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Patrick Geeraert

"What is the advantage of the new Code of Companies and Associations?

Our country will become more attractive to foreign investors and companies."



Patrick Geeraert, Partner at K law
Image showing 17 buildings becoming 4 buildings

Simplicity

 

  • The private limited liability company (BV/SRL);
  • The public limited liability company (NV/SA);
  • The cooperative company (CV/SC); and
  • The partnership.


* non-profit organizations can carry out unlimited commercial activities in the future, if their articles of association explicitly allow this.

Straight lines becoming flexible

Flexibility

 

  • Private limited liability company (BV / SRL) = the new 'by-default' form
  • NV / SA = more flexibility with respect to governance
  • Introduction of a cap on directors’ liability, based on company size
Cluster of unstructured white dots becoming structured

Harmonized EU approach

 

  • Foreign law can apply to foreign entity in Belgium
  • Free movement of companies in the EU
  • Aligning with changing legal environment in Belgium and the EU

Key dates

 

  • 1 May 2019 = Law applies to new entities
  • 1 Jan 2020 = Mandatory provisions apply to existing entities
  • 1 Jan 2024 = All provisions apply to existing entities


Be prepared to adapt your articles of association!