The SAS (Société par Actions Simplifiée) is the most popular legal form in France for entrepreneurs. In 2024, over 65% of new companies formed in France were SAS or SASU (single-member version). This dominance is driven by the remarkable flexibility of this structure, which appeals to startups, foreign investors and subsidiaries of international groups alike.
Why choose a SAS?
The SAS offers unmatched statutory flexibility under French commercial law (Code de Commerce). Unlike the SARL, partners are free to organize governance as they see fit through the articles of association. The minimum share capital is just €1, although a higher capital is recommended for credibility with banks and commercial partners. The president of a SAS has employee-like social security status (assimilé salarié), providing comprehensive coverage through the French general social security scheme including health insurance, retirement and disability benefits. Shareholders' liability is limited to their capital contributions, protecting personal assets.
Detailed formation steps
- Draft articles of association – Define the business purpose, share capital, share distribution, governance rules and approval clauses. SAS articles can include pre-emption rights, inalienability clauses and tag-along provisions for maximum flexibility.
- Deposit share capital – Open a professional bank account with a French bank (BNP Paribas, Société Générale) or a neobank (Qonto, Shine) and deposit the capital. A certificate of deposit will be issued.
- Publish in a legal gazette (JAL) – Mandatory legal notice in a Journal d'Annonces Légales in the department of the registered office. Cost varies between €150 and €250 depending on the department.
- Register with the RCS – File the complete dossier with the INPI one-stop shop (guichet unique) to obtain your Kbis extract, the official identity document of your company.
SAS taxation in detail
The SAS is subject to corporate income tax (IS) at the standard rate of 25%. A reduced rate of 15% applies to the first €42,500 of profit, provided turnover is below €10 million and the share capital is fully paid up. The director can optimize compensation between salary (deductible from taxable income) and dividends (subject to the 30% flat tax or progressive income tax scale). The SAS is also liable for CFE (Cotisation Foncière des Entreprises) and CVAE if turnover exceeds €500,000. Social contributions on the president's salary amount to approximately 65% of gross remuneration, paid to URSSAF.
Accounting and compliance obligations
The SAS must maintain full double-entry accounting: balance sheet, income statement and notes. Annual accounts must be filed with the commercial court registry (greffe du tribunal de commerce). A statutory auditor (commissaire aux comptes) is mandatory if two of three thresholds are exceeded: €8 million turnover, €4 million total assets, 50 employees. VAT returns must be filed monthly (CA3) or annually (CA12) depending on the regime.
Costs and Zunapro support
Formation costs include: drafting articles (€500-2,000), legal gazette publication (€150-250), registration fees (approximately €40), and potentially accountant fees. In total, expect €700 to €2,500 depending on whether you use a professional. Zunapro offers all-inclusive packages to simplify the process for international entrepreneurs, including articles drafting, administrative formalities and post-formation support for your first steps in French e-commerce.