allowing entrepreneurs to set up in business first, and worry about the financial details later. So, the large capital sum every business previously needed to cover itself for liabilities – currently €18,500 – was waived. Only after five years of trading would the business have to bring its capital up to that level. It would also be required at that time to formulate a proper business plan with the help of a financial adviser.

But businesses appear to be reluctant to take advantage themselves of the opportunity. Even taking into account that the middle of summer may not be the prime time for starting up in business, the scheme’s share of the total number of start-ups – about 1.6% – is considered disappointing.

The main problem is that the new scheme doesn’t actually solve the problem that was stopping people in Belgium from setting up new businesses in the first place, explained Marc Van de Werf, coordinator for Zenito, a company which offers services to entrepreneurs. A bvba, or limited liability company, offers business people the protection that their private property will be safe from creditors if the worst should happen. For companies without capital, like the startersbvba, banks and other lenders will in any case ask for collateral, such as the family home, so the difference is minimal, Van de Werf said.

It remains to be seen whether enthusiasm for the scheme will pick up in the coming months. In the first two weeks of July, the total number of starters-bvba start-ups was just nine.