You formed a French company from London, New York, Dubai or Singapore, the Kbis (the official certificate proving your company is registered with the trade register) arrived, business started, and now the company needs more money: a French client demands stronger equity before signing, the bank makes a loan conditional on fresh capital, or accumulated losses have eaten half the share capital and the balance sheet looks fragile. Wiring money from your personal account is not enough. In France, only a formal capital increase (augmentation de capital), voted, subscribed, paid up, deposited and registered, changes the capital figure printed on the Kbis and recognised by banks, courts and suppliers.<\/p>\n
This guide walks a foreign founder through the full operation in 2026: who votes the increase when you live abroad and how you sign and pay from another country, whether you keep a preferential right to subscribe or can be diluted by your partners, what you file on the Guichet unique (the single online portal for all business formalities, run by the INPI, the French intellectual property and companies office) and at the greffe (the registry office of the commercial court), and how you challenge an increase that squeezed you out. Where a simple repayable advance would do the job instead, our companion guide on funding your French SAS through a shareholder loan from abroad<\/a> explains the compte courant d’associ\u00e9 (shareholder current account) alternative. Every French acronym below is explained the first time it appears, and every decisive rule is quoted from the official text.<\/p>\n The starting point is the same in a SAS (soci\u00e9t\u00e9 par actions simplifi\u00e9e, simplified joint-stock company) and a SARL (soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e, limited liability company): the increase is a collective decision, and distance does not remove you from the room. Article L.225-129 of the Commercial Code (Code de commerce) states: “L’assembl\u00e9e g\u00e9n\u00e9rale<\/a> extraordinaire est seule comp\u00e9tente pour d\u00e9cider, sur le rapport du conseil d’administration ou du directoire, une augmentation de capital imm\u00e9diate ou \u00e0 terme.” Only the extraordinary general meeting (assembl\u00e9e g\u00e9n\u00e9rale extraordinaire) can decide the increase, on the basis of a management report. In a SAS, Article L.225-129 of the Commercial Code<\/a> applies through the SAS framework, which Article L.227-1 of the Commercial Code<\/a> defines in these terms: “Une soci\u00e9t\u00e9 par actions simplifi\u00e9e peut \u00eatre institu\u00e9e par une ou plusieurs personnes qui ne supportent les pertes qu’\u00e0 concurrence de leur apport.” The SAS borrows the public limited company rulebook wherever its own chapter is silent, while your articles of association (statuts) designate who acts in place of a board. If you are the sole shareholder (associ\u00e9 unique), you decide alone and record the decision in writing. If there are several partners, check the statuts first: many SAS articles allow consultation in writing or by videoconference, which lets a founder in another country vote, sign the minutes (proc\u00e8s-verbal) and return them by secure electronic signature without flying to Paris.<\/p>\n The meeting can also delegate the technical work. Article L.225-129-1 of the Commercial Code<\/a> provides: “Lorsque l’assembl\u00e9e g\u00e9n\u00e9rale extraordinaire d\u00e9cide l’augmentation de capital, elle peut d\u00e9l\u00e9guer au conseil d’administration ou au directoire le pouvoir de fixer les modalit\u00e9s de l’\u00e9mission des titres.” In a SAS, that delegation goes to the president (pr\u00e9sident) or the managers your statuts designate. Practically, the shareholders fix the ceiling, the price and the deadline, and the president handles the bank, the depositary certificate and the filing. This delegation is valid for a limited time: the increase must be completed within five years of the decision or delegation, a ceiling stated in Article L.225-129 of the Commercial Code<\/a>. Put that date in your calendar the day you vote, because an expired delegation forces you to reconvene and vote again.