It is clear that in the current economic climate it is important to make the process of setting up a company and the paper work involved as dynamic, simple and fast as possible and thus make the business more competitive.
With this aim in mind, the RD- Law 13/2010 was approved on the 3rd. of December containing several measures to streamline the process of setting up a company, making it much faster. These measures affect primarily Spanish Limited Liability Companies (S.L). these being the most used in practice, although the law distinguishes between different types of companies, etc.
The said law on its Article 5, states the possibility to reserve the company name online, directly from the Central Company House (Registro Mercantil Central), and once the Deed has been signed to set up the company then this could also be referred online to the corresponding Company House (Registro Mercantil Central) where the register must qualify and register the Deed of the company within a very short time period, providing that there are no incidents or mistakes in the documents sent.
This Article also provides the possibility to obtain online from the Spanish State Tax Administration Agency (AEAT-Hacienda) the temporary tax number (NIF -CIF). And then once the company has been registered at the Company House, the AEAT will notify the definitive NIF to the notary and register.
The constitution of an SL will be the fastest providing it has the following characteristics:
.- The company’ s capital should not exceed 3,100 euros..
.- The company’ s articles should adapt to the approved standard regulations.
.- The company’ s share holders must be individuals and not companies.
.- The company should have a single administrator-director, or joint administrators or 2 joint co-directors (mancomunados).
For companies fulfilling all the above details the time for the register of the Company House to qualify and registry the deed and the company is a maximum of 7 hours, so in theory the whole process could be completed in just 1 day.
As previously stated this change means a great amount of saved time in reserving the company name, granting the Deed, obtaining the CIF number and registration of the company at the Company House etc.
If you want to be set a company Spain and you require our advice, please do not hesitate to contact us.
The information provided on this article is not intended to be legal advice, but merely conveys general information related to legal issues.
White & Baos Abogados-Solicitors
Tel: 966 426 185
