France SAS Capital Increase Procedure 2026

A capital increase (“augmentation de capital”) is one of the most common corporate actions in the life of an SAS — every funding round, every option exercise, every founder restructuring. Despite being routine, it is governed by a structured procedure that varies depending on the form of contribution (cash, in-kind, or by capitalisation of debt). This article walks through the procedure step by step under the Code de commerce, as updated for 2026.

1. Authority — Who Decides?

Under Code de commerce art. L.227-9, the rules for collective decisions in an SAS are governed by the statuts. There are no statutory thresholds — the statuts decide.

In a typical SAS:

• A capital increase requires a collective decision of associates (not the président alone).
• The threshold is set by the statuts — commonly majority of votes cast, 2/3 majority, or unanimity for major decisions.
• Where the statuts are silent, a residual rule applies based on the type of decision; for capital increase, courts have read in a requirement of unanimity (Cass. com. 23 October 2007, n° 06-16.537) absent a specific clause.

Best practice: ensure the statuts specify the threshold for capital increase explicitly to avoid this ambiguity.

Source — Code de commerce art. L.227-9: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000005634983

2. The Three Types of Capital Increase

2.1 Cash contribution (apport en numéraire)

The most common type. New shares are issued for new cash.

Procedure:

• Open a “compte de souscription” at a bank or notary.
• Deposit the subscription monies.
• Obtain the bank’s “attestation de dépôt des fonds” before the collective decision.
• Hold the collective decision (PV of associates).
• File the modification at the Guichet Unique within 1 month.
• Bank releases funds to company on production of the K-bis showing the new capital.

2.2 In-kind contribution (apport en nature)

New shares issued in exchange for an asset (IP, equipment, real estate, business).

Procedure adds a commissaire aux apports (in-kind contribution auditor) requirement. Under Code de commerce art. L.227-1 (applying L.225-8 and L.225-14 by reference):

• Appointment of the commissaire aux apports — agreed unanimously by founders or appointed by court order.
• The commissaire produces a written valuation report which is annexed to the statuts.
• The commissaire’s appointment can be dispensed with if both:
  • No individual contribution exceeds €30,000; and
  • The total of in-kind contributions does not exceed half the share capital.

In practice, the dispensation rarely applies in a meaningful capital increase. Most SAS in-kind raises require a commissaire’s report.

2.3 Capitalisation of debt (compensation de créances)

A creditor (often a founder or investor) waives their debt in exchange for shares.

Procedure:

• The debt must be certain, liquid, and exigible (Code de commerce art. L.225-128 by reference).
• A statement from the company’s accountant confirms the debt’s existence and amount.
• A commissaire aux apports may be required if the value of the debt is not certain on the company’s books.

3. Pre-emption Rights (DPS — Droit Préférentiel de Souscription)

Under Code de commerce art. L.225-132 (applied to SAS by L.227-1), existing shareholders have a preferential right to subscribe to new shares pro rata to their existing holdings. The pre-emption right can be:

• Exercised — each shareholder subscribes for their pro-rata share at the issue price.
• Renounced individually — by signed renunciation.
• Suppressed by the collective decision — under L.225-135, the collective decision can suppress the DPS, either generally or in favour of named beneficiaries.

In a venture-stage SAS, the DPS is almost always suppressed in favour of the new investor — but the procedure must be respected. A capital increase done without observing or suppressing the DPS is voidable.

Source — Code de commerce art. L.225-132: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000005634895

4. Step-by-Step Procedure (Cash Increase)

5. The Documentary Pack

A capital increase generates a documented pack that should be retained for the life of the company:

• Notice of collective decision and proxies.
• Procès-verbal (PV) of the collective decision.
• Attestation de dépôt des fonds (cash increase).
• Commissaire aux apports report (in-kind increase).
• Accountant’s statement (debt capitalisation).
• DPS individual renunciations (or PV of suppression).
• Updated statuts signed by all associates.
• JAL publication certificate.
• Filing receipt from Guichet Unique.
• Updated K-bis.

