business in new countries. The Guide to Going Global series reviews business-relevant corporate, employment, intellectual property and technology, executive compensation, and tax laws in key jurisdictions around the world. CORPORATE The Guide to Going Global – Corporate has been created based on our research, our experience and feedback we have received from clients in both established and emerging businesses that have expanded internationally. We hope it will be a helpful resource for you. The Guide to Going Global – Corporate covers corporate basics in 54 key jurisdictions across the Americas, Asia Pacific, Europe and the Middle East. We touch on a wide range of corporate issues for companies expanding internationally, including establishing a corporate presence and choice of entity, liability considerations, tax presence and tax filings, capital requirements, the formation process, director, officer and shareholder requirements, registration processes, office lease processes and possible exit strategies. With more than 600 lawyers, DLA Piper’s global Corporate group is one of the largest in the world, with one of the widest geographical footprints of any global law firm and experience across the legal areas companies need as they expand internationally. With both global experience and local knowledge, we partner with our clients wherever they do business to find solutions and manage their risk in relation to their challenges and objectives. While this guide provides high-level guidance, it is not a substitute for legal advice, and we encourage you to seek advice regarding the specific matters that concern you. If you wish to speak to any of our contributors, you may find their contact details at the end of the guide. We hope you find this guide valuable, and we welcome your feedback. 2 | DLA Piper Guide to Going Global | Corporate | www.dlapiperintelligence.com/goingglobal/ GUIDE TO GOING GLOBAL | CORPORATE This publication is provided to you as a courtesy, and it does not establish a client relationship between DLA Piper and you, or any other person or entity that receives it. This is a general reference document and should not be relied upon as legal advice. The application and effect of any law or regulation upon a particular situation can vary depending upon the specific facts and circumstances, and so you should consult with a lawyer regarding the impact of any of these regimes in any particular instance. DLA Piper and any contributing law firms accept no liability for errors or omissions appearing in this publication and, in addition, DLA Piper accepts no liability at all for the content provided by the other contributing law firms. Please note that corporate law is dynamic, and the legal regime in the countries surveyed could change. No part of this publication may be reproduced or transmitted in any form without the prior consent of DLA Piper. BELGIUM3 | DLA Piper Guide to Going Global | Corporate | www.dlapiperintelligence.com/goingglobal/ GUIDE TO GOING GLOBAL | CORPORATE BELGIUM Last modified 13 July 2021 FORM OF ENTITY Public limited company (société anonyme/naamloze vennootschap) Separate and distinct legal entity. There are 2 types of board structures that may be chosen (ie, monistic board structure or dualistic board structure). In the event the monistic board structure is chosen, the public limited company may be managed by either: A collegial board of at least 3 directors, or 2 directors in case there are less than 3 shareholders, or If provided by the articles of association, a sole director. The collegial board is responsible for making major business decisions and overseeing the general affairs of the company. Managing directors (or general managers), who run the day-to-day operations of the company, are appointed by the directors. The sole director must be a public limited company with a collegial board when: The public limited company with a sole director is listed or When a legal provision requires a collegial board. The dualistic board structure must be provided for in the articles of association and consists of a board of supervision and an executive board. The board of supervision is a collegial board of at least 3 members and is elected by the shareholders of the company. Members of the board of supervision cannot at the same time be members of the executive board. The board of supervision is responsible for the general policy and strategy of the public limited company and has reserved competences. The executive board is a collegial board of at least 3 members. Members of the executive board are appointed by the members of the board of supervision. The executive board has full management competence except for the ones reserved by the law for the shareholders' meeting and the ones reserved for the board of supervision. Limited company (société à responsabilité limitée/besloten vennootschap) Separate and distinct legal entity. Managed by either a sole director, a non-collegial board of directors or a collegial board of directors (if provided in the articles of association), who are responsible for making major business 4 | DLA Piper Guide to Going Global | Corporate | Belgium | www.dlapiperintelligence.com/goingglobal/ GUIDE TO GOING GLOBAL | CORPORATE decisions and overseeing the general affairs of the limited company. Directors are elected by the shareholders of the limited company. The management body may appoint 1 or more persons who can act alone, jointly or collegially, and who are responsible for the daily management. If no daily management is appointed by the management body, the day-to-day operations of the company are run by the director(s), who has/have, in principle, full authority. Often used by USA companies for tax reasons since it qualifies as check-the-box in the USA. Steps to be taken to ensure that the old IRS taxpayer identification number is made available to the new entity. Belgian branch office of a foreign company No separate and distinct legal entity from the foreign company. The legal representative must represent the foreign company with regard to the activities of its Belgian branch office. ENTITY SET UP Public limited company (société anonyme/naamloze vennootschap) 1 incorporator (natural person or legal entity) -– unlimited number of shareholders Limited liability of the shareholders Subject to corporate income tax Typical charter documents include: Articles of incorporation Bylaws Shareholders' resolutions Board resolutions and Share register Subject to the board structure that is chosen (ie, monistic or dualistic), the board of directors or the sole director has the overall management responsibility. In the dualistic board structure, the board of supervision has the reserved competences, and the executive board has the residual as well as the operational competences Shareholders typically purchase shares in the company (either registered or dematerialized) – shares are freely transferable Different types of stock may be issued (eg, shares with or without voting rights, profit sharing certificates or stock options) – can issue financial instruments such as bonds 5 | DLA Piper Guide to Going Global | Corporate | Belgium | www.dlapiperintelligence.com/goingglobal/ GUIDE TO GOING GLOBAL | CORPORATE Annual accounts to be filed with the National Bank of Belgium Limited company (société à responsabilité limitée/besloten vennootschap) 1 incorporator (natural person or legal entity) – unlimited number of shareholders Limited liability of the shareholders Subject to corporate income tax Typical charter documents include: Articles of incorporation Bylaws Shareholders' resolutions Board resolutions and Share register Every director has the authority to conduct all acts which are necessary or useful to realize the limited company's corporate purpose, unless the law provides that such acts are the exclusive responsibility of the general meeting. Daily management may be attributed to 1 or more persons acting alone, jointly or as a college Shareholders typically purchase shares in the company (in principle registered) – shares are not freely transferable – form less used for joint ventures Different types of stock may be issued (eg, shares with or without voting rights, profit sharing certificates or stock options) – can issue financial instruments such as bonds Annual accounts to be filed with the National Bank of Belgium Belgian branch office of a foreign company The competent corporate body of a foreign company may decide to open a Belgian branch office No separate legal entity; therefore, the foreign company shall be liable for all the obligations entered into Physical existence in Belgium for a branch office in which a foreign company carries out its activities Presence in Belgium of a legal representative who may bind the foreign company Regular exercise activities in Belgium Various documents related
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