On February 28, 2019, the Belgian Chamber voted on the most far-reaching post-war reform of its company law. With the entry into force of this new law, differences between a corporation and an association are redefined, the distinction between civil and commercial companies is lifted, and a significant number of types of corporate entities will cease to exist. At the same time, a new private company will no longer be subject to the company capital requirement, which previously stood at €18,550 (for a private limited liability company). Finally, with this reform, Belgian company law will adopt the incorporation theory. Under the current real seat theory, Belgian corporate law applies to each company effectively managed from Belgium. Pursuant to the incorporation theory, the corporate law of the jurisdiction where the company concerned was established will apply.

Existing companies become subject to the provisions of the new company law as of January 1, 2020, however, they are able to apply these provisions sooner voluntarily, as of May 1, 2019. In each case, they will have to adapt their articles of association during the first amendment thereof following January 1, 2020, with January 1, 2024 as the latest date of entry into force for those companies, which have not amended their articles of association prior to that date.

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.