What administrative formalities are involved?
Opening a bank account
Before starting your own business and becoming self-employed, you will have to open a new business account at a financial institution with a presence in Belgium.
You are required to give the number of this account and the name of the chosen bank in all your commercial documents (letters, invoices, etc.).
Registration with the Crossroads Bank for Enterprises
When starting a business, you must register this with the Crossroads Bank for Enterprises (CBE). This step is required both for businesses for self-employed individuals and for companies. Visit any of our Formalis one-stop shops to take care of this and receive your company number.
You need to bring with you:
- proof of basic management knowledge (if required);
- proof of professional knowledge (if required);
- your business bank account number;
- the prerequisite permits or licences (if required);
declarations and contracts (for a company without legal personality).
Joining a social insurance fund
Personal social security contributions
Is a self-employed person covered for sickness or disability? Is he or she entitled to a pension on retirement? The answer to both these questions is ‘yes’.
Like an employed worker, a self-employed person is required to pay social security contributions.
However, while such contributions are deducted automatically from an employee’s gross salary, self-employed workers must pay these contributions every three months. To meet this requirement, all you need to do is join the social insurance fund for self-employed workers Group S. Your social security contributions will be calculated based on your income.
By making these contributions, you will enjoy certain entitlements, such as sickness and disability insurance and a statutory pension.
Moreover, if you have to terminate or take a break from your activities for particular reasons (sickness, bankruptcy, etc.), you will be entitled to the system of equivalence applying in case of sickness, ‘transitional benefit’, carers’ allowances, and so on.
Company social security contributions
A company is also required to pay annual social security contributions. That is why we also advise your company to join the social insurance fund for self-employed workers Group S.
Your Formalis case manager can advise you on VAT registration and which VAT arrangements to choose and can also immediately take care of the appropriate formalities.