<\/p>\n Paying from abroad is where foreign founders stumble. French law does not require the full amount on day one, but it sets a floor below which the subscription is void. For a SAS, which follows the share rules, Article L.225-3 of the Commercial Code<\/a> states: “Le capital doit \u00eatre int\u00e9gralement souscrit. Les actions de num\u00e9raire sont lib\u00e9r\u00e9es, lors de la souscription, de la moiti\u00e9 au moins de leur valeur nominale. La lib\u00e9ration du surplus intervient en une ou plusieurs fois sur d\u00e9cision du conseil d’administration ou du directoire selon le cas, dans un d\u00e9lai qui ne peut exc\u00e9der cinq ans \u00e0 compter de l’immatriculation de la soci\u00e9t\u00e9 au registre du commerce et des soci\u00e9t\u00e9s.” Every new cash share must be subscribed in full and paid up at least halfway when you sign; the balance follows within five years. For a SARL, Article L.223-32 of the Commercial Code<\/a> sets a different floor: “Ces parts sont obligatoirement lib\u00e9r\u00e9es, lors de la souscription, d’un quart au moins de leur valeur nominale. La lib\u00e9ration du surplus doit intervenir, en une ou plusieurs fois, dans le d\u00e9lai de cinq ans \u00e0 compter du jour o\u00f9 l’augmentation du capital est devenue d\u00e9finitive.” New SARL units (parts sociales) need only one quarter paid on subscription, the rest within five years of the day the increase becomes final.<\/p>\n Two traps catch foreigners here. First, a SARL whose existing capital was never fully paid cannot increase at all: Article L.223-7 of the Commercial Code<\/a> warns that “le capital social doit \u00eatre int\u00e9gralement lib\u00e9r\u00e9 avant toute souscription de nouvelles parts sociales \u00e0 lib\u00e9rer en num\u00e9raire, \u00e0 peine de nullit\u00e9 de l’op\u00e9ration.” If you only paid the minimum when you formed the company, top up the old capital before voting the new one, or the whole operation is void. Second, the money must be parked where the law says: the funds are deposited with a bank or a notary (notaire), which issues the depositary certificate (certificat du d\u00e9positaire) listing each subscriber and the sums paid. The official service-public guide to increasing the share capital of a company<\/a> confirms that the sums received for the release of shares must be deposited with the notary or the bank within eight days of receipt, and that the increase must be completed within six months of the first deposit, failing which subscribers can reclaim their money. From abroad, organise the international transfer early: ask the bank which branch issues depositary certificates for capital increases, what identity and origin-of-funds documents it requires from a non-resident, and how many days the certificate takes. A transfer that arrives without a_subscription reference, or a certificate that names the wrong subscriber, blocks the filing at the worst moment.<\/p>\n If the increase is paid by contributing an asset instead of cash, a business, a patent, a building, the law adds an independent valuation. Article L.225-147 of the Commercial Code<\/a> provides: “En cas d’apports en nature ou de stipulation d’avantages particuliers, un ou plusieurs commissaires aux apports sont d\u00e9sign\u00e9s \u00e0 l’unanimit\u00e9 des actionnaires ou, \u00e0 d\u00e9faut, par d\u00e9cision de justice.” The contributions auditor (commissaire aux apports) is appointed unanimously or, failing agreement, by the court, and the same article continues: “Ces commissaires appr\u00e9cient, sous leur responsabilit\u00e9, la valeur des apports en nature et les avantages particuliers.” The auditor values the contribution under his own liability, his report is made available to the shareholders before the vote, and if the meeting approves the valuation it records the completion of the increase. A founder who contributes know-how or work (apport en industrie<\/a>, contribution of industry) should note that such contributions are possible in a SAS under conditions set by the statuts but never form part of the share capital. Do not skip this step to save fees: as shown below, a rigged valuation can void the operation and expose the managers to criminal prosecution.