By Kooshila Takoordyal, 20.08.2020
Confidence is growing for the euro zone’s second-biggest economy as France shows a steady economic recovery from the coronavirus crisis. Registering a Business in France is gaining popularity for many entrepreneurs and business people who have found opportunities within new markets.
The spread of the coronavirus (COVID-19) has already had a major impact on businesses around the world. While many governments have announced actions to ease the pressure, many businesses simply could not go on as normal. While this continues to be a difficult period for everyone, many businesses have been motivated to reform, reconsolidate, innovate, and seek out new opportunities.
While the pandemic has impacted many businesses negatively, out of chaos comes an opportunity for those who can adapt to the change in conditions. There has been a multitude of developments in the French business community which means there now are now various solutions available to help you continue your business plans.
France has an excellent infrastructure and one of the most business-friendly R&D tax treatment in the world. Euro Company Formations can assist you in the process of setting up a French company with minimal hassle and without the need to travel there. We can assist you with a full range of services including company registration France, Bank Account, VAT Registration, Registered/Virtual Office and Accountancy Services.
Company Types in France
When deciding to register a business in France, foreign investors typically choose one of the main three main company types:
Simplified Joint Stock Company (SAS) (most common)
The Societé Par Actions Simplifieé (Simplified Stock Company) is increasingly finding favour with foreign investors, particularly who wish to set up a branch in France. The minimum share capital is €1. The minimum number of directors is one. Bank accounts can be opened remotely most of the time.
Limited Liability Company (SARL)
The minimum share capital is €1 but banks require more than this amount to set up an account. Please bear in mind that this is “working capital” and can be taken out of the account for use at any time. Similar requirement regarding the number of directors and bank account to Societé Par Actions Simplifieé(SAS).
Joint Stock Company/Public Limited Company (SA)
The minimum share capital is €37,000, of which at least half must be paid up. The company must have at least seven shareholders.
Remote banking
In the past, you could only register a business in France after you had met with a French bank manager in person. This interview was necessary to determine if the company or Startup was suitable enough to open a business bank account. Without a business bank account, it was not possible to register the company. This was problematic for some foreign entrepreneurs who had to travel long distances to attend a bank meeting in France. Now with travel restrictions and lockdown in many countries due to COVID-19, it is challenging to book flights and travel internationally. Additionally, many countries require 2 weeks of isolation making it complicated to schedule a quick trip to France to meet with a French banker.
Fortunately, there are now options making it possible to open online bank accounts in France remotely, removing the need to travel. You will still be required to provide a satisfying business plan to demonstrate the company is viable before registering a business in France. This should include either clients/suppliers or a registered or trading office address. It is recommended to have a company formation expert to help you with the translation of company document and coordinating the process with bank officials.
Accountancy
There is no requirement for a formal meeting with a French chartered accountant. Most tax planning and accountancy concerns can be handled remotely over video conferencing, phone, and email. Scanned signature of documents are now largely accepted in most cases, so originals documents do not need to be sent in the post.
There are many English-speaking chartered accountants in France who can help you to manage your business finances. Using a local accountant in Frace will ensure your books are managed correctly while being mindful of the current difficulties experienced by other non-resident entrepreneurs.
Virtual Offices
With virtual offices and serviced offices, you can run your whole business from your home country without having to relocate to France. We can assist you to obtain a Registered Office Address with mail forwarding services, this includes the scanning and forward of important mail. We also provide telecommunication packages solutions which include phone answering services and message forwarding via email. This is an easily accessible way to allow communication within France while being based in another country.
For more information on registering a business in France, please do not hesitate to call +353 1646 1627 or complete our contact us form today.
Contact US