SAS (Société par Actions Simplifiée)
France's modern startup vehicle. Very flexible governance.
| France (Code de commerce) | SAS (Société par Actions Simplifiée) |
|---|---|
| Nearest US equivalent | Delaware C-corporation |
| Nearest UK equivalent | Private limited company (Ltd) |
| Nearest German equivalent | GmbH (closer in spirit) or smaller AG |
Why the SAS dominates modern French startups
Before the SAS, French startups had to choose between the SARL (limited but rigid) or the SA (rigid and over-formal). The SAS gives founders a flexible governance template:
- No minimum capital requirement (€1 in practice)
- Articles (statuts) can specify almost any governance structure
- President (président) as the only mandatory officer; can be one person or a legal entity
- Share classes with different rights are permitted, similar to Delaware preferred/common structures
- Anti-dilution, liquidation preference, drag-along, and tag-along provisions can be embedded in the statuts or shareholder agreements
SAS vs SARL
SAS and SARL are both private limited forms, but SAS is materially more flexible. SARL is more traditional, with statutorily-fixed governance and stricter rules around shareholder meetings, profit distribution, and director liability. Most French startups choose SAS; SARL remains common for small family businesses and traditional professional practices.
Records and shareholder register
The SAS maintains a registre des mouvements de titres (movement-of-securities register) and an account for each shareholder. Share transfers in an SAS are private and do not require notarial form (unlike a GmbH). The Pacte d'actionnaires (shareholders' agreement) typically governs additional rights and restrictions.
Octelligence supports the French SAS movement-of-securities register at the platform-mechanics level, with EU data residency. Statute-specific Code de commerce automation is on the roadmap.
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