<\/p>\n Dilution is the real fear of the minority shareholder living abroad: you wake up, the capital has doubled, your 30 percent is now 15, and a new investor sits at the table. In a SAS or a company with shares, the Code gives you a shield called the preferential subscription right (droit pr\u00e9f\u00e9rentiel de souscription, DPS). Article L.225-132 of the Commercial Code<\/a> states: “Les actions comportent un droit pr\u00e9f\u00e9rentiel de souscription aux augmentations de capital. Les actionnaires ont, proportionnellement au montant de leurs actions, un droit de pr\u00e9f\u00e9rence \u00e0 la souscription des actions de num\u00e9raire \u00e9mises pour r\u00e9aliser une augmentation de capital.” Each shareholder can subscribe in proportion to his existing holding and keep his percentage. The same article adds that shareholders “peuvent renoncer \u00e0 titre individuel \u00e0 leur droit pr\u00e9f\u00e9rentiel”: you may waive your right individually, but nobody can waive it for you. From abroad, exercise or waiver must be express and in writing; silence is not a waiver, and a president who treats your silence as consent commits a fault.<\/p>\n The shield can be lifted, but only by a formal vote with full information. Article L.225-135 of the Commercial Code<\/a> provides that the meeting “peut supprimer le droit pr\u00e9f\u00e9rentiel de souscription pour la totalit\u00e9 de l’augmentation de capital ou pour une ou plusieurs tranches de cette augmentation, selon les modalit\u00e9s pr\u00e9vues par les articles L. 225-136 \u00e0 L. 225-138-1 et L. 22-10-52”, and adds: “Elle statue sur rapport du conseil d’administration ou du directoire.” The removal of your preferential right requires a specific resolution, a management report explaining the reasons and the issue price, and, where auditors exist, a report from the statutory auditor (commissaire aux comptes). An increase voted without those reports, or with a report that hides the price calculation, is vulnerable to annulment. Always demand both reports before the meeting and keep the proof that you received them: from another country, email timestamps are your evidence.<\/p>\n The most aggressive form of dilution is the reserved increase (augmentation de capital r\u00e9serv\u00e9e), where the new shares go straight to a named person. Article L.225-138 of the Commercial Code<\/a> states: “L’assembl\u00e9e g\u00e9n\u00e9rale qui d\u00e9cide l’augmentation du capital peut la r\u00e9server \u00e0 une ou plusieurs personnes nomm\u00e9ment d\u00e9sign\u00e9es ou cat\u00e9gories de personnes r\u00e9pondant \u00e0 des caract\u00e9ristiques d\u00e9termin\u00e9es. A cette fin, elle peut supprimer le droit pr\u00e9f\u00e9rentiel de souscription.” The named beneficiaries cannot vote on the resolution, the quorum and majority are calculated after deducting their shares, the issue price must be justified by the reports, and the operation must be completed within eighteen months of the meeting. If your co-shareholder pushes through a reserved increase for himself at a discount while you are abroad and cannot attend, each of these conditions is a checkpoint: were you properly convened, did you receive the reports, did the beneficiary vote despite the prohibition, was the price serious? A single failure can support a court action.<\/p>\n One formality surprises almost every foreign founder: when the company has employees and the increase is paid in cash, the meeting must also vote on opening part of the increase to the staff. Article L.225-129-6 of the Commercial Code<\/a> provides: “Lors de toute d\u00e9cision d’augmentation du capital par apport en num\u00e9raire, sauf si elle r\u00e9sulte d’une \u00e9mission au pr\u00e9alable de valeurs mobili\u00e8res donnant acc\u00e8s au capital, l’assembl\u00e9e g\u00e9n\u00e9rale extraordinaire doit se prononcer sur un projet de r\u00e9solution tendant \u00e0 la r\u00e9alisation d’une augmentation de capital dans les conditions pr\u00e9vues aux articles L. 3332-18 \u00e0 L. 3332-24 du code du travail, lorsque la soci\u00e9t\u00e9 a des salari\u00e9s.” The Cour de cassation (the supreme court for civil and commercial matters) enforces this strictly. In a decision of 28 November 2018, appeal no. 16-28.358, concerning a SAS whose 2013 cash increase had been adopted without that employee resolution, the Court approved the appeal judges for holding that the defective increase could be regularised by a later vote on the single resolution reserving an increase for the employees, whose minutes recorded that “cette autorisation entra\u00eene la renonciation de plein droit des associ\u00e9s \u00e0 leur droit pr\u00e9f\u00e9rentiel de souscription” (Cour de cassation, commercial chamber, 28 November 2018, no. 16-28.358<\/a>). The lesson runs both ways: forgetting the employee resolution exposes the whole increase to an annulment claim, but the defect can be cured by a proper later vote instead of redoing everything, which matters when your bank deadline is near.