Most foreign investors enter France through a subsidiary set up as an SAS, which has no meaningful minimum capital and flexible governance, or an SARL, which is more rigid and must be run by a natural-person manager. All registrations, changes and closures are filed online through the INPI-run Guichet des formalités des entreprises, which feeds the national business register (RNE) and the trade and companies register (RCS). Beneficial owners must be declared at registration, and penalties for failing to do so were sharply increased in May 2026.
Choosing between SAS, SARL, SA and a branch
The SAS (société par actions simplifiée) is the usual vehicle for foreign-owned subsidiaries. It can have a single shareholder (SASU), capital can be as little as 1 euro, and the articles set governance and share-transfer rules almost freely. The one fixed requirement is a président who represents the company; collective decisions need at least a majority of votes cast. This flexibility matters for groups that want a parent company, rather than an individual, at the top of the French entity, and for joint ventures that need bespoke voting or transfer clauses.
The SARL (société à responsabilité limitée) has 2 to 100 partners (an EURL if there is only one), no minimum capital and a more prescriptive legal framework. Its gérant must be a natural person, so a foreign parent cannot itself be the manager. The SA requires 37,000 euros of capital and a board structure and is generally used for larger or listed businesses.
A foreign company can also operate through a French establishment (branch) without creating a separate legal entity. The branch is registered in France, must declare beneficial owners and must file a copy of the foreign company's accounts. The parent remains directly liable for the branch's obligations, and branch profits face French corporate tax plus, for non-EU companies, a branch tax (see the tax area).1234567
Capital, the one-stop shop and the registers
Before signing the articles, founders deposit cash capital in a blocked account with a French bank or a notary. At least half of each cash contribution must be paid up for an SAS and one fifth for an SARL, with the balance due within five years. The depositary issues a certificate that is required for registration, and the funds are released only on proof of registration (a Kbis or RNE extract). Payment institutions cannot hold the deposit, and the Caisse des dépôts no longer accepts it.
Since 1 January 2023 every creation, change and closure is filed online through the Guichet des formalités des entreprises, operated by INPI. One filing enters the company in the RNE and the RCS and routes data to INSEE, the tax and social-security authorities and the court registry. The official fees are modest (33.83 euros for a commercial company plus 19.33 euros for the beneficial ownership filing, plus a legal announcement), but the file must be complete: missing items must be supplied within 15 working days.891011121314
Beneficial ownership register
French companies and foreign commercial companies with a French establishment must declare their beneficial owners when registering: any natural person holding directly or indirectly more than 25% of capital or votes, or otherwise exercising control, failing which the legal representative. Changes must be filed within 30 days. For a foreign group this means mapping indirect chains up to individuals, not simply naming the parent company.
The register (RBE) is no longer open to the public. Persons with a legitimate interest in combating money laundering can request limited data, while authorities and AML-obliged professionals such as banks keep full access. Since 28 May 2026 the penalties are a fine of up to 200,000 euros and a management ban of up to 15 years for the legal representative and up to 1,000,000 euros for the company, and the registry can strike off a company that fails to regularise within three months of formal notice.6151617
| Vehicle | Owners | Minimum capital | Paid up at formation | Management |
|---|---|---|---|---|
| SAS / SASU | 1 or more (no stated maximum) | Set freely (from 1 euro) | At least half of cash contributions; balance within 5 years | Président (required); other bodies set by the articles |
| SARL / EURL | 1 (EURL) or 2 to 100 | None | At least one fifth of cash contributions; balance within 5 years | Gérant, who must be a natural person |
| SA | At least 2 (unlisted) or 7 (listed) | 37,000 euros | At least half; balance within 5 years | Board structure |
| Branch of a foreign company | Foreign parent | Not applicable | Not applicable | Representative appointed by the parent; parent directly liable |
How it works, step by step
- Check whether the activity is regulated and needs a prior authorisation, licence or qualification.Relevant sector authority
- Choose the legal form, name and registered office, and draft the articles.2Founders and their advisers
- Deposit cash capital in a blocked account with a bank or notary and obtain the certificate of deposit.9French bank or notary
- Sign the articles, appoint the président or gérant and publish a legal announcement of the formation.13Legal announcements publication
- File the registration and beneficial ownership declaration online; supply any missing items within 15 working days.1114186Guichet des formalités des entreprises (INPI), commercial court registry
- Receive the Kbis or RNE extract and ask the depositary to release the capital.1012Commercial court registry; bank or notary
No timings or fees are shown unless an official source states them.
Documents usually needed
- Signed and dated articles of association
- Certificate of deposit of funds and list of subscribers
- Proof of registered office (lease, domiciliation contract or similar)
- Proof of publication of the legal announcement
- Identity document and sworn non-conviction statement of the président or gérant
- For a non-EU corporate shareholder or manager: its articles translated into French and certified, and a recent registry extract
Common mistakes
- Choosing an SARL and then discovering the foreign parent cannot be its gérant because the gérant must be a natural person.
- Trying to deposit capital with a payment institution or neobank that is not a credit institution; only banks and notaries are accepted.
- Declaring the parent company as beneficial owner instead of tracing indirect ownership to the individuals above 25% or in control.
- Forgetting to update the beneficial ownership filing within 30 days after a group reorganisation, now a risk of fines up to 1,000,000 euros for the company.
- Filing an incomplete registration and missing the 15-working-day window to supply documents.
When the business crosses borders
- Documents from a non-EU parent must be translated into French and certified; allow time for translation and apostille or legalisation where required.
- Some foreign investments in sensitive sectors require prior authorisation from the Ministry of the Economy; this is covered in the transactions area of this guide.
- A branch makes the foreign company directly liable for French obligations and brings its own accounts into the French filing regime; a subsidiary ring-fences liability.
