Why legal structure should be your first step in sharefunding
Long-read in response to the Eyevestor podcast "The Sharefunding Arena", in which Eyevestor founder Gijs Dalen Meurs talks to legal advisor Alexandra Tier (Legal & Governance at Eyevestor).
Introduction
In addition to value, shareholding is also about trust. Yet many entrepreneurs only pay attention to their legal structure when money is needed. Alexandra Tier, lawyer at Eyevestor, shows why that is too late in this episode of The Sharefunding Arena. She explains how, with the right preparation, you can fund better and be stronger towards your shareholders, employees and investors.
In her role as legal advisor, Alexandra supports dozens of companies in laying a solid legal foundation with clear choices and a keen eye for what really matters. Together with Gijs, she discusses where things often go wrong, how things can be done differently, and why the legal side of sharefunding has everything to do with ownership and involvement.
🎧 Prefer listening to reading? You can watch the full podcast here ⬇️ and listen to it here on Spotify, as well as on other podcast platforms.
Issuing shares starts with understanding what you are giving away
Most entrepreneurs start with a private limited company. That is common, familiar and feels safe. Until they want to share their ownership, then it suddenly turns out that every transfer has to go through the notary. And that makes it impossible to issue certificates to customers, employees or fans in an accessible way.
That is why companies on Eyevestor almost always work with a cooperative or a trust office foundation (STAK). They make it possible to divide property without having to go to the notary every time.
In a STAK, the board remains in control, while investors receive depositary receipts. A cooperative is all about togetherness: in principle, every investor also becomes a member, with voting rights. These differences are essential, but more importantly, you choose a way of ownership.
"You have to think ahead. Who do you want to involve, who can have a say, and who do you only want to participate financially? The structure follows from those choices."
Validating, structuring and preparing
Alexandra's work starts with the basics. Does the company exist legally? Are the figures correct? Are the documents available and up to date? She helps entrepreneurs set up the right legal structure. For example, by supervising the establishment of a STAK, or choosing the right agreements in a cooperative.
As soon as shares are contributed to a STAK, depositary receipts can be issued and they do not have to be linked one-to-one to the number of shares. It is precisely because of this flexibility that a company can also make smaller investments possible. Think of one share of one thousand euros, which is split into one hundred certificates of ten euros.
"I do the math every day. Not because I like numbers, but because it has to be right. For the company, for the investor, and for the trust in between."
Preparation determines whether you will be able to fund later
Eyevestor works according to the principle of three Rs: preparation, connection and firing moments. Alexandra is closely involved in that first phase to ensure that the campaign is on a solid foundation.
As soon as an entrepreneur decides to fund publicly through Eyevestor, additional regulations are involved. Eyevestor is a European recognized crowdfunding platform, which means that entrepreneurs must meet strict requirements. Think of drawing up a KIIS (Key Investment Information Sheet), providing annual accounts, and substantiating the intended investment goal.
"Most entrepreneurs start with legal preparation when they are already funding. But then you are behind the times. Start earlier than you think is necessary."
After the funding, the responsibility begins
After a successful campaign, Alexandra keeps an eye on whether the company keeps its promises. Think of:
- Quarterly reports
- Current board information
- Communication towards investors
She does this to make engagement sustainable. After all, investors are not passers-by, but co-owners.
Good partners make the difference
Entrepreneurs don't have to do it alone. Eyevestor's partners help with the design of the legal structure, communication with the notary and going through all the steps towards a successful campaign.
For Alexandra, those partners are indispensable because they explain to the entrepreneur why something is important and that makes the difference.
Shareholding requires trust and structure
If you want to attract investors, you must have agreements in order in addition to a good story. You need to know what you're spending, who you're engaging and why. You also have to offer the legal peace in which others dare to participate.
Alexandra sums it up powerfully:
"If it's right, you can feel it. And then others dare to trust too. But then you have to have it clear yourself first."
Finally: start before you think you have to
Waiting until you need money is waiting until it's too late. The right legal choices give you freedom, direction and credibility for years to come.
🎧 Watch and Listen to episode #2 of The Sharefunding Arena and discover why legal preparation is the basis for sustainable growth, shared ownership and credible funding.
The Sharefunding Arena is more than a podcast title; it's an invitation to rewrite the rules and share your company's value with the people most motivated to further enhance that value.
Background to the title: The Sharefunding Arena
The Sharefunding Arena is for every entrepreneur who wants to grow and succeed. For the entrepreneur who is the misfit, the crazy one, the man or woman in the arena.
115 years ago, Theodore Roosevelt gave a speech that has become known for one paragraph and has thus come to be called the man in the arena. Google it and you will find the quote. Below is the Eyevestor free translation anno 2025.
It's not about the people on the sidelines. Not about the critics, the complainers, or the people who know exactly how you should have done things differently or better – but don't do anything yourself. The real honor belongs to you, the one who dares and continues.
You standing in the middle of the arena, with the sweat on your forehead and the sleepless nights of work and fear. Who fails, falls, gets up again and continues. Not because it's easy, but because it matters. Maybe you win. Maybe not. But at least you fought. Mood, with passion, with everything you have. And even if you lose, you do so with your head held high – because you tried. Better to fail in trying, than to stay safe on the sidelines. Because that's where – in that arena – it happens. That's where we grow. That's where we make a difference.
Every day the entrepreneur is busy with his or her passion and especially with the acute SME challenges and problems to solve. Fund your growth & Financing is always the biggest challenge, at every stage. How do you do that your husband or wife are in The Sharefunding Arena?
To finance your growth, you need preparation, connection, and moments of fire and celebration. The ultimate way to do that is by strengthening your own assets. Because only then are there other opportunities to grow, finance and connect.
We discuss what is involved.
The Sharefunding Arena is for every entrepreneur who wants to grow. In 30-40 minutes, we dive into a specific theme or the story of the entrepreneur per episode. No superficial conversations, but sharp insights from entrepreneurs and experts.