International Women’s Day is a moment to honor the achievements of women around the world. In Belgium, one of the most exciting trends in the recent years is the growing number of women entrepreneurs. According to recent statistics, the number of self-employed women has been steadily increasing, with more women choosing to launch their own businesses across various sectors.
Entrepreneurship presents numerous advantages, including the ability to innovate, the opportunity to build something meaningful, and the potential for financial growth. However, the journey to becoming an entrepreneur involves several crucial steps, each requiring careful planning and execution.
Below, we outline the key stages of establishing a business in Belgium.
Key Steps for Becoming an Entrepreneur
Beyond meeting the legal requirements such as age, having full civil rights, and possessing the legal ability to run a business, the first step is choosing your business structure. You can choose to operate as a sole proprietorship or establish a legal entity. Each structure has different implications regarding liability, taxation, and administrative procedures, so it is essential to make an informed decision at this stage.
Once your business structure is determined, the next step is registering with the Crossroads Bank for Enterprises through an approved business counter. This registration provides your company with a unique identification number, which serves as a key reference for tax and administrative purposes. If you are forming a legal entity, you will also need to draft articles of association, which in many cases require a notarial deed to be officially recognized.
Certain business activities require additional permits and authorizations depending on the industry. Ensuring compliance with these regulations is crucial before commencing operations. Next, enrolling in a social insurance fund for self-employed individuals is a critical step for securing your social security benefits. Finally, if your business engages in taxable activities, you must register for VAT with the General Tax Services.
Important Future Considerations
Beyond the initial setup, future considerations for running your business will include financial planning, tax reporting, payroll management, and legal compliance. If you plan to hire employees, you must register as an employer with the National Social Security Office and ensure proper employment documentation and reporting. Managing financial records and tax filings will also become an ongoing responsibility.
The process of starting and running a business can be complex, time-consuming, and will require specific knowledge and attention to detail. Many aspiring entrepreneurs, may feel overwhelmed by the administrative burden, and the right support system can make all the difference.
At Kreston, we understand the challenges that come with launching and managing a business. As a leading financial services and accounting consulting firm, we are here to guide you in every step of your entrepreneurial journey. From business registration and tax compliance to payroll management, legal matters, and financial reporting, we provide expert assistance to help you navigate these complexities with confidence.
Whether you are just starting your business or looking to scale operations, Kreston offers the resources and expertise to ensure you remain compliant and financially sound. Visit our website for more information on setting up and managing your business in Belgium, or reach out to us at our offices or online.
Let Kreston be your reliable partner in financial services and consulting, helping you take charge of your future with confidence.
Happy International Women’s Day from your team at Kreston-VDN!
