Good morning,

Allow me to introduce myself, I am Alba Pich, economist in the tax area of BNFIX PICH TAX LEGAL AUDIT, founding partners of BNFIX and members of the international network DFK INTERNATIONAL.

We are more than 200 professional lawyers, economists, auditors and business consultants at your complete disposal, with offices in Barcelona, Madrid and other major Spanish cities. In 2022 more than 3,800 clients trusted us.

Today we wanted to tell you that Spain is currently a very good location for all those professionals, digital nomads, entrepreneurs and foreign investors who want to start their own business in our country or expand the one they already have in their places of residence. We have a very good geographical location, good infrastructures, good banking institutions and other alternative financing systems and more than qualified professionals, as well as the legal security of a first-rate European Union country.

In this context, there are different legal forms to act in the market, either as an individual entrepreneur or under the umbrella of a company, the main ones being commercial companies, as they limit the liability of the partners or shareholders, and, within these, limited liability companies.

In the case of an individual entrepreneur, he/she must become legally resident in Spain, must have a resident NIE and apply for a self-employed work permit.

In the case of the incorporation of a commercial company, additional documentation will be required. The company to be incorporated will be Spanish, its partners and directors do not need to be residents in Spain, however, they will need to obtain a NIE number for non-residents, which can be obtained through the Spanish Consulate in their country of residence. Furthermore, depending on the type of partners, different documentation will be required:

• For example, if the partners of the company to be incorporated are individuals, only the aforementioned NIE will be required.
• However, if the partners are legal persons, a recent certificate issued by the Commercial Register or Chamber of Commerce where the company is registered, containing the details of the company, its articles of association, validity and positions, with the Hague Apostille (or the appropriate legalisation depending on the country) and with a sworn translation into Spanish, will be required.

In any case, a name for the company must be requested and a bank account must be opened in Spain where the share capital must be deposited, which will be one or the other depending on the type of company. The minimum share capital for a limited liability company to date is 3,000 euros, although recently the Spanish Government, has approved a law that allows the creation, with certain limits and requirements, of limited liability companies with a capital starting at 1 euro. This brings Spain into line with neighbouring countries where no minimum capital is required.

Once all the documentation is available, we must draw up the new articles of association that will govern the company and adapt them to the needs of the company and, where appropriate, partners’ agreements. A sole proprietorship is not the same as a family business, a group of companies, a start-up, etc. Finally, the deed of incorporation of the company can be signed, which must be registered in the corresponding Mercantile Register, obtaining the CIF and, subsequently, registering the company with the Tax Office, obtaining the electronic certificate and, if workers are going to be hired, it will also have to be registered with the Social Security.

Once you have a clear idea of the investment and the activity to be carried out, with good legal and tax advice we can advise you on the type of company that best suits your interests, as well as help you through the whole process because, although they seem to be “simple” steps, on a day-to-day basis it ends up being a process that sometimes becomes long and a little tedious.

Finally, we would like to remind you that we can help you with all the business, economic, legal and consultancy issues you may have in Spain. At Bnfix we are your reliable partners and we are here to help you.

Have a nice day,

If you want to know more about us you can contact us at our website www.pich.bnfix.com