How to Start a Business in Belgium from the UK

Interested in starting a business venture in Belgium? Whether you’re expanding your UK company or starting from scratch, Belgium has a lot to offer to foreign entrepreneurs. This includes a prime location in the heart of the EU, fantastic logistical infrastructure and a business-friendly environment.

But how difficult is starting a business in Belgium as a foreigner? Find out everything you need to know here in this essential guide, including how to get your business on the Belgium company register.

We’ll also show you a smart way to manage your company’s finances in Belgium, Europe and worldwide, using Wise Business - the ideal solution for international businesses.

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Doing business in Belgium

Belgium enjoys an extremely advantageous location, and is known for being at ‘the crossroads of Europe’. This unlocks access to over 500 million EU consumers, along with three very distinct markets - Dutch, French and German.¹ In addition, its capital Brussels is the headquarters of the EU.

Belgium also has extremely well-developed logistical infrastructure and is famous for the speed of trading across borders. This makes it the ideal base for international trade.

Added to this, the country has a government which is supportive of free-market competition, and which embraces global trade and foreign investment.

If you’re looking for business opportunities in Belgium, it could be worth looking at the sectors that have the biggest impact on the country’s economy. These are:¹

• Transportation services
• Manufacturing
• Biotech
• Exports.

Belgium company register

One of the most important things you’ll need to do to set up your new business is to register it with the Belgium company register. This is the Crossroads Bank for Enterprises (CBE).²

But before you can register, you’ll need to decide on a legal structure for your new venture. There are a few different entity types to choose from in Belgium. You can be a sole trader, or you can choose from one of the following company types³:

• Anonymous society (SA - Société anonyme)
• Limited liability company (SRL - Société à responsabilité limitée)
• Cooperative Society (SC - Société coopérative)
• General partnership (SNC- Société en nom collectif)
• Limited partnership (SComm - Société en commandite)
• Simple company (Société simple).

We’ll look at each in more detail next.

Anonymous society (SA - Société anonyme)

This is a public limited company which has a primary focus of raising capital. It’s designed for companies of a certain size, and only one person or legal entity is needed to set one up. Liability is limited for shareholders.

Limited liability company (SRL - Société à responsabilité limitée)

This is a common choice for Belgian businesses, as it is a basic company form with minimal mandatory regulations. A private limited liability company can be set up by one person, and liability is limited to the extent of the invested capital.

Cooperative Society (SC - Société coopérative)

A cooperative in Belgium requires at least three founders, and is designed for people pursuing a shared cooperative ideal. The company exists to meet the needs of its shareholders. Cooperatives can either be set up with limited or unlimited liability.

General partnership (SNC- Société en nom collectif)

A general partnership is set up by two or more people, where all partners are liable for the company’s debts and obligations.

Limited partnership (SComm - Société en commandite)

Another type of partnership, this kind of company involves liability limited by shares. A minimum share capital is required.

Simple company (Société simple)

The last entity type is a simple company, a limited partnership in which two or more people collaborate under a shared name.

How to start a business in Belgium - Step-by-step

Let’s take a look at the initial steps you’ll need to take to get your new venture in Belgium off the ground:⁴

1. Choose a legal structure for your business, and check the eligibility conditions and requirements
2. Designate an official address for your business
3. Open a Belgian bank account
4. Choose a name for your business
5. Develop a business plan
6. Define the economic activities of your business, which will determine which code (known as a NACE code) you’ll use when registering with the Crossroads Bank for Enterprises.
7. Register your company at the Crossroads Bank for Enterprises and get your company number
8. Register for VAT and other taxes if liable
9. Apply for permits and authorisations for your business activities if needed
10. Join a social insurance fund (if required)
11. Register as an employer at the National Social Security Office (NSSO) if required.

The initial documents you’re likely to need to register your business with the CBE vary depending on business type. But it’s useful to have the following to hand:⁵

• ID and proof of address for all business partners
• A financial plan for the business
• Proof of contribution (if applicable)
• Registered office address for the business

Company formation in Belgium - FAQs

New to Belgium, or starting a business for the very first time? You’re bound to have questions about how it all works. You’ll find the answers to some of the most commonly asked questions below, including info on costs, VAT registration and more.

How much does it cost to register a company in Belgium?

It costs around €70 to register your business with the Crossroads Bank for Enterprises. However, there are likely to be other costs, such as:⁶

• €50 for VAT registration
• €250 for publication of articles of association in the Belgian Official Journal
• Notary fees
• Fees for the services of a ‘one-stop shop’ (if you’re using one).

Check below the current conversion rate between GBP and EUR.

Wise Business account is a handy tool for UK business expanding abroad. Once you set up your business in Spain you can easily convert British Pounds to Euros to hold money on the Spanish currency, receive Euros with your account details or set payments like a local. All conversion is done based on the mid-market exchange rate with low and transparent fees.

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How do I get a VAT number in Belgium?

If your business is required to pay VAT under the Belgian VAT code, you must register with the VAT authorities. You can simply complete a VAT identification request form and send it to the relevant VAT administration office (or visit in person).⁷

Is it easy to start a business in Belgium?

There are quite a few separate bureaucratic processes required to set up a company in Belgium, from filing your incorporation documents to registering for VAT. This can be quite daunting for newcomers.

This is why it could be advisable to use what is known as a ‘one-stop shop’ - an accredited business counter service which handles all of the different processes for you, in exchange for a fee.

How to start a business in Belgium as a foreigner?

You’re likely to need a resident permit and work visa to start a business in Belgium.⁶ You should also check whether you’ll need particular professional qualifications, permits, licences or permissions depending on the nature of your business.

Manage your Belgian company's finances with Wise Business

Having a Belgian bank account could be useful for managing your new company’s finances, but it isn’t the only option. In fact, there are alternatives that could be more convenient and cost-effective too.

Open a Wise Business account and you can manage your company’s finances in 40+ currencies, including EUR and GBP. You’ll be able to pay suppliers and staff in their own currency, as well as receiving payments in multiple currencies.

You can even automate payments using the powerful Wise API to save even more time. See how it works here in our case study

There are even Wise cards to cover business expenses, letting you and your team spend in any currency in 150+ countries across Europe and beyond.

Wise payments are fast and fully secure (even for large amounts). Best of all, you’ll only pay low, transparent fees and always get the mid-market exchange rate.

This is the rate that banks use to buy and sell currency, and is widely considered the fairest rate you can get. When banks carry out currency conversions on behalf of customers, they usually add a mark-up or margin to the exchange rate. This makes it more expensive for your business, as less of your money reaches your recipient.

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Check out the requirements here.

Get started with Wise Business 🚀

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After reading this, you should have a better idea of where to start when it comes to establishing a company in Belgium. We’ve covered legal entity types, how to get on the Belgium company register and other essentials like registering for VAT. The best of luck with your new venture.

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Sources used for this article:

1. Wolters Kluwer - Doing business in Belgium: Advantages and risks
2. Business.Belgium.be - Registration with the Crossroads Bank for Enterprises
3. Belgium.be - Company formats
4. Business.Belgium.be - Set up your company in Belgium
5. Economie - Incorporation of a Company with Legal Personality
6. Multiplier - Starting A Business In Belgium
7. Business.Belgium.be - Registration with the VAT authorities

Sources checked on 22-Feb-2024