AWDC distributes brochure about new Belgian Company Code

A brochure that presents an overview of the most important changes to the Belgian Company Code is now available at the reception of the Antwerp World Diamond Centre (AWDC). Prepared and published by the Belgian Employers Federation (FEB/VBO), these brochures are available in English, French and Dutch, both in printed and digital formats.

The new Belgian Company Code became law on May 1, 2019. The law aims to make the legislation more flexible for entrepreneurs and to simplify the landscape for various types of companies. 

AWDC advises its constituents to consult these brochures or to consult their won advisors to gain a better understanding of consequences of the new legislation.

"We advise all diamond traders in the coming months to obtain practical advice about the new company code, its potential implications and new possibilities for your company and to enable you to review your articles of association to ensure they are in accordance with the new law," AWDC wrote in a statement.

"Existing companies can already opt-in for the new legislation, but it does not apply automatically yet. A transition period for existing companies is foreseen to enable them to comply with the new legal framework. By the 1st of January 2020, the mandatory provisions of the new law will apply automatically and will override any potentially conflicting elements in the articles of association. Everyone needs to make sure their company bylaws are in conformity with the new law no later than 1 January 2024," the AWDC statement said.