Frequently Asked Questions

How will the startups included in the Tax Shelter Tracer be selected?

Start-ups entering the Tracer Tax Shelter will have all of the following features:


  • It must be a resident company or a company from the European Economic Area that has a "Belgian establishment" in Belgium.

  • The start-up will have to go to the notary within 4 years of its incorporation.

  • It must take the form of an SA or SRL.

  • It must be a micro-company or a small company:

    • Micro company: the balance sheet total is no more than €350,000; the turnover, excluding VAT, does not exceed €700,000; the average number of workers employed during the year is no more than 10.
    • Small company: number of employees employed, as an annual average: 50; annual turnover, excluding vat: €9,000,000; balance sheet total: €4,500,000.
  • Tax Shelter: at least €100,000 must be available for Tax Shelter.

  • Validation of the project :

    • at least 2 active entrepreneurs (= working at least part-time for the company) who have subscribed to shares for a cash contribution of at least € 15,000;
    • incubated, followed by an accelerator or supported by a studio or have €25,000 of co-investment.
  • The company:

    • may not have been formed on the occasion of a merger or demerger of
    • cannot be an investment, treasury or financing company;
    • cannot be a "real estate company "*;
    • cannot be incorporated in order to conclude management or administration contracts or to obtain most of its profits from management or administration contracts;
    • may not have already, in the past, carried out a capital reduction or distributed dividends;
    • is not subject to collective insolvency proceedings or is not in the conditions for collective insolvency proceedings;
    • may not have received after payment of the amounts by the taxpayer an amount of tax-privileged contributions in excess of €250,000 during its existence;
    • is not listed on the stock exchange.
  • The company will not become :

    • an investment, financing or treasury company; or
    • a management company or whose management activities are the main source of income; or
    • a real estate company.
  • The company will not use the funds raised for the distribution of dividends or for the acquisition of shares or units, nor for the granting of loans.

Registered on Spreds

The company must have completed the registration form on the Spreds site.


  • Must have completed the entire questionnaire (approximately 30 minutes).

  • Provided all financial information for the current year as well as for the next two years :

    • a cash flow statement which includes the capital increase;
    • the income statement;
    • whether a new round is required within the next three years;
    • a financial plan that shows that there is enough cash to survive 6 months without income.

Signing of the contract

Sign the "Service Agreement" contract including its appendices "Term Sheet", "Representations & Warranties" and "Terms of Business" (the latter must be signed electronically when creating your profile).


  • Valuation: the Tracer follows the valuation of the company if at least one of the professional investors has invested €25,000.

  • Default valuation: if the conditions for this valuation are not met, the default valuation is :

    • by a maximum of €1,000,000 if the turnover is less than €100,000 or by a maximum of 10x the turnover if the turnover is more than €100,000 (pre-money valuation);
    • a maximum of €666,667 (post-money valuation) if the company is incubated (i.e. 15% of the shares for €100,000).
  • Directors: at least one director or observer is appointed by Spreds Finance (the professional co-investor mentioned above or an independent Director).


Code of Ethics: compliance with our Code of Ethics.


  • Fill out their online profile at

  • Validate the Information Note or Prospectus.

  • Launch a private and/or public campaign (consisting of a private phase followed by a public phase).

*What is a real estate company? It is a company whose main corporate purpose or main activity is the construction, acquisition, management, development, sale or rental of real estate for its own account, or the holding of interests in companies with a similar purpose.