The NV/SA is Belgium's public limited company — ideal for large operations, publicly traded shares, and businesses requiring significant capital. Our team manages the full incorporation process.
The NV/SA (naamloze vennootschap / société anonyme) is Belgium's public limited company form, designed for larger businesses and operations requiring significant share capital. As part of company registration in Belgium, the NV/SA provides a corporate structure with freely transferable shares, a formal board of directors, and the ability to raise capital publicly. It is the Belgian equivalent of a UK PLC, German AG, or French SA.
While most entrepreneurs opt for the more flexible BV/SRL, the NV/SA remains the preferred choice for regulated industries, large-scale operations, and companies planning an IPO or requiring institutional investment.
What Is an NV/SA?
An NV/SA is a Belgian corporation with the following key characteristics:
Minimum share capital: €61,500 (at least one-third paid up at incorporation)
Freely transferable shares — shares can be sold without consent of other shareholders (unless restricted in articles)
Separate legal personality — the company exists independently of its shareholders
Limited liability — shareholders' liability is limited to their capital contribution
Mandatory statutory auditor — required regardless of company size
Board of directors — minimum 3 directors (collegial body), or sole director for single-shareholder NV/SAs
We advise on the optimal share capital structure, share classes (if needed), and governance model. The NV/SA offers three governance options under the 2019 CSA: a one-tier board (raad van bestuur/conseil d'administration), a two-tier structure with management and supervisory boards, or a sole director model for single-shareholder companies.
Step 2 — Capital Deposit
Unlike the BV/SRL, the NV/SA requires the full €61,500 minimum capital to be subscribed and at least one-third (€20,500) to be deposited in a blocked bank account before incorporation. The bank issues a certificate confirming the deposit, which the notary requires for the deed. We assist with opening the required bank account.
Step 3 — Document Preparation
Our legal team drafts the articles of association and the mandatory financial plan. The articles of an NV/SA are typically more extensive than those of a BV/SRL, covering board composition, shareholder meetings, share transfer mechanisms, and profit distribution rules. See our requirements page for the full document checklist.
Step 4 — Notarial Deed
The notary executes the incorporation deed, verifies all documents, and publishes the company's creation in the Belgian Official Gazette. For foreign founders, incorporation via power of attorney is possible.
An NV/SA (naamloze vennootschap / société anonyme) is Belgium's public limited company, equivalent to a UK PLC or German AG. It requires a minimum share capital of €61,500 and is designed for larger businesses or those planning to issue publicly traded shares.
The minimum share capital for an NV/SA is €61,500. At least one-third must be paid up at incorporation, with a minimum of €61,500 fully subscribed. The capital must be deposited in a blocked bank account before the notary deed.
An NV/SA requires a minimum of three directors (bestuurders/administrateurs). If the company has only one or two shareholders, two directors are sufficient. A sole shareholder NV/SA requires only one director.
Yes. Unlike the BV/SRL, an NV/SA must always appoint a statutory auditor (commissaris/commissaire) from the IBR/IRE register, regardless of the company's size. This is a mandatory requirement under Belgian law.
Choose an NV/SA if you plan to issue publicly traded shares, need freely transferable shares, operate a large business exceeding SME thresholds, or if your sector requires the NV/SA form (e.g., certain regulated financial activities). For most SMEs, the BV/SRL is more cost-effective.
Yes. There are no nationality restrictions on NV/SA ownership or directorship in Belgium. Both EU and non-EU citizens can be shareholders and directors. The company must have a registered office in Belgium.
NV/SA registration typically takes 3–6 weeks, including capital structuring, bank deposit, document preparation, notary deed, and CBE registration. The capital deposit and bank procedures often add time compared to BV/SRL formation.
An NV/SA can choose between a one-tier board of directors (raad van bestuur/conseil d'administration), a two-tier structure with a management board and supervisory board, or a sole director model (only for single-shareholder NV/SAs). The one-tier board is most common.
Incorporate Your NV/SA in Belgium
Our legal team handles capital structuring, governance setup, and the full registration process. Contact us for a consultation.
