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Belgium Credit Grantor¡¯s Fact Sheet   |
Belgium Credit Grantor¡¯s Fact Sheet
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Information Available on Companies and Individuals in Belgium |
Background: With historic reliance on international trade, Belgium is the ninth largest trading nation in the world. Trade covers 70 percent of their GDP and this constitutional monarchy has the lowest deficit and inflation in Europe. The population numbers 10 million, is highly educated and speaks Flemish, French, German and English. Brussels, the capital, is the home of the North Atlantic Treaty Organization (NATO) and the European Union (EU). A solid transportation network, location and manageable size make Belgium a good launching pad for U.S. exports. There are no restrictions on repatriation of capital and profits, nor on non-Belgian company ownership.
Business Structures:There are 900,000 companies in Belgium with twelve legal forms: Limited Company (SA-Societe Anonyme or NV-Naamloze Vennootschap, 260,000), Private Company with Limited Liability (SPRL - Societe Privee a Responsibilite Limitee or BVBA - Besloten Vennootschap met Beperkte Aansprakeliijkheid - 600,000), Non-Profit Association (ASBL or VZW), General Partnership (SNC or VOF), Cooperative Company (SC or COOP), Company Limited by shares and not producing a balance sheet (SCA or CVA), Limited Liability Partnership (SCS or COMV), Unincorporated Association (AF or FV), Temporary Partnership (AT or TV), Civil Partnership (AC or BV), Agricultural Partnership (AA or LV), One Man Private Company with Limited Liability (SPRLV or EVBA). In addition, firms may be described as "one man company" or "company operating under foreign law." Subsidiaries organized under Belgian law are endowed with their own "legal personality" distinct from their parent¡¯s legal entity.
Banking Information: Privacy laws forbid commercial banks from disclosing information, however, the subject¡¯s authorization may prompt release of very basic details or national bank loan information. The central bank is the Banque nationale de Belgique. The largest banks are Bank Brussel Lambert, KBC, Generale Bank, Anhyp, BACOB, CERA and Gemeentekrediet (Cr¡¯edit Communal).
Public Records: All companies are required to have basic information (company name, address, floor space occupied, telephone number, activity, name of founding director and legal status) registered at the Handelregister (Trade register). Changes in status and statutes are registered at the local office of the Belgisch Staatsblad.
Financial Information: Financial reporting regulations abound and differ with each type of company. Generally, large companies are obligated to divulge financials and small companies are not. One Belgian Franc (Bef) equals 100 Centimes.
Personal Information:Due to strict privacy laws, commercial repositories of personal information do not exist. Consumer credit reports are little more than a verification tool.
Trade Payment Histories: Trade payment history databases do not exist outside of an individual agency¡¯s records, causing some reliance on references supplied by the subject companies. General payment statistical data is available from the government¡¯s Nationaal Instituut voor de Statistiek.
Standard Terms: Though 30 day terms are typically slow, the Belgians are notoriously slow payers (taking up to 120 days). The EU issued a new regulation in 1998 requiring invoices are to be paid within 21 days for businesses (60 days for government), but no sanctions are yet in place.
Collections: Strong laws are in place so success rates range from 40 to 80 percent depending on liquidity of the company and quality of collection agency. |
Argentina, Australia, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Dominican Republic, Egypt, France, Germany, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Pakistan, Panama, Peru, Philippines, Poland, Portugal, Russia, Saudi Arabia, Singapore, South Korea, South Africa, Spain, Thailand, Turkey, United Kingdom, Venezuela.
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