{"id":2116594,"date":"2026-09-04T22:05:43","date_gmt":"2026-09-04T20:05:43","guid":{"rendered":"https:\/\/kohenavocats.fr\/2026\/09\/04\/french-company-share-transfer-foreign-buyer-approval-registration-duty-inpi\/"},"modified":"2026-09-04T22:05:43","modified_gmt":"2026-09-04T20:05:43","slug":"french-company-share-transfer-foreign-buyer-approval-registration-duty-inpi","status":"publish","type":"post","link":"https:\/\/kohenavocats.fr\/en\/2026\/09\/04\/french-company-share-transfer-foreign-buyer-approval-registration-duty-inpi\/","title":{"rendered":"French Company Share Transfer to a Foreign Buyer: Approval, Registration Duty and INPI Filing"},"content":{"rendered":"<p>Buying an interest in a French company from outside France is not completed by signing a sale and purchase agreement and sending the price. The buyer steps into an existing French legal entity, with its liabilities, contracts, tax history, employees and regulatory exposure. The transaction therefore has two separate dimensions: the private transfer of the shares or parts, and the filings that make the new ownership position effective in the company\u2019s records and visible to the relevant authorities.<\/p>\n<p>The answer also depends on the legal form. A <em>soci\u00e9t\u00e9 par actions simplifi\u00e9e<\/em> (SAS, simplified joint-stock company) normally uses a securities ledger and may impose approval, pre-emption or forced-transfer mechanisms in its articles. A <em>soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e<\/em> (SARL, private limited company) has a statutory approval regime when the buyer is an outsider. A <em>soci\u00e9t\u00e9 anonyme<\/em> (SA, public limited company) requires a different review of its articles, securities records and, where relevant, market or regulated-sector rules. A foreign company or fund must add corporate authority, beneficial-owner, translation, payment and anti-money-laundering evidence to the ordinary closing file.<\/p>\n<p>This guide follows the practical route from the first review to the post-closing filing. It explains what should be checked before a foreign buyer becomes committed, how French registration duty is calculated, and why an INPI filing, an updated Kbis and an updated beneficial-owner record are not interchangeable. The objective is a closing file that can be defended months later, even when the buyer, its directors and its bank are all located abroad.<\/p>\n<h2>I. What must a foreign buyer check before signing a French company share transfer?<\/h2>\n<h3>A. How do SAS, SARL and SA approval rules differ?<\/h3>\n<p>The first question is not whether the buyer is American, British, Swiss, Singaporean or incorporated elsewhere. The first question is whether the buyer is a \u201cthird party\u201d under the legal form and the company\u2019s own documents. Foreign nationality can create additional evidence requirements, but it does not replace the French approval analysis. The target\u2019s articles of association, any shareholders\u2019 agreement, the capitalization table and the latest securities or share ledger must be read together.<\/p>\n<p>For an SAS, the starting point is the text of the articles. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227136\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227136\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article L. 227-14 of the French Commercial Code<\/a> states: \u201cLes statuts peuvent soumettre toute cession d&#8217;actions \u00e0 l&#8217;agr\u00e9ment pr\u00e9alable de la soci\u00e9t\u00e9.\u201d In English, the articles may make any transfer of shares subject to the company\u2019s prior approval. This is a powerful drafting rule. An approval clause may identify the competent body, the voting threshold, the notice to be served, the information to be supplied about the proposed buyer, and the consequences of silence or refusal. A buyer should not assume that the French \u201cSAS\u201d label means that the shares are freely transferable.<\/p>\n<p>The consequence of ignoring a valid SAS approval restriction is especially serious. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227152\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227152\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article L. 227-15<\/a> provides: \u201cToute cession effectu\u00e9e en violation des clauses statutaires est nulle.\u201d The French word <em>nulle<\/em> means null and void: a private agreement may exist on paper, yet fail to produce the intended transfer if the mandatory company procedure was bypassed. The agreement should therefore make approval a condition precedent where approval is required, specify who must obtain it, and state whether the parties may terminate if the process fails.<\/p>\n<p>The same review must identify pre-emption rights, inalienability periods, change-of-control clauses, exclusion provisions and sector-specific authorisations. