Société par Actions Simplifiées.
France introduced a new form of company a few years ago: the SAS (Société par Actions Simplifiées). This type of company is the best choice for foreign companies starting in the French market. The Great advantage of a SAS is that it can appoint a corporate director and can be held, without any problem, by a corporate shareholder. This is the best type of company if the mother company is located outside the EU. Finally you can set up a stock-option plan with this type of company.
The Minimum share capital is €1 but banks require more than this figure in order to set up an account. In France the traditional share capital has been €35,000 but a minimum amount could be deposited of around €15,000. Also bear in mind that this is “working capital” and can be taken out of the account for use at any time for the business.
The Minimum number of directors is one and minimum number of shareholders is also one this can be the same person.
All no EU residents are required to apply for government authorization if they want to open a SARL in France. This includes applying for an extract of criminal record (not less than 3 months old) which needs to be officially translated into French by a certified translator. A list of translators can be obtained through the French Consulate in the country of residence.
If the company is held by at least one corporate shareholder, an independent auditor (commissaire auz Comptes) must be appointed.
Finally If the turnover is more than €1,000,000 an independent auditor must be appointed.
HOW DO I PROCEED?
In order to commence the formation procedure, we will require the following:
• 100% of the company formation cost.
• A completed application form
• A certified copy of each directors/shareholders passport
• Two utility bills that are less than three months old.