SAS (Société par actions simplifiée)
The most flexible corporate form under French law, with a minimum share capital of one euro, governance freely organised by the articles of association, and the ability to accommodate any type of investor without excessive formalities.
In practice
The SAS is the default structure for French startups and growing groups. It allows issuance of preference shares, founder warrants (BSPCE), and profit-sharing mechanisms without convening a full shareholders' meeting. One key point: the SAS chairman is treated as an assimilated employee and subject to payroll taxes on their compensation — unlike the majority manager of a SARL. This choice has a direct impact on the cost of executive pay from the very first year.