Questions businesses ask
Is there a minimum capital to set up a French subsidiary?
Not for an SAS or SARL: SAS capital can be set from 1 euro and the SARL has no legal minimum. An SA needs 37,000 euros. Banks, landlords and suppliers may still expect capital that matches the planned activity.135
Can a foreign company be the sole shareholder and president of an SAS?
An SAS can have a single shareholder (SASU), and the official page requires a président without limiting it to natural persons. Check the articles and the legal-person representation rules with a French adviser.12
Is the beneficial ownership register public?
No. Public consultation has ended; access is limited to persons with a legitimate interest in combating money laundering, while authorities and obliged professionals such as banks keep full access.16
What this guide does not yet confirm
These points need checking with a qualified local professional in France before you rely on them.
- Registration requirements specific to a branch (succursale) or liaison office of a foreign company, including documents and the appointment of a French representative, were not confirmed on an official page.
- Whether a legal person may act as président of an SAS is not stated in the official guidance checked; it is widely accepted in practice but needs professional confirmation.
- Legal announcement costs vary by département and form and were not confirmed.
- Foreign investment screening (prior authorisation for sensitive sectors) is handled in the transactions area and was not researched here.
Sources and review status
Each statement is numbered to the source it was checked against. We use official sources where we can, and each statement says whether it was checked against an official or a secondary source. Sources last checked on 19 October 2026. None of it has been professionally reviewed yet: it is research checked against official and secondary sources by WONE Global, not legal or tax advice.
A société par actions simplifiée (SAS) can be formed by one or more shareholders, and its share capital is set freely by the shareholders with no legal minimum beyond 1 euro. A single-shareholder SAS is called a SASU. No maximum number of shareholders is stated.
Every SAS must have a président who represents the company towards third parties, and the shareholders set the company's governance, decision-making and share-transfer rules in the articles within the legal framework. Collective decisions require at least a majority of votes cast; the articles cannot set a lower threshold.
A société à responsabilité limitée (SARL) has between 2 and 100 partners, has no legal minimum share capital, and must have at least one fifth of cash contributions paid up at formation with the balance due within five years of registration. A single-partner SARL is an EURL. Partners may be natural or legal persons.
The manager (gérant) of an SARL must be a natural person, who may or may not be a partner. A legal person cannot be gérant of an SARL; this contrasts with the SAS.
A société anonyme (SA) requires minimum share capital of 37,000 euros, of which at least half must be paid up at formation and the balance within five years. Unlisted SA: at least 2 shareholders; listed SA: at least 7 shareholders (per the legal-form comparison page).
Shareholder minimums taken from the companion page 'Choisir la forme juridique' (F23844), verified 10 April 2026.
Commercial and civil companies with a head office in France, and foreign commercial companies with an establishment in France, must declare their beneficial owners at registration through the Guichet des formalités des entreprises. A beneficial owner is a natural person holding directly or indirectly more than 25% of capital or voting rights, or otherwise exercising control; failing that, the legal representative.
Foreign companies registered in France must file a copy of the accounting documents drawn up in their home state. Applies to foreign companies with a French registration such as a branch.
In an SAS or SASU at least half of each cash contribution must be paid up at incorporation and the balance within five years of registration. Cash contributions. In-kind contributions follow separate valuation rules.
For an SAS, SARL or SA, cash share capital must be deposited in a blocked account with a bank or a notary before the articles are signed and before registration; payment institutions are not accepted and the Caisse des dépôts has not taken deposits since 1 June 2021. Commercial companies. The deposit is optional for civil companies. The depositary issues a certificate of deposit required for registration.
Deposited share capital is released to the company only once it provides proof of registration, either a Kbis extract from the RCS or an extract from the Registre national des entreprises (RNE).
Since 1 January 2023 all company creation, modification and cessation formalities must be completed online through the Guichet des formalités des entreprises, which replaced the former business formalities centres (CFE). All companies, whatever their legal form or activity. The portal is operated by INPI (formalites.entreprises.gouv.fr).
The service page does not name the operator in text; the portal formalites.entreprises.gouv.fr carries the INPI logo and the page links to INPI e-procédures accounts.
Filing on the Guichet des formalités des entreprises enters the company automatically in the Registre national des entreprises (RNE) and the Registre du commerce et des sociétés (RCS). Since 1 January 2023 the RNE combines the former trades register, agricultural register and RCS data; the RCS continues to exist alongside it.
The official registration fee is 33.83 euros for a commercial company, plus 19.33 euros for the beneficial ownership declaration and the cost of a legal announcement, which varies by legal form and département. Fees as stated on the official page verified 12 June 2026; civil companies pay 60.38 euros.
After filing, the company receives a receipt marked 'En attente d'immatriculation' valid for up to one month, and if the file is incomplete the missing items must be supplied within 15 working days of the notice.
Any change to beneficial ownership information must be filed as an amended declaration within 30 days of the change. The official amendment fee stated on the page is 35.36 euros.
The beneficial ownership register (RBE) is no longer open to public consultation; access is limited to persons showing a legitimate interest in combating money laundering, assessed case by case, while authorities and AML-obliged professionals keep full access. Those with a legitimate interest see limited data such as name, month and year of birth, nationality and nature and extent of interest.
Since 28 May 2026 failure to file beneficial ownership information exposes the legal representative to a fine of up to 200,000 euros and a management ban of up to 15 years, and the company to a fine of up to 1,000,000 euros; the registry may also strike off a company that does not regularise within three months of formal notice. Replaces the former penalties of a 7,500 euro fine and six months' imprisonment (representative) and 37,500 euros (company).
Where a manager or partner is a legal person from outside the EU, its articles must be supplied translated into French and certified. Applies to registration files with non-EU corporate managers or partners.
Questions on this topic
17 statements on entry, investment and company formation in France
