Among the many existing solutions for investing a company’s cash (see Finankap article of 27 February 2026), two share common features. Whilst current geopolitical conflicts and crises make it difficult to maintain visibility, preserving and optimising the management of a company’s cash is essential. The standard securities account (CTO) and the capitalisation contract play a central role. Both instruments provide access to the financial markets, but operate on different principles in terms of taxation, management and visibility. Here is a brief overview of their advantages and specific features.

Flexibility with the securities account

The ordinary securities account allows a company to invest directly in the financial markets, without being constrained by a specific tax allowance. It stands out for its high flexibility and liquidity. Through this vehicle, the company can invest in a wide range of assets:

• Listed shares,

• Government or corporate bonds,

• UCITS and ETFs,

• Money market products,

• Structured products.

This freedom of allocation allows the investment strategy to be precisely tailored to the investment horizon, needs and profile of the company. The securities account can also be entrusted to a manager via a mandate, in order to actively manage the funds entrusted.

Transparency with the capitalisation contract

A capitalisation contract taken out by a legal entity subject to corporation tax is an attractive alternative for structuring cash management with a longer-term perspective. This vehicle also allows investment in a wide range of financial assets:

• Euro-denominated funds (secured),

• Unit-linked products (equity, bond, money market and diversified UCITS),

• Structured products.

Unlike a securities account, where all returns are subject to corporation tax, returns generated under a capitalisation contract are not immediately taxed. Specific rules apply, notably through an annual flat-rate tax and an adjustment of the tax base upon redemption.

Securities accounts and capitalisation contracts offer distinct yet complementary solutions, enabling you to optimise returns whilst managing liquidity and stability. Support from professionals allows you to implement a tailored and coherent strategy, adapted to the specific situation of each business. Combined with structured products, these two solutions offer undeniable advantages. Finankap’s wealth management advisers will help you develop a strategy tailored to your legal, tax and financial situation – Contact us!

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