<\/p>\n In a SARL the protection works differently, and founders who assume the SAS rules apply make costly mistakes. The Code grants SARL members no automatic preferential right equivalent to Article L.225-132; who subscribes to the new parts sociales is decided by the meeting under the extraordinary majority, and your real protection sits in the statuts: clauses requiring that new parts be offered first to existing members, approval clauses (agr\u00e9ment) controlling who enters, and reinforced majorities for capital operations. Read those clauses before any vote, because once the increase is registered, renegotiating them means another full procedure. Conversely, a SARL founder is protected by the liberation rule recalled above: nobody can force you to subscribe, and the one-quarter minimum plus the five-year balance schedule in Article L.223-32 of the Commercial Code<\/a> cap what any subscriber, including you, must pay on day one. If cash is tight, subscribing fewer units and paying the minimum, rather than refusing the operation and being diluted, is often the rational compromise.<\/p>\n Voting and paying are only half the job. Until the modification is registered, the company cannot prove the new capital to anyone: the old Kbis still circulates, the bank keeps the old figure, and contracts signed in the name of the increased capital rest on shaky ground. The filing runs through the Guichet unique des formalit\u00e9s des entreprises, the single online portal operated via the INPI, which replaced the old network of business formalities centres. The deadline is short. Article R.123-66 of the Commercial Code<\/a> states: Article R.123-66 requires “une inscription modificative dans le mois de tout fait ou acte rendant n\u00e9cessaire la rectification ou le compl\u00e9ment des \u00e9nonciations”: in plain terms, a modifying registration within one month of any event changing the registered particulars. The company therefore requests the modifying registration (inscription modificative) through the single portal, with a file that typically contains the minutes recording the increase, the updated statuts showing the new capital and its division into shares or units, the depositary certificate, the auditor’s report where one was required, and the legal announcement (annonce l\u00e9gale) publishing the modification in an authorised notices journal. The official service-public guide to increasing the share capital of a company<\/a> details each supporting document and confirms the portal route; keep its checklist open while you prepare the file, because an incomplete submission bounces back and the one-month clock does not stop.<\/p>\n Founders based in Paris and the \u00cele-de-France region (the Paris region, eight departments around the capital) handle two practical specifics. First, the competent greffe is the registry of the Paris commercial court (tribunal de commerce<\/a> de Paris) for a company seated in Paris, and the legal announcement must appear in a journal authorised (habilit\u00e9) for the department of the registered office (si\u00e8ge social): a Paris-seated SAS publishes in a Paris-authorised journal, not in a cheaper provincial one, or the filing is rejected. Second, Paris timelines are real but manageable: allow two to four weeks between the complete Guichet unique submission and the updated Kbis in routine periods, longer in September and January when filings pile up. Order a fresh Kbis the day the modification is recorded and check three lines immediately: the capital amount (montant du capital social), the number and division of shares or units, and the identity of the managers. Every bank, landlord and major client will pull that document through the official channels before releasing funds or signing, and an error caught on day one costs a corrective filing while an error caught by your bank costs the deal. The modification is also publicised in the BODACC (Bulletin officiel des annonces civiles et commerciales, the official bulletin of civil and commercial announcements), which third parties are deemed to know: from publication, nobody can claim ignorance of your new capital.