Incorporation of companies in Spain
The incorporation of a company in Spain is very similar to any other country with in the European Union, given that a lot of legal obligations are general regulations covering the EU. However, most of the legal and financial responsibilities will be local and national jurisdiction. So when forming a new company, or buying a ready-made one, the overall process, apart from the initial company registration, will be very alike. The normal registered private limited company in Spain is a “Sociedad Limitada” or commonly seen as “S.L.”.
In order to do any form of transaction in Spain especially financial, you must integrate in to the Spanish system, whether partially or completely. Complete integration refers to someone who wishes not only to begin a business in Spain, but also live in Spain or at least reside in Spain on a prolong basis. To begin with the individuals who are to be involved in the company formation must each get personal Spanish national identification numbers, or “NIE”. Then they are able to proceed with the process. It will also be essential for the corporate registration and for the allocation of tax codes, for the company and the individually.
There is a lot of documentation required in the forming of a new company, and of course it takes some time to establish all the registration, but usually as long as most of the paperwork is available the process can take around a month and in many cases less. An already made company will be quicker for the most part as the actual company registry is already done and therefore it is a straight forward matter of changing over ownership and name change to corresponding obligations and registries.
In recent years there are many government grants and incentives to boost the economy and help business owners start and run their businesses. Different sectors will have different benefits, as well as it depending on individual cases and the size of the business.