Setting Up an AISBL/IVZW in Belgium
Pro Publico matched Europa Structura, a new research foundation on technology and finance, with Dentons, one of our leading member law firms, whose Brussels team helped it establish its legal home in the European capital.
For a think tank that wants to inform EU policymakers, Brussels is the natural base. Yet setting up an AISBL/IVZW in Belgium takes more than a good idea. Founders need a deed of establishment, a notary, a registered seat and a bank account. The new association must then wait for its approval by the Ministry of Justice.
Why Europe’s Capital Markets Matter
Despite decades of political commitment, the European Union still lacks a unified, frictionless financial system. The European Commission’s Savings and Investments Union starts from a simple idea: “Better integration of our financial markets should make access to capital simpler and more efficient.”
Europa Structura’s founders have tried to measure the cost of that fragmentation. In their research paper, Capital Market Fragmentation and Economic Value Migration: How Europe’s Financial System Is Transferring Wealth to the U.S., Bjoern Holste and Mattias Bergström estimate that it has cost Europe up to €8 trillion in GDP since 1995. According to their analysis, the main drivers are the migration of high-growth firms, pension capital and intellectual property to US markets.
A Research Foundation for Europe’s Digital Future
Europa Structura presents its work as “independent research for Europe’s digital future”. It studies how emerging technologies, such as artificial intelligence, quantum technologies and digital infrastructure, affect financial systems, regulation and policy. Its particular focus is the EU and its capital markets.
The foundation aims to inform European policymakers, public institutions and other stakeholders. Its founders’ research also puts forward a concrete proposal: a Virtual European Capital Market, a digital infrastructure connecting pension funds, issuers and investors across borders.
The Case: A Legal Home for a Brussels Think Tank
To work credibly with EU institutions, Europa Structura needed a Belgian legal entity. Its founders chose the international non-profit association, known in Belgium as an Association Internationale sans But Lucratif (AISBL) or Internationale Vereniging Zonder Winstoogmerk (IVZW). This form is designed for associations that pursue a non-profit purpose of international utility.
The founders came to Pro Publico with a clear request: legal support to establish Europa Structura as an AISBL/IVZW in Belgium. We vetted the request and shared it with the law firms and consultancies in our network.
The Provider: Dentons in Brussels
Dentons answered the call. The global law firm is one of the leading members of Pro Publico’s network, and its Brussels office is a regular pro bono partner for civil society organisations.
Laurens Engelen, Partner in the Brussels office, led the work, supported by Brandon Cheliotis, Associate in the firm’s Banking & Finance practice. Their services were provided pro bono, while the notary’s fees remained payable by the association.
How the Work Unfolded
After an introductory meeting, Europa Structura’s founders were connected directly with Laurens and Brandon. From there, the collaboration moved forward step by step:
- Onboarding. Dentons completed its client checks and opened the matter.
- A first draft. Laurens and Brandon shared a template deed for an international non-profit association and invited the founders’ comments.
- Shaping the statutes. On a call with Laurens, the founders refined the association’s purpose clause. He then sent a full draft deed, flagging the points still open, such as the registered address and whether the association should take on any past liabilities.
- Supporting the bank process. When the bank asked to see the deed, Laurens confirmed that the draft was pre-final and could be used to start opening the account.
- Working with the notary. The Dentons team then handled the exchanges with the notary, from the documents the notary needed to the date of the annual general meeting. They ultimately delivered the final deed and powers of attorney in French and English.
- Signature. The deed of establishment was finally signed before the notary.
Throughout, Laurens and Brandon answered the founders’ practical questions, including when the association’s first financial year would end.
The Story So Far: An AISBL in Belgium Takes Shape
With the deed signed, the association’s establishment is now being published. In parallel, the notary has turned to the Ministry of Justice for its approval. Europa Structura is now waiting for its registration number, which it needs to open its bank account. Once the foundation is operational, it plans to share data on the visits its website sends our way.
“We’re very grateful for this pro bono collaboration,” commented Bjoern Holste, co-founder of Europa Structura.
Pro Bono Support When Founders Need It Most
The start of an organisation is when legal costs hurt most. There is little funding yet, often no staff, and formal steps that cannot be skipped. Pro bono support lets founders keep their scarce resources for the mission itself.
For a research foundation, it also means starting on solid ground. Clear statutes, a sound governance set-up and an approved legal form all make it easier to work with institutions, funders and partners.
Why Matchmaking Matters for New Organisations
Pro Publico does not give legal advice itself. Our role is to vet each request, scope it clearly and find the professionals best placed to help. We then stay in touch until the work is done.
Bjoern summed up his experience of our matchmaking simply: “Very nice and helpful service. Wouldn’t do anything differently.”
Many civil society founders face the same questions once their association exists. That is why we also brought Belgian nonprofit leaders together for a working lunch on the year in the life of an A(I)SBL. Europa Structura’s case joins our other governance and compliance stories, where expert advice helped organisations build solid foundations for their work.
Our warm thanks go to @Laurens Engelen and @Brandon Cheliotis at @Dentons for their commitment, and to @Bjoern Holste and @Mattias Bergström for the trust they placed in our network. @Francesco Zatelli