The 10 Most Important Business Regulations in Belgium
The 10 Most Important Business Regulations in BelgiumUpdated on Monday 09th May 2016
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While doing business in Belgium, investors must observe the most important business regulations in the country. The team of agents at our Belgian law firm can help you know more about the top business requirements and laws in the country.
1. Company establishment
Any company incorporated in Belgium will be considered a local resident legal entity. After the incorporation process is complete, the new company will have to observe all the requirements imposed on resident companies in the country.
2. Corporate taxation
Any company incorporated in Belgium will need to observe the requirements for taxation. The corporate income tax applies to all resident companies and also for non-resident companies, on income produced in the country.
3. Corporate governance
Companies in Belgium will have shareholders and directors according to their type. The duties and responsibilities of a company director as well as the liability of shareholders are issues to be considered before choosing a business type and starting a company.
4. Company liquidation
When a company is not profitable anymore its founders can start declare bankruptcy. If a legal entity is having financial issues and will have to be liquidated, the directors will need to observe the specific procedures for company dissolution.
5. Hiring employees
Belgium’s employment law provides for a minimum wage and other benefits for employees. The employer will need to conclude a written employment contract and terminate any employment relationship according to law.
6. Banking requirements
Companies incorporated in Belgium will need to have a bank account opened for various business purposes. Our representatives can help you open a bank account.
7. Accountancy and transparency
Any company needs to comply with the financial reporting rules in Belgium. Larger corporations will also encounter requirements for annual auditing and each company will need to disclose certain information that will be available to the public.
8. Special permits and licenses
Companies in Belgium might need to obtain special permits and licenses in order to perform certain activities. Our attorneys in Belgium can help you obtain them.
9. Export and import control
Import duties as well as VAT will be imposed on goods imported from outside Belgium. Companies involved in trading will need to observe the regulations concerning importing/exporting certain goods.
10. Incentives for companies
Foreign investors can benefit from special incentives. Research and development activities and other types of businesses are among those that benefit from tax incentives.
For more information about business regulations in Belgium and detailed information regarding the regulations described above you can contact our Belgian law firm.