Listing on the Stock Exchange in Belgium

The Belgian Stock Exchange

The concept of stock market in Belgium dates back to as far as the thirteenth century when merchants used to gather and do business. The Brussels Stock Exchange was founded by Napoleon in 1801.

In 2000, the Brussels Stock Exchange merged with the Paris Bourse and Amsterdam Exchanges (the Lisbon Stock Exchange joined in 2002) and formed Euronext, the first pan-European exchange.

The Belgian National Bank and the Financial Services and Markets Authority are responsible for the supervision of the Belgian financial sector.

This is a very important step for every business in Belgium and it highly increases its visibility and opportunities for partnerships, therefore it would be advisable for entrepreneurs to seek specialized advice before listing on the Belgian Stock Exchange.

Listing criteria for the Stock Exchange in Belgium

There are certain conditions that a company needs to fulfil in order to be deemed suitable for listing on the Stock Exchange in Belgium. The general conditions are:

• –       a minimum amount of the company’s share capital must be public after the company has been listed
• –       the listed shares must be transferable and negotiable
• –       the company must be properly incorporated and able to offer its shares to the public
• –       the company must have an experienced management and a good operating history

The Euronext markets are categorised in three compartments according to market capitalisation:

• –       compartment A: companies with a market capitalisation of more than €1 billion;
• –       compartment B: companies valued between €150 million and €1 billion;
• –       compartment C: companies with a market capitalisation less than €150 million.

Alternatively, Euronext Growth (formerly Alternext) is a market that offers simplified access and fewer requirements. It is open to both professional and individual investors.

Euronext lists around 1,800 issuers and operates regulated markets in eight countries (Belgium, France, Greece, Ireland, Italy, the Netherlands, Norway and Portugal). All listed shares are traded on a single electronic platform. Listing on Euronext means access to a large international base of trading members from 12 countries, including leading banks and broker-dealers from London.   

Listing fees for the Stock Exchange in Belgium

A company that wishes to be listed on the Euronext European Regulated Markets must pay the following fees:

• –       admission fee: paid at the initial listing;
• –       annual fee: paid once a year by companies that wish to remain listed on an exchange;
• –       subsequent admission fee: paid if a company wishes to raise additional capital after it was listed.

The admission and annual fees are based on the company’s total market capitalization.

Reporting obligations for the Stock Exchange in Belgium

All companies listed on Euronext European Regulated Markets must report their price-sensitive information. All companies must fully comply with the EU Transparency Directive that determines the requirements for financial reporting.

Listing a company on a stock market is an important decision for a business owner. Our Belgian lawyers can help you with more information and guidance if you wish to make this big step for your company. Please contact us for professional consultancy.