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article L. 227-16<\/a> adds a distinct risk for an SAS: \u201cDans les conditions qu&#8217;ils d\u00e9terminent, les statuts peuvent pr\u00e9voir qu&#8217;un associ\u00e9 peut \u00eatre tenu de c\u00e9der ses actions.\u201d The articles can, under their defined conditions, require a shareholder to transfer its shares. A foreign buyer who negotiates with one shareholder without checking these provisions may face a competing right, a forced-transfer mechanism or a refusal based on a procedure that was visible from the start.<\/p>\n<p>For an SARL, the legal analysis is more structured when the proposed buyer is not already an associate. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article L. 223-14 of the Commercial Code<\/a> states: \u201cLes parts sociales ne peuvent \u00eatre c\u00e9d\u00e9es \u00e0 des tiers \u00e9trangers \u00e0 la soci\u00e9t\u00e9 qu&#8217;avec le consentement de la majorit\u00e9 des associ\u00e9s repr\u00e9sentant au moins la moiti\u00e9 des parts sociales, \u00e0 moins que les statuts pr\u00e9voient une majorit\u00e9 plus forte.\u201d A <em>part sociale<\/em> is a unit in a company whose capital is not divided into shares in the SAS or SA sense. \u201cTiers \u00e9trangers \u00e0 la soci\u00e9t\u00e9\u201d means outsiders to the company; it does not mean foreigners. The approval rule is triggered because the buyer is entering the ownership group, whether the buyer is a French individual, a French company or a foreign corporate vehicle.<\/p>\n<p>The SARL notice must be planned, not improvised at closing. The seller must notify the company and the associates in the legally required form. The company then has a decision period. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223059\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article L. 223-14<\/a> states: \u201cSi la soci\u00e9t\u00e9 n&#8217;a pas fait conna\u00eetre sa d\u00e9cision dans le d\u00e9lai de trois mois \u00e0 compter de la derni\u00e8re des notifications pr\u00e9vues au pr\u00e9sent alin\u00e9a, le consentement \u00e0 la cession est r\u00e9put\u00e9 acquis.\u201d In other words, the statutory silence mechanism can amount to approval after three months from the last required notification, but a buyer should not rely on silence without an evidence file showing the dates, recipients and contents of every notice.<\/p>\n<p>If approval is refused, the refusal does not simply end every possible route. The statute sets out a buyout process, subject to its conditions and time limits. The parties must identify who may be required to purchase the parts, how the price is determined, whether the company can reduce its capital, and what happens if the legal period expires. In a cross-border transaction, a refusal can also affect financing commitments, exclusivity, currency hedging, regulatory notifications and the buyer\u2019s acquisition timetable. These consequences belong in the agreement\u2019s conditions precedent and long-stop date.<\/p>\n<p><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223103\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223103\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article L. 223-17<\/a> provides the short but important bridge to the general transfer rule: \u201cLa cession des parts sociales est soumise aux dispositions de l&#8217;article L. 221-14.\u201d The deed, notice to the company and registration of the transfer must be coordinated. The <a href=\"https:\/\/entreprendre.service-public.gouv.fr\/vosdroits\/F36015\">official Service Public guidance on SARL parts transfers<\/a> also distinguishes approval, registration duty and the filing of updated corporate information. Its practical value is that it describes the administrative sequence in addition to the statutory rule.<\/p>\n<p>An SA needs a different checklist. An SA is a <em>soci\u00e9t\u00e9 anonyme<\/em>, a public limited company with a more formal corporate structure. The buyer must verify the articles, the securities account or issuer records, the identity of the authorised signatory, any shareholder agreement, and any restriction resulting from a regulated activity, a public offer, a listed status or a foreign-investment control regime. The absence of an SARL-style approval vote does not mean the transaction is administratively frictionless. The company\u2019s records must still prove the transfer, and a controlling acquisition may activate contractual or regulatory notifications.<\/p>\n<p>The practical rule is simple. For an SAS, begin with the articles and shareholders\u2019 agreement. For an SARL, treat approval of an outsider as a timetable item supported by formal notices. For an SA, begin with the securities account, articles, governance authorities and any market or regulated-sector constraints. For all three, a foreign buyer should insist that the closing deliverables identify the precise mechanism by which ownership passes.