Start a business
You have created a company, the notary or your accountant has given you your company number.
Congratulation !
What do you do now?
What are the formalities to follow and the daily tasks?
1. Success factors
• love what you do and be able to pass on this passion;
• be psychologically and morally sound;
• have a good understanding of the sector in which you are entering;
• maintain consistent quality of products or services;
• have a favorable personal environment;
• properly assess and respect the deadlines for carrying out their project;
• controlling costs and selling prices;
• develop a realistic business plan;
• controlling investments;
• control stocks;
• pay particular attention to cash;
• have a network of advisers and partners.
Example of share book:
Provisional contributions and final contributions:
2. The formalities to be completed following the creation of the company
2.1 Book of shares
Mandatory, it is a book covering all of the shareholders; each shareholder/partner has a page showing his complete identity and the number of shares he has.
The register of titles is important because it is it that allows in the first place to establish the ownership of the shares (it will therefore be necessary to provide proof if one wants to establish that in fact the shares belong to someone other than the person mentioned in the register).
The administrative body has the obligation to update it on the occasion of any change in the level of the ownership of the securities (new acquisitions of shares, payments made, resignations, exclusions, losses of quality, transfers, death, etc.). It must be kept at the registered office of the company.
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2.2 Registration with a business counter
The business counter registers the company with the Banque-Carrefour des Entreprises
whether the commercial or craft enterprise fulfills all the conditions.
Each company receives a unique identification number consisting of 10 digits, preceded
of "BE". It must be included in the official documents (invoice, etc.) and communicated in
the context of commercial relations.
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2.3 Opening a bank account with a bank if it has not already been done
For a natural person, this account must be separate from the private account and be reserved for
operations related to self-employment.
If you decide to create a company, the account must be opened in its name. The company must also use the bank account for all operations within the framework of the independent activity. The merchant must include this account number, the name of the financial institution and its business number on all invoices and other commercial documents.
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2.4 Affiliation as a self-employed person - Social status of the self-employed person and social obligations
The self-employed must join a social insurance fund. This is a private organization responsible for collecting social security contributions and paying allowances. Membership is compulsory but the choice of fund is free. You can join the social insurance fund of your choice no earlier than 6 months before and you must do so no later than the day of the start of the activity.
How are your social contributions calculated?
Your social security contributions represent a legal percentage of 20.5%* of your annual net taxable professional income.
Your social contributions are always calculated on the income of a whole year.
This means that the amounts are based on an estimate of your income.
Your annual net taxable professional income* is calculated as follows:
Your turnover over one year
- your business expenses
- your social contributions
= your annual net taxable professional income
When you start, the social security contributions you pay are provisional contributions.
As a self-employed principal, you always pay a minimum contribution. These contributions must be paid, even if the actual income is lower than the flat rate income.
Concretely, in 2023, this means that as a self-employed person in your main occupation, you still pay 866.62 euros per quarter if your income is less than 16,409.20 euros.
In 3 years, you will have a regularization. If you have earned more than 16409.20 euros, you will have to pay social contributions of 20.5%* on the surplus.
Advice: If you earn more than 16409.20 euros, it is better that you increase your social security contributions. In this way, you avoid a painful regularization for your portfolio in two years.
Click here for a social contributions simulation
*20.5% for income from the first tranche
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2.5 Mutual insurance affiliation
To be able to benefit from sickness and invalidity insurance, the self-employed person must join the
mutual of his choice. The social insurance fund provides a contribution voucher to
give it to your health insurance fund. The self-employed is legally insured for both large and small
risks (for example: visit to a general practitioner, purchase of medicines).
Additional insurance for small risks is no longer necessary since these are
part of compulsory health care insurance.
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2.6 Company Affiliation
When you are in a company, you must affiliate it with a social insurance fund.
Each year, you will have to pay a company contribution of more than 300 euros.
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2.7 VAT registration
Before starting an activity, you must identify yourself for VAT.
Introduce your VAT identification request at least two days after the registration of your company in the BCE, but before starting your economic activity.
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2.8 Adding a settlement unit
Companies must have at least one establishment unit, visible at theBCE (Crossroads Bank for Enterprises)).
This corresponds to the address of an office, store, depot,... at which the company has its activity.
By establishment unit is meant any place of activity, geographically identifiable by an address, where at least one business activity is carried out or from which this activity is carried out (art. I. 2, 16° Book I of the Code of Economic Law).
We can do this work for you upon request.
