The incorporation of an insurance company in Belgium
is similar with the registration procedure
applicable to other types of companies
. However, when opening this type of business, the investor
will have to comply with the rules and regulations imposed the main bodies supervising this industry, which are the Financial Services and Market Authority (FSMA)
and the National Bank of Belgium (NBB)
. Foreign businessmen interested in this domain can receive assistance on their inquiries from our team of Belgian company formation specialists
Incorporating an insurance business in Belgium
The main steps of the incorporation process of a Belgian company
refer to the following:
- • proposing a trading name;
- • choose a legal entity;
- • open a bank account, necessary to deposit the minimum share capital, as specified in the statutory documents of the company;
- • register the business plan and the statutory documents at a local notary;
- • register with local authorities for taxation, for VAT and social security.
Companies are required to follow the process for VAT registration in Belgium
irrespective of a minimum annual turnover threshold. The said registration needs to take place before the commencement of the VAT-taxable authorities and our team can assist insurance company owners in making the needed registration. We can also give you details about the VAT rates that apply to this type of company.
It is required to deposit at least 20% of the company’s capital
at a local commercial bank where the bank account was opened. The Belgian legislation
stipulates that a company registered here can be set up with only one shareholder and, in this case, the share capital is established at EUR 12,400 but the capital can be lowered down to EUR 1; our team of company incorporation agents
can provide more details on the share capital regulations.
Regulatory institutions for Belgian insurance companies
As mentioned above, there are two main institutions regulating the activities of companies set up in the insurance industry: FSMA and NBB.
The NBB supervises the activity of the credit institutions, insurance companies and stockbroker businesses. The FSMA's main activity refers to the consumer protection in these fields, as well as regulating and verifying if the companies’ code of conduct is followed as prescribed in the legislation.
It is important to know that the contracts issued by insurers are regulated by the Insurance Contract Act 1992.