<\/p>\n<h3>B. Which title, authority and evidence checks protect an overseas buyer?<\/h3>\n<p>A current <em>Kbis<\/em> is the official extract showing key information registered for a French commercial company, including its registration number, registered office, legal form and authorised representatives. The <em>greffe<\/em> is the registry office attached to the competent commercial court. The <em>RCS<\/em> is the Trade and Companies Register, and the <em>RNE<\/em> is the National Register of Enterprises. These records are essential, but a Kbis is not a complete certificate of title to every share or part. The buyer needs the company\u2019s internal ownership evidence as well.<\/p>\n<p>For an SAS or SA, request the latest register of movements of securities, individual securities accounts, certificates or equivalent issuer records, together with the most recent capitalization table. The buyer should reconcile the number and class of securities in those documents with the articles, board or shareholder resolutions, previous transfers, capital increases, conversions and any pledges. For an SARL, request the articles, the signed transfer deeds, the associates\u2019 register or equivalent internal records, and evidence that earlier transfers were notified and approved. If the seller\u2019s title cannot be traced from the company\u2019s records, a buyer should suspend signing or make the title defect a specific condition precedent.<\/p>\n<p>The identity review must be wider than the person who signs the sale agreement. Obtain the seller\u2019s exact legal name, registration number, registered office, constitutional documents, register of directors, board or shareholder resolution approving the sale, and power of attorney if the signatory is not a statutory representative. For a foreign company, ask for an incumbency or good-standing certificate where customary, a certificate of authority or equivalent corporate extract, and a legal opinion or officer certificate if the transaction\u2019s size or the bank\u2019s compliance policy requires one.<\/p>\n<p>The French beneficial-owner record is commonly called the <em>RBE<\/em>, short for <em>registre des b\u00e9n\u00e9ficiaires effectifs<\/em>. It records the natural persons who ultimately own or control the company. A foreign buyer must map its ownership chain through every intermediate holding company until the relevant natural persons are identified. A new control position, a changed percentage, a new control mechanism or a change in the managing representative may require an updated declaration. A mismatch between the RBE, the capitalization table and the foreign buyer\u2019s corporate chart is a predictable source of bank, registry and anti-money-laundering questions.<\/p>\n<p>Do not treat a translated corporate extract as proof that the underlying foreign resolution exists. The closing file should preserve the original document, the certified or accepted translation where required, the apostille or legalisation when applicable, and the authority chain showing why the signatory could bind the buyer. The file should also retain the identity documents and addresses requested by the French bank, accountant, registry or tax office. A document that is technically valid but impossible for a French recipient to authenticate can delay the transaction just as effectively as a missing document.<\/p>\n<p>Digital execution is workable when the evidence chain is designed in advance. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032042461\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032042461\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article 1366 of the Civil Code<\/a> states: \u201cL&#8217;\u00e9crit \u00e9lectronique a la m\u00eame force probante que l&#8217;\u00e9crit sur support papier, sous r\u00e9serve que puisse \u00eatre d\u00fbment identifi\u00e9e la personne dont il \u00e9mane et qu&#8217;il soit \u00e9tabli et conserv\u00e9 dans des conditions de nature \u00e0 en garantir l&#8217;int\u00e9grit\u00e9.\u201d <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032042456\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032042456\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article 1367<\/a> adds: \u201cLa signature n\u00e9cessaire \u00e0 la perfection d&#8217;un acte juridique identifie son auteur. Elle manifeste son consentement aux obligations qui d\u00e9coulent de cet acte.\u201d The platform\u2019s audit trail, signer identification, timestamp, final document hash or integrity record, delegation evidence and secure retention should be kept with the closing binder.