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2.9 Examples of other approaches:
Customs
FASFC
Environmental permit, authorization to use public space, ... Each region has its own regulations. See the sites relating to the different regions. Municipal planning prescriptions are also specific to each municipality.
Etc...
3. Financial aid
Each region of Belgium offers aid to businesses to help them start up or develop.
4. Responsibilities
The responsibility of the founders
The founders can be held jointly and severally liable for irregularities committed during the foundation of the company (constitution of capital which was insufficient for the sustainability of the company, foundation vitiated by nullity and commitments contracted by incapable persons).
Joint and several liability means that when several debtors contract a debt together, the creditor will be able to claim the full amount from each of them.
Liability of directors and managers
As long as the directors and managers normally fulfill their mission, they do not make any personal commitment. They represent the company and only the legal entity is bound by their actions. However, it is different when directors commit faults in the performance of their duties. Like any mandatary, the director is required to exercise his mandate properly, in the interest
of the principal (of the company). He is personally responsible for the proper performance of his duties and may be implicated if he fails in his mission.
Shareholder liability
In a SPRL, an SA or an SCRL, the shareholders do not have to answer for the debts of the company. Their liability is limited to their contribution unless they have stood surety for the debts of the company.
5. Sales
Sales are listed:
- Without delay
- faithfully and completely
- in date order.
5.1 Sales invoices
If you sell to professional customers an invoice is mandatory, even if it is for a small amount. This of course also means that you can request an invoice yourself for each purchase you make.
For individuals who buy something privately, you do not need to issue an invoice. You need to compile a recipe book (see below). There are a fewexceptionsto this rule: wholesalers, the sale and repair of vehicles, services related to removals or furniture storage, as well as the sale of buildings and work on them.In these cases, you must issue an invoice.
Source: AR n°1 VAT - Invoices and documents to be issued
See the page with the particulars that an invoice must contain.
5.2 Recipe Log
Retail sales and services (for non-professionals) for which the establishment of an invoice is not required (note the exceptions explained above) can be recorded by a global registration per day.
A revenue journal must be maintained for each office or branch of a company.
The total amount of revenue must be recorded each day, broken down by VAT rate.
You must keep supporting documents for these sales, receipts, receipts, etc. and make them available in the event of an audit for a minimum of 10 years.
You must keep documents showing the details of your sales, including sales to individuals.
The recipe book with only the daily amounts is not sufficient.
Is there a sale where the unit price of an item exceeds €250? You must then record this sale separately in the revenue book with the nature of these goods sold.
If supporting documents such as sales receipts specify the exact nature of the goods sold, separate records can be replaced by a single daily aggregate entry.
6. Purchases
To be deductible expenses for your company, they must:
- relate to your activity. Mixed expenses, which you make for both private and professional purposes, can only be taken into account in proportion to the part related to the professional activity. You can never declare private purchases;
- have been incurred or incurred in the year during which you acquired the income;
- generate or maintain your income;
- be justified by an invoice, bill or other proof of your purchases.
Quotations, offers, purchase orders, despatch notes, delivery notes and proforma invoices should not be given to the accountant.
The accountant needs invoices, credit notes and tickets, which you can request from your supplier.
Stock inventory example:
8. Inventory
Every company reviews and assesses at least once a year:
- stocks (goods, raw materials, ...)
- investments (vehicle, furniture, building, etc.)
- receivables
- debts
The inventory is not the work of the accountant. It is the managers of the company who are in charge of it.
9. Bookkeeping
Every business must keep accounts.
The accounting must be appropriate to the nature and extent of the activities.
From the supporting documents, the accountant encodes and prepares the accounting documents below:
10. Keep supporting documents
Invoices, credit notes, tickets, bank statements, cash book, revenue journal, and other supporting documents must be kept, filed and accessible at all times.
La version francophone prime sur les autres langues.
De Franse versie heeft voorrang op andere talen.
The French version takes precedence over other languages.
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Sources:
Basic management knowledge. Preparation Syllabus
FPS Economy: How do I manage my company's accounts?
Xerius: Explanations social security contributions of the self-employed
Cash book
Contact us
ASCEND ACCOUNTANT SRL - N ° accreditation Institute for Tax Advisors and Accountants 52.362.014
Chartered Accountant Office - Human Resources - Brussels
Avenue Georges Leclercq 14 RDC, 1083 Ganshoren, Brussels, Belgium
VAT number: BE0775.480.554
Phone. : 0032 499 31 42 24 E-mail: info@ascendaccountant.com