Legal and practical tips when starting-up a company

In the framework of the “STARTUP EUROPE WEEK 2018”, YouthProAktiv, participated on March 6 in the conference “Start-Up: How to use the law to your benefit? Legal and practical tips when starting-up a company”, organized by de Law Firm Willkie Farr & Gallagher LLP.

Startup Europe Week is an initiative implemented by STARTUP EUROPE WEEK (SEW) and promoted by the European Commission and Startup Europe. The SEW is an awesome opportunity for young entrepreneurs to learn and get the resources already available and that you might not be aware of and have exposure at an European level of what you are doing in your region about entrepreneurship. During the week, there is a whole discussion about what the regions are doing to support European entrepreneurs.

This is what can be found during SEW:

  • Information sessions on local specific actions currently developed by your local authority to support entrepreneurs (i.e. grants, tax breaks, office space, funding etc.).
  • Regional authorities will come to speak with you and make sure which current initiatives can benefit you and your startup
  • Information sessions about Startup Europe projects and European Commission funds available for startups
  • Office hours and workshops with regional representatives to guide entrepreneurs and aspiring entrepreneurs on topics in which they can help (i.e. how to incorporate a company, how to apply for a cohesion grant etc.)
  • Great talks with local entrepreneurs and investors on how they smartly used the resources provided by the local authority to create or improve their businesses.

All the information of the concrete activities can be found of the website! Do not skip next 2019 edition!

YouthProAktiv is taking part in the events and conferences due to its firm commitment to support the entrepreneurship and developing the capacities of young people to aquire the necessary skills for develop their own business.

Law Firm Willkie Farr & Gallagher LLP, sponsor of this event, is an international law firm of approximately 700 lawyers located in nine offices in six countries. For more than 125 years, they have represented companies across a wide spectrum of businesses and industries, most notably financial services. The firm is comprised of attorneys who are recognized as some of the world’s foremost practitioners in their respective areas. Diego Lambrecht, Nicolas Vanderstappen, Johannes Eckhardt and Philipp Heuser as lawyers of this firm showed us the basic information to know about starting-up a company.

Diego Lambrecht started by highlighting that in 2016 Belgium was among the first European countries for investments in start-ups, and in particular for investments in tech start-ups. However, 90% of the start-ups do not survive because they did not properly document their contractual relationship with other stakeholders. For that reason, Diego Lambrecht provided us with some practical information about the different form that companies can adopt: (Private limited Liability Company, Limited Cooperative Company, Public limited liability Company, General Partnership, Simple Partnership and Limited Partnership by shares). He explained advantages and disadvantages and why to chose one or another  in relation to the Belgium Law.

The lawyer Johannes Eckhardt inspired us about the importance of setting up relationships with the stakeholders and gave us financial tips about how to apply them to our own start-up. In his opinion it is extremely important to pay attention to:

– Venture Capital Financing (how to focus on profitability, need to loans, need to contribution in cash and need for financing through friends or family)

– Valuation (the importance of negotiation between company and investors, calculation of share price or the importance of voting)

– Form of investments (there are differents alternatives to investment like convertible loans)

– Exit (different forms to leave the company)

Finally, Phillipp Heuser showed us some of the most important things to take in account for using the competition law as starter  in a relevant way. Mr. Heuser developed the most importat point of competition law, which is to increase of consumer welfare, and the role of the nacional and international authorities in the issue.  He also referred to European competition law as the way to protect our business, core focus of the basic negotiation framework set by the Court of Justice of the European Union (CJUE).

Still any question on how to start-up with your own idea? Feel free to knock on their door!