<\/p>\n<p>These rules matter when the buyer and seller are in different countries and the transfer is challenged later. The parties\u2019 contract also deserves a clear hierarchy. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040777\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040777\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article 1103 of the Civil Code<\/a> states: \u201cLes contrats l\u00e9galement form\u00e9s tiennent lieu de loi \u00e0 ceux qui les ont faits.\u201d <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041314\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041314\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article 1193<\/a> states: \u201cLes contrats ne peuvent \u00eatre modifi\u00e9s ou r\u00e9voqu\u00e9s que du consentement mutuel des parties, ou pour les causes que la loi autorise.\u201d The sale agreement should therefore state which document controls if the term sheet, disclosure schedule, articles, shareholder pact and closing certificate do not match.<\/p>\n<p>For a buyer acquiring control, legal <a href=\"https:\/\/kohenavocats.fr\/avocats-droit-affaires-paris\/avocat-due-diligence-juridique-paris\/\">due diligence<\/a> should cover more than ownership. Review material customer and supplier contracts, financing, security interests, tax audits, employment liabilities, pending disputes, intellectual property, personal data, licences, environmental exposure and the company\u2019s ability to continue operating after the seller exits. In a share deal, the company remains the same contracting party. The buyer acquires the company with its historical risks, rather than receiving a clean asset package.<\/p>\n<p>A useful conditions-precedent schedule can require: satisfactory title review; approval under the articles; delivery of corporate authorisations; an agreed beneficial-owner chart; release or replacement of pledges; bank confirmation of the funds flow; tax filing instructions; and a complete INPI filing pack. The schedule should also say who bears the cost of translation, legalisation, registration duty, filing fees and any correction. For a broader overview of French company formation and corporate structuring, the buyer can use the firm\u2019s <a href=\"https:\/\/kohenavocats.fr\/exp-7\/\">French corporate law and company formation hub<\/a>, while keeping the share-transfer checklist specific to the transaction.<\/p>\n<p>The final pre-signing question is whether the deal is a transfer of shares or a transfer of assets. A share transfer leaves the company\u2019s assets and liabilities inside the entity and changes its ownership. An asset deal transfers selected business assets and usually requires a different set of consents, employee information steps, tax analysis and contract assignments. Calling an asset transaction a share transfer, or overlooking a change-of-control clause because the buyer is purchasing an entity rather than an asset, creates avoidable exposure.<\/p>\n<h2>II. How does a foreign buyer complete the French transfer, tax and INPI process?<\/h2>\n<h3>A. How are the price, ownership transfer and registration duty calculated?<\/h3>\n<p>The purchase price should be tied to a defined economic perimeter. A foreign buyer should know whether the amount is a locked-box price or a completion-accounts price, whether cash and debt are adjusted, how working capital is measured, and whether earn-out or escrow provisions apply. The agreement should separate the price for the securities from repayment of shareholder loans, fees, tax withholdings, dividends declared before closing and any debt assumed or repaid. That separation helps the parties, the bank and the tax office understand the transaction.<\/p>\n<p>If the parties dispute value, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article 1843-4 of the Civil Code<\/a> sets an expert mechanism in cases where the law refers to that article. Its verified wording begins: \u201cI. \u2013 Dans les cas o\u00f9 la loi renvoie au pr\u00e9sent article pour fixer les conditions de prix d&#8217;une cession des droits sociaux d&#8217;un associ\u00e9, ou le rachat de ceux-ci par la soci\u00e9t\u00e9, la valeur de ces droits est d\u00e9termin\u00e9e, en cas de contestation, par un expert d\u00e9sign\u00e9, soit par les parties, soit \u00e0 d\u00e9faut d&#8217;accord entre elles, par jugement du pr\u00e9sident du tribunal judiciaire ou du <a href=\"https:\/\/kohenavocats.fr\/avocats-droit-affaires-paris\/avocats-contentieux-commercial-paris\/\">tribunal de commerce<\/a> comp\u00e9tent, statuant selon la proc\u00e9dure acc\u00e9l\u00e9r\u00e9e au fond et sans recours possible.\u201d This is not a general licence to reopen any negotiated price. The agreement and the statute must be checked to determine whether Article 1843-4 is engaged.