Conference about “new Companies and Associations Code”

The Chamber, in collaboration with Estudio Legal Muñoz Gonzalo SLP and Philippe & Partners, organized next Tuesday June 11th  a conference in Brussels about “new Companies and Associations Code”.

To the event attended different entrepreneurs form the EmprendeBelux program, an initiative which aim is supporting Spanish entrepreneurs in Belgium and Luxembourg, serving as a platform for ongoing training and generating new contacts.

Among the main novelties of the new Companies and Associations Code that came into force last 1st May 2019 and were presented at the conference we can highlight:

  • The replacement of the «Société Privée à Responsabilité Limitée» (SPRL) by the «Société à Responsabilité Limitée» (SRL). 
  • The requirement of a minimum capital disappears.
  • The requirements for the financial plan are reinforced.
  • Limitation of the administrator’s responsibility.
  • English is allowed to be used in different statutory documents.
  • The rule of the distribution of dividends is linked to a dabble test:

      Balance test: The distribution of dividends will not be allowed if the net equity is negative.

      Liquidity test: The distribution of dividends will not be allowed if the company can not comply with its actual and future debts.

This new modification will imply a simplify and give greater flexibility to the new societies, with a diminution of the societal form; the Belgian code reduce from 17 to 9 the total amount of societies.

The companies have now until 1st January 2024 to adapt their statutes to the new regulation. However, since 1st January 2020 the new changes will apply to all companies.