6. Pricing — Issue Price and Premium

The new shares are issued at a price set by the collective decision. The price comprises:

• Nominal value (valeur nominale) — the par value per share, fixed in the statuts.
• Issue premium (prime d’émission) — the excess over nominal, recorded in a separate balance-sheet account.

For example, if the SAS has 10,000 shares at €1 nominal and is raising €1m at a €4m pre-money valuation, the issue price per new share is €500 (the €5m post-money divided by 10,000 existing + 2,000 new shares); the new investor subscribes 2,000 shares at €500 each = €1m. Of each €500, €1 is nominal and €499 is premium.

7. Commissaire aux Comptes (Statutory Auditor) Threshold

A commissaire aux comptes is mandatory for an SAS that exceeds two of three thresholds (Décret 2019-514):

• Balance sheet total: €5m
• Net turnover: €10m
• Average employees: 50

A capital increase that pushes the SAS over these thresholds triggers the appointment requirement. This is separate from the commissaire aux apports (one-off, in-kind contribution auditor).

8. Tax Treatment

A capital increase is generally tax-neutral for the company. However:

• Droit d’enregistrement (registration duty) — generally fixed at €375 (CGI art. 810) for SAS capital increases, regardless of amount.
• In-kind contribution of business assets — special regime under CGI art. 810-IV (3%/2% scaled, with relief for ongoing professional activity).
• Capitalisation of debt — generally tax-neutral for the company; the creditor recognises proceeds equal to the issue price.

For the new investor, the subscription is a capital investment — no immediate income tax consequence.

9. Common Mistakes — Gyoseishoshi View

• Skipping the DPS or its formal suppression. The most common defect — challenged later by minority shareholders.
• Holding the collective decision before depositing funds. The decision is invalid because the contributions are not constituted (Code de commerce art. L.225-13 by reference).
• Not appointing a commissaire aux apports for an in-kind increase. Auditor’s report is mandatory absent the threshold dispensation.
• Filing late. The Guichet Unique filing must occur within 1 month of the collective decision; delay can lead to dunning notices and, ultimately, refusal to register.
• Wrong threshold in collective decision. Using a 50% threshold when the statuts require 2/3 — decision is voidable.
• Forgetting the JAL publication. The legal notice in a Journal d’annonces légales is a separate, mandatory step.
• Not updating the register of associates. The company’s internal register is the legal record of share ownership; the K-bis is only the public-register reflection.

10. RNE (Registre National des Entreprises)

Since 1 January 2023, all formalities including capital increases pass through the Guichet Unique at formalites.entreprises.gouv.fr, operated by INPI. The RNE has replaced the patchwork of CFE registers. Filing a capital increase outside the Guichet Unique (e.g., directly with the greffe) is no longer accepted as the principal route.

Source — Guichet Unique INPI: https://formalites.entreprises.gouv.fr/

11. The MmowW Scrib🐮 Workflow

Cell #6 (FR Company) generates a complete capital-increase pack:

• Updated statuts with revised capital amount and shareholding.
• Notice of collective decision tailored to the threshold in existing statuts.
• DPS exercise and renunciation forms.
• Procès-verbal of the collective decision.
• JAL legal notice text.
• Guichet Unique filing reference list.
• Updated register of associates.

The system tracks the 1-month filing deadline from the date of the PV and prompts the user accordingly.

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Disclaimer

This article provides legal information, not legal advice. MmowW Scrib🐮 is a document preparation service operated by a licensed Gyoseishoshi (行政書士) office in Japan. We are not avocats, notaires, or experts-comptables.

Sources

• Code de commerce art. L.227-9: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000005634983
• Code de commerce art. L.225-132 (DPS): https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000005634895
• Code de commerce art. L.225-13: https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000028745033
• Service-public.fr — augmentation de capital: https://entreprendre.service-public.fr/vosdroits/F31845
• Guichet Unique (formalites.entreprises.gouv.fr): https://formalites.entreprises.gouv.fr/