<\/p>\n<p>The Cour de cassation has warned against applying the mechanism outside its legal setting. In its decision of 11 March 2014, appeal no. 11-26.915, it held that \u201cles dispositions de ce texte, qui ont pour finalit\u00e9 la protection des int\u00e9r\u00eats de l&#8217;associ\u00e9 c\u00e9dant, sont sans application \u00e0 la cession de droits sociaux ou \u00e0 leur rachat par la soci\u00e9t\u00e9 r\u00e9sultant de la mise en oeuvre d&#8217;une promesse unilat\u00e9rale de vente librement consentie par un associ\u00e9.\u201d The <a href=\"https:\/\/www.courdecassation.fr\/decision\/6079e0aa9ba5988459c5c0e0\">official decision no. 11-26.915<\/a> is a reminder to identify the legal source of the valuation mechanism before presenting an expert as automatic.<\/p>\n<p>More recently, in its decision of 7 May 2025, appeal no. 23-24.041, the Commercial Chamber stated that \u201cl&#8217;expert peut, afin de ne pas retarder le cours de ses op\u00e9rations, retenir diff\u00e9rentes \u00e9valuations correspondant aux interpr\u00e9tations de la convention respectivement revendiqu\u00e9es par les parties.\u201d The <a href=\"https:\/\/www.courdecassation.fr\/decision\/681b474432f864188b6ee75a\">official decision no. 23-24.041<\/a> shows why the wording of the valuation clause matters. A foreign buyer should preserve the signed version, schedules and accounting definitions that the expert would need if a price-adjustment dispute arises.<\/p>\n<p>Ownership also requires a formal record. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038591684\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038591684\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article L. 228-1 of the Commercial Code<\/a> provides, for the relevant cases: \u201cDans les autres cas, le transfert de propri\u00e9t\u00e9 r\u00e9sulte de l&#8217;inscription des valeurs mobili\u00e8res au compte de l&#8217;acheteur ou dans un dispositif d&#8217;enregistrement \u00e9lectronique partag\u00e9, dans des conditions fix\u00e9es par d\u00e9cret en Conseil d&#8217;Etat.\u201d For an SAS or SA, the closing should therefore include the instruction and confirmation that the buyer\u2019s securities account or the company\u2019s electronic record has been updated. A signed agreement without the corresponding issuer record may leave the parties arguing about when the buyer became owner.<\/p>\n<p>The same principle has a particular history in SARL disputes. In its decision of 4 July 2006, appeal no. 03-16.698, the Commercial Chamber held that \u201cla vente n&#8217;\u00e9tant pas devenue parfaite avant l&#8217;expiration du d\u00e9lai de rachat \u00e9dict\u00e9 par l&#8217;article L. 223-14 du code de commerce, M. X&#8230; avait retrouv\u00e9 le 7 janvier 2001 la facult\u00e9 de r\u00e9aliser la cession de ses parts sociales \u00e0 la soci\u00e9t\u00e9 Sogexi.\u201d The <a href=\"https:\/\/www.courdecassation.fr\/decision\/6079d3cc9ba5988459c5998b\">official decision no. 03-16.698<\/a> illustrates the practical importance of approval, buyout periods and the precise date on which the sale becomes final.<\/p>\n<p>Registration duty is separate from corporate approval. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048845731\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048845731\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article 726 of the General Tax Code<\/a> begins: \u201cI. \u2013 Les cessions de droits sociaux sont soumises \u00e0 un droit d&#8217;enregistrement dont le taux est fix\u00e9 :\u201d It then provides a 3% rate for transfers of parts in companies whose capital is not divided into shares, with the statutory allowance mechanism, and a 5% rate for transfers of interests in legal entities predominantly holding real estate. For the ordinary transfer of non-listed shares in an SAS or SA, the rate is generally 0.1%, subject to the exclusions and special rules in the article.<\/p>\n<p>Two simplified illustrations make the distinction clearer:<\/p>\n<ul>\n<li>For a standard transfer of \u20ac500,000 of shares in a non-listed SAS, a 0.1% duty produces an indicative registration duty of \u20ac500.<\/li>\n<li>For a \u20ac500,000 transfer of SARL parts where the 3% regime applies and the full \u20ac23,000 statutory allowance is available, the indicative base is \u20ac477,000 and the indicative duty is \u20ac14,310.<\/li>\n<\/ul>\n<p>These examples are not a substitute for checking the legal form, the company\u2019s real-estate profile, the consideration and the statutory calculation. If the company is a real-estate-heavy entity, the 5% regime can apply. If the consideration is understated compared with market value, the tax base may not be limited to the headline price. The buyer and seller should agree in writing who files, who pays, who supplies the valuation support and who bears a later reassessment.