Spain is a country where foreign investment is strongly protected, there is full freedom of capital, legal certainty, and any person, whether legal or natural, can set up a business having 100% of the company’s units or shares. How? Basically, starting an enterprise in Spain requires its formal incorporation before a notary public and its registration in the Register of Companies (Registro Mercantil ) for Spain. The Ministry of Economy, Industry and Competitiveness points out the following twelve steps that, in broad terms, will need to be followed.
1._ In case of doing it through a representative, granting of representative powers by the founder or founders to the person undertaking the incorporation.
2._ Requesting the Tax Identification Number (NIF – Número de Identificación Fiscal), in case of a legal person, or the Foreigner Identification Number (NIE – Número de Identificación de Extranjeros), in case of a natural person, of the foreign shareholders and managers of the company to be formed.
3._ Applying for a negative certificate of company name.
4._ Opening a Current Account to make cash contributions and obtaining a bank certificate.
5._ Incorporation before Notary Public, through the granting of the Instrument of Incorporation.
6._ Applying for the company’s Provisional Tax Identification Number.
7._ Settlement of the Tax on Capital Transfers.
8._ Registration in the Register of Companies for Spain.
9._ Obtaining the company’s final Tax Identification Number.
10._ Authentication of the company’s Official Ledgers (Libros Oficiales de Comercio)
11._ Fiscal formalities.
12._ Labour procedures.
In LeónUP, we kindly provide counsel to those companies interested in coming to Spain and to León in particular: the first step to take will be to decide on the legal form more suitable for your project.