The SRL now accounts for the vast majority of company formations in Belgium. Since the reform of the Companies and Associations Code (CSA), it no longer requires a minimum capital to be paid up. However, the absence of a legal threshold does not exempt from the financial plan, a key document that the notary requires before the incorporation deed. It is precisely on this document that the credibility of a project hinges, much more than on the choice of the legal form itself.
Financial plan SRL: the technical constraint that guides overlook
The financial plan is not an exercise in style. In the event of bankruptcy within three years of incorporation, the court can hold the founders liable if the initial equity was clearly insufficient in relation to the projected activity. The document must cover at least the first two accounting periods and include an opening balance sheet, a projected income statement, a cash flow budget, and a description of the assumptions made.
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We recommend including a degraded scenario (loss of a main client, systematic payment delays) in addition to the base scenario. A financial plan that only presents an optimistic trajectory will be the first element held against the founders in case of questioning. Support from an accountant at this stage is not mandatory, but it significantly reduces the risk of requalification.
To delve deeper into the formalities surrounding this step, several tips for starting a business in Belgium detail the complete sequence, from the financial plan to registration with the BCE.
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StartMyBusiness platform: dematerialized incorporation of a Belgian company
Since August 1, 2021, the notarial platform StartMyBusiness by Fednot allows for the incorporation of an SRL or an SA entirely online. Electronic signature of the articles of association, submission of documents, publication in the Belgian Official Gazette: the entire process is done remotely.
The time savings are tangible. In person (self-employed), registration with the Crossroads Bank for Enterprises, VAT activation, and affiliation with a social insurance fund are completed within one to three working days. For an SRL going through the notary and StartMyBusiness, expect three to four weeks between finalizing the financial plan and obtaining the business number.
This dematerialization changes the game for founders who do not reside near the notary’s office. It does not eliminate the need to appear before a notary (mandatory for any company with legal personality), but it simplifies the logistics.
Choosing the legal status in Belgium: SRL, sole proprietorship, or SA
The reflex to create an SRL “by default” deserves to be questioned. The sole proprietorship (individual) remains relevant when the asset risk is low and the projected turnover does not justify the incorporation and accounting costs of a company.
The SA is only justified in specific cases:
- Need to raise funds from multiple investors with the issuance of shares of different categories
- Project requiring a formal board of directors (sector requirement or institutional partnership)
- Regulated activity requiring the SA form (certain financial or insurance sectors)
For the majority of creators in Wallonia or Brussels, the SRL offers the widest statutory flexibility since the CSA: a single founder is sufficient, shares can have multiple voting rights, and the articles of association are modifiable almost without limit.
Support and financing in Wallonia and Brussels: what really conditions access
Regional aid schemes exist, but their acquisition depends on criteria that generic guides rarely mention. In Wallonia, investment aids and employment grants primarily go through the SPW Economy, with conditions related to the sector of activity, geographical location, and the size of the company.
Some concrete points of vigilance:
- Most regional aids require that the application be submitted before the start of expenses or works, under penalty of inadmissibility
- Subordinated loans offered by organizations such as SRIW or Brusoc do not replace a personal contribution; they complement it
- A basic management training is no longer mandatory in Wallonia since 2023 for commercial enterprises, but certain regulated activities (construction, food) retain specific access requirements
The removal of the general basic management requirement has simplified the administrative process, but it has not eliminated the sector-specific access conditions that remain verified by the accredited business counters at the time of registration with the BCE.
Registration procedures and VAT activation: the sequencing to follow
The order of the procedures is not trivial. Opening a professional bank account before the incorporation of the company is necessary to deposit the cash contribution. The notary cannot proceed with the deed without the bank certificate confirming the deposit.
Once the deed is signed and published in the Belgian Official Gazette, the accredited business counter takes care of the registration with the BCE and VAT activation. This counter also verifies the access conditions to the profession if the activity is regulated. In the case of an individual, it is the counter that directly carries out all the formalities, including affiliation with a social insurance fund for the self-employed.
The total budget for the incorporation of a company (notary fees, publication in the Official Gazette, BCE registration, and VAT) is around 2,000 to 2,500 euros excluding VAT depending on the complexity of the articles of association. This amount does not include the fees of an accountant for the financial plan, nor any potential domiciliation fees if you opt for a shared registered office.
The most common pitfall we observe: underestimating the time between the decision to create and the first day of billable activity. Even with dematerialization, expect a full month for an SRL if all documents are ready. Preparing the financial plan, choosing the business counter, and opening the bank account in parallel rather than sequentially saves two to three weeks on the overall timeline.