<\/p>\n<p>The place of signing does not, by itself, eliminate the French filing. A transaction signed in London, New York or Dubai can still concern rights in a French company and trigger French registration obligations. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019291811\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019291811\" data-kohen-legifrance-title=\"Texte officiel Legifrance\" target=\"_blank\" rel=\"noopener\">Article 639 of the General Tax Code<\/a> states: \u201cA d\u00e9faut d&#8217;actes les cessions d&#8217;actions, de parts de fondateurs, de parts b\u00e9n\u00e9ficiaires des soci\u00e9t\u00e9s dont les droits sociaux ne sont pas n\u00e9goci\u00e9s sur un march\u00e9 r\u00e9glement\u00e9 d&#8217;instruments financiers au sens de l&#8217;article L. 421-1 du code mon\u00e9taire et financier ou sur un syst\u00e8me multilat\u00e9ral de n\u00e9gociation au sens de l&#8217;article L. 424-1 du m\u00eame code, de parts des soci\u00e9t\u00e9s dont le capital n&#8217;est pas divis\u00e9 en actions, ou de participations dans des personnes morales \u00e0 pr\u00e9pond\u00e9rance immobili\u00e8re au sens du troisi\u00e8me alin\u00e9a du 2\u00b0 du I de l&#8217;article 726 doivent \u00eatre d\u00e9clar\u00e9es dans le mois de leur date.\u201d<\/p>\n<p>Where there is a written deed, the official <a href=\"https:\/\/www.impots.gouv.fr\/professionnel\/cession-de-droits-sociaux\">impots.gouv.fr guidance on transfers of social rights<\/a> confirms the one-month registration timetable and identifies the relevant tax service. Where the transfer is not recorded in a deed, the parties may need the declaration route, including form 2759 where applicable. The buyer should obtain the receipt or registration evidence, not merely an email saying that the filing was intended.<\/p>\n<p>On closing day, use a signed funds-flow memorandum. It should state the account from which the foreign buyer pays, the account receiving the price, the currency, the exchange-rate source, any escrow, bank charges, withholding and the documents released against payment. A compliance bank may request the sale agreement, corporate resolutions, beneficial-owner chart, source-of-funds evidence and a copy of the target\u2019s Kbis. Preparing the file before the closing date avoids a situation in which the transfer is signed but the bank freezes the payment for lack of authority evidence.<\/p>\n<h3>B. Which tax, INPI, RCS and beneficial-owner filings come after closing?<\/h3>\n<p>Post-closing work should be divided into four tracks: the company\u2019s internal ownership records; tax registration; the public corporate filing; and the beneficial-owner update. Completing one track does not automatically complete the others. A new shareholder may appear in an internal register while the RNE still shows old directors or an old distribution of capital. Conversely, an updated Kbis does not prove that the securities ledger was correctly updated.<\/p>\n<p>First, complete the internal ownership record. For an SAS or SA, obtain a closing certificate or account statement showing the buyer\u2019s securities and the date of registration. For an SARL, preserve the executed deed, evidence of notice or acceptance by the company, the approval decision, the updated articles where required and the internal ownership record. The company\u2019s representative should sign a short post-closing certificate identifying the new holder, the number and class of securities or parts, and the date on which the transfer was recorded.<\/p>\n<p>Second, complete the tax track. File the deed or declaration with the competent registration service within the applicable period, pay the registration duty and retain the receipt. The <a href=\"https:\/\/www.impots.gouv.fr\/formulaire\/2759-sd\/declaration-de-cessions-de-droits-sociaux-non-constatees-par-un-acte\">official 2759-SD form page<\/a> explains that this form is for a transfer not recorded in an act; it is not a substitute for the corporate filing with the registry. If a notary, accountant or French counsel handles the tax step, the engagement should specify the exact filing and the document proving acceptance.<\/p>\n<p>Third, update the public corporate information through the <em>Guichet unique<\/em>, the single online channel for French business formalities. INPI is the French National Institute of Industrial Property; in this context it operates the platform that transmits formalities to the relevant registers. The <a href=\"https:\/\/www.inpi.fr\/decouvrir-inpi\/formalites-dentreprises\/guichet-unique-formalites-dentreprises-et-registre-national-entreprises\">official INPI page on the Guichet unique and RNE<\/a> explains that the service centralises registrations, modifications, cessations and other business formalities.