Rules For Setting Up A Business In Spain

This article tells you about Rules For Setting Up A Business In Spain. So, you plan to set up a business in Spain! Business prospects are bright in the country. However, setting up a business in Spain is also a challenging task, especially if you are not aware of the protocols. Therefore, once you decide on the location and the type of business venture you wish to run, there are certain legal formalities you need to fulfill.

Rules For Setting Up A Business In Spain

Sign up with the Central Mercantile Registry

The first important step is to go through the Central Mercantile Registry in Spain. You should request for a certificate without which you cannot start a business in Spain. To get the certificate, you have to fill up a form online stating the objective of the business and what unique product/service you wish to offer, along with other basic information about yourself.

If you are selected to do business in the country, the Central Mercantile Registry will send you a certificate by courier, which you are expected to purchase through credit card. The certificate is valid for 6 months. Thereafter, you are expected to renew it after every 3 months.

Open a bank account

After receiving the certificate, you should open a bank account with a bank having its branches in Spain. Here, you are expected to deposit at least 3,000 euros as a proof of evidence. You will get a deposit certificate from the bank will state that you have put in the specified amount of money.

Sign the statute for your business

This is a lengthy process. First, you need to get a tax identification number from the Spanish Tax Authority. You should visit the tax office and fill in a form to get the number. Before you sign the business statute, you are expected to produce three essential documents. This includes the Central Mercantile Registry certificate, bank deposit certificate and the tax number. The signature has to be done in the presence of a public notary. All business partners are expected to sign the statute. The bank or your advocate can recommend a notary. You will also find a list on the internet.

Pay the asset transfer tax

This is an essential step to be fulfilled before you start a business in Spain. This will give you the autonomy in doing your business in a particular region. You should pay nearly one percent of your business capital to the regional office. You have to carry a copy of the signed statute along with your tax identification number.

The final registration process

The registration takes anywhere from 15 days to two months once the statute is signed. The registration will be done at the Mercantile Registry office. The registration charges cost about 150 euros. The Mercantile Registry office has many regional offices all over Spain. The process generally happens close to your business set up. You have to submit a final formal declaration. It would state that you are starting business activities in the country.

Always involve a good attorney in the whole process to ensure a hassle-free task. You can also hire a translator if you do not understand Spanish. All the best for your new business venture!

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