<\/p>\n After registration, close the loop inside the company. Release the deposited funds: the depositary pays out against proof of registration, and the president or manager (g\u00e9rant, the SARL manager) moves the money to the operating account with a clean paper trail from subscriber to company. Update the shareholders’ register (registre des mouvements de titres) for a SAS or the updated parts division in the statuts for a SARL, record the paid and unpaid portions of each subscription so future calls for the balance go to the right person, and inform the expert-comptable (chartered accountant) so the accounts, the annual meeting file and the tax returns reflect the new capital. If the increase was meant to repair balance-sheet damage, verify that equity (capitaux propres) is back above half the share capital: falling below that line triggers a separate statutory procedure of recapitalisation or dissolution warning, and an increase that leaves equity under the threshold has missed its target. Our step-by-step map of setting up a company in France as a foreign founder, from bank account to Kbis, VAT and first hire<\/a> shows where this operation fits in the life of the company, from formation to growth. Keep every proof for at least the life of the company plus the limitation periods: minutes, reports, certificate, announcement, filing receipt, new Kbis. A founder abroad who keeps that file can answer any bank, auditor or court from another country; one who trusted memory cannot.<\/p>\n Now the defensive side, which is why many foreign founders read this guide after the damage is done. Suppose you were never convened, the meeting suppressed your preferential right without the required reports, a reserved increase handed cheap shares to your partner, or an asset contribution was wildly overvalued to give the contributor control. French law answers with annulment (nullit\u00e9): the irregular resolution, and sometimes the whole increase, can be cancelled by the commercial court at the request of an interested shareholder, with the company restored as if the operation never happened and damages available for the loss suffered. Act fast and in writing: protest by registered letter or bailiff as soon as you learn of the meeting, demand the minutes, the reports and the depositary certificate, and have a lawyer review the convening notices against the statuts before the trail cools. Courts forgive a shareholder who was kept in the dark; they show less patience toward one who knew and waited.<\/p>\n The contributions auditor is the second checkpoint, and a 2026 Cour de cassation decision shows how seriously courts police it. On 28 May 2026, appeal no. 25-13.211, the commercial chamber held that the duties of contributions auditor are, on pain of nullity of the resolutions adopted on the basis of his report, incompatible with any activity or act liable to harm his independence toward any party to the contribution or any person controlling or controlled by it, and that this defect is punished by a nullity protecting public order, not merely the company or its shareholders. The Court’s own words deserve quotation: “les fonctions de commissaire aux apports sont, \u00e0 peine de nullit\u00e9 des d\u00e9lib\u00e9rations prises au vu de son rapport, incompatibles avec toute activit\u00e9 ou tout acte de nature \u00e0 porter atteinte \u00e0 son ind\u00e9pendance \u00e0 l’\u00e9gard de l’une des parties \u00e0 l’op\u00e9ration d’apport ou d’une personne qui la contr\u00f4le ou qu’elle contr\u00f4le” (Cour de cassation, commercial chamber, 28 May 2026, no. 25-13.211<\/a>). In that case the auditor had previously performed accounting work for the company whose shares were contributed, and the Court extended the nullity to his engagement letter itself. For a founder abroad, the message is concrete: if your partner’s asset was valued by an auditor who also keeps that partner’s books, challenge the valuation and the resolutions adopted on its basis, and demand a truly independent expert appointed by the court.<\/p>\nI. How do you increase the capital of a French SAS or SARL when you live abroad?<\/h2>\n
A. Who votes the increase and how do you sign and pay from another country?<\/h3>\n
B. Do you keep a preferential right to subscribe or can the increase dilute you?<\/h3>\n
II. How do you register the new capital and what if the increase was unfair?<\/h2>\n
A. What do you file on the Guichet unique, deposit at the bank and update on the Kbis?<\/h3>\n
B. How do you challenge an irregular increase, a rigged valuation or a blocked subscription?<\/h3>\n