<\/p>\n<p>The exact filing depends on what changed. If the articles contain a capital-distribution clause naming associates or shareholders, the articles may need to be updated and filed. A change in the legal representative, registered office, activity or other registered information requires its own formal declaration. A pure transfer of SAS shares that changes only the internal securities ledger may not require the same public filing as a SARL transfer, but the company must still check whether its articles, beneficial-owner record or registered representatives changed. The <a href=\"https:\/\/entreprendre.service-public.gouv.fr\/vosdroits\/F36022\">official Service Public guidance on SAS share transfers<\/a> describes the relationship between the securities movement register, individual accounts, updated articles and the Guichet unique.<\/p>\n<p>For an SARL, the company should verify the updated articles and registry formalities carefully. The Service Public route for <a href=\"https:\/\/entreprendre.service-public.gouv.fr\/vosdroits\/F36015\">SARL and EURL part transfers<\/a> explains the transfer-specific sequence, including the effect of approval and the registration-duty treatment. A foreign buyer should ask for the submission receipt, any request for correction from the registry and the final updated extract. \u201cSubmitted\u201d is not the same as \u201caccepted\u201d; a rejected or incomplete filing must be corrected before the post-closing checklist is closed.<\/p>\n<p>Fourth, update the RBE. The declaration should reflect the natural persons who ultimately own or control the French company after the foreign acquisition. This includes looking beyond the immediate buyer. If the buyer is a fund, holding company or group company, the filing package must explain the ownership chain and the control rights. If no natural person can be identified through ownership, the relevant control-by-management analysis must be considered under the applicable rules. A new RBE filing should be consistent with the buyer\u2019s KYC chart, the company\u2019s capitalization table and the corporate resolutions.<\/p>\n<p>Board mandates, bank powers and tax-account access should be reviewed at the same time. A change of ownership may require a bank to refresh its customer file, even if the French company\u2019s account number remains unchanged. Replace former signatories, confirm the new director\u2019s authority, update the accountant\u2019s instructions and ensure that the foreign buyer can access the company\u2019s professional tax account. If the company has a payroll provider, insurer, regulated licence or material customer with change-of-control language, send the required notices only after confirming the contract\u2019s deadline and recipient.<\/p>\n<p>The <em>BODACC<\/em> is the <em>Bulletin officiel des annonces civiles et commerciales<\/em>, the official bulletin for certain commercial announcements. It is not a universal substitute for the Guichet unique, tax registration or an ownership-ledger update. The parties should identify whether a notice is required for the transaction or a related corporate change and, if so, keep the publication reference. An assumption that every share transfer receives the same BODACC treatment can lead to an incomplete file.<\/p>\n<p>A disciplined closing binder should contain, in this order:<\/p>\n<ol>\n<li>the signed sale and purchase agreement, schedules, disclosure letter and any price-adjustment statement;<\/li>\n<li>the seller\u2019s and buyer\u2019s corporate authorisations, powers of attorney and authority evidence;<\/li>\n<li>the SAS approval, SARL approval or other consent, with notices and dates where relevant;<\/li>\n<li>the updated securities ledger, individual accounts, share register or SARL ownership record;<\/li>\n<li>the funds-flow memorandum and evidence of payment;<\/li>\n<li>the tax registration or 2759 declaration, duty calculation and receipt;<\/li>\n<li>the INPI Guichet unique submission, correction messages and final acceptance evidence;<\/li>\n<li>the updated Kbis and RNE information, where a public record changed;<\/li>\n<li>the updated RBE declaration and the ownership-chain chart; and<\/li>\n<li>the translations, apostilles, legalisations, bank confirmations and post-closing certificates.<\/li>\n<\/ol>\n<p>Keep a deadline table with the responsible person, the filing destination, the date sent, the acknowledgement, the expected response and the escalation route. The French word <em>greffe<\/em> can refer to the registry office, while <em>Guichet unique<\/em> identifies the online filing channel; neither label should be used as a reason to leave ownership evidence in an email inbox. The buyer should be able to show an auditor, bank, co-investor or court exactly how the transfer moved from signed agreement to recorded ownership and public compliance.<\/p>\n<p>When the French registry asks for a correction, the response should address the precise defect. Common issues include an inconsistent legal name, a missing corporate resolution, an outdated article, an incomplete beneficial-owner chain, a translation that does not identify the signatory, a mismatch between the tax filing and the sale price, or an attachment in an unacceptable format. Resubmitting a larger bundle without identifying the defect usually prolongs the delay. A clean correction note should list the requested change, the replacement document and the reason the new document resolves the issue.<\/p>\n<p>The public record also matters to later transactions. A future lender may rely on the Kbis and RNE, while a future purchaser will ask for the internal ledger, prior deeds and tax receipts. If the foreign buyer later sells the company, a gap in the 2026 closing file can become a representation breach or a valuation issue. The cost of preserving a precise file at the first acquisition is small compared with reconstructing authority and title after the original signatories have left.<\/p>\n<p>Finally, do not confuse a change in shareholder with a change in director. A foreign buyer may acquire all shares but leave the existing president or manager in place. Alternatively, the buyer may appoint a new director at closing. Those are different corporate events, with different resolutions, filings, Kbis consequences, bank mandates and beneficial-owner implications. The closing agenda should list them separately and state which document proves each one.<\/p>\n<h2>Conclusion<\/h2>\n<p>A foreign buyer can acquire a French company efficiently when the transaction is treated as a sequence of linked legal records. Start with the articles and ownership evidence, determine whether SAS approval, SARL approval or another consent is required, and make foreign corporate authority and beneficial-owner evidence conditions of signing or closing. Then distinguish the internal transfer record from the tax registration and the INPI filing.<\/p>\n<p>For the price, check the legal form and the company\u2019s real-estate profile before applying a registration-duty rate. For ownership, obtain the ledger or account entry that proves the transfer. For the public file, submit the correct modification through the Guichet unique and verify the final Kbis, RNE and RBE position. A foreign signing location does not remove French compliance, and a successful payment does not prove that the buyer has been recorded as owner.<\/p>\n<p>The strongest closing file is one in which every deadline, consent, signature, tax receipt and registry response can be matched to a responsible person and a source document. That discipline protects the buyer\u2019s control, preserves the company\u2019s ability to operate and makes the next financing, audit or sale materially easier.<\/p>\n<h2>Need a quick opinion on your case<\/h2>\n<p>Receive a telephone consultation within 48 hours with a lawyer from the firm.<\/p>\n<p>Send the key documents and receive a first practical orientation for your French company transaction.<\/p>\n<p><a href=\"tel:+33646605822\">+33 6 46 60 58 22<\/a> \u2014 Ma\u00eetre Reda Kohen<\/p>\n<p><a href=\"https:\/\/kohenavocats.fr\/formulaire-de-contact\/\">Contact the firm<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying shares in a French company from abroad requires more than a signed agreement. This guide explains approval rules, title evidence, French registration duty, ownership records and INPI filings for a foreign buyer.<\/p>\n","protected":false},"author":251031309,"featured_media":16347,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kj_source_type":"","_kj_official_id":"","_kj_official_url":"","_kj_judilibre_id":"","_kj_jur":"","_kj_lieu":"","_kj_chambre":"","_kj_rg":"","_kj_date":"","activitypub_content_warning":"","activitypub_content_visibility":"","activitypub_max_image_attachments":4,"activitypub_interaction_policy_quote":"anyone","activitypub_status":"federated","footnotes":""},"categories":[80314,80313],"tags":[],"class_list":["post-2116594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-decryptage","category-doing-business-in-france"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>French Company Share Transfer to a Foreign Buyer: Approval, Registration Duty and INPI Filing - Ma\u00eetre Reda Kohen, Real Estate and Business Law Attorney in Paris<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kohenavocats.fr\/en\/2026\/09\/04\/french-company-share-transfer-foreign-buyer-approval-registration-duty-inpi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"French Company Share Transfer to a Foreign Buyer: Approval, Registration Duty and INPI Filing\" \/>\n<meta property=\"og:description\" content=\"Buying shares in a French company from abroad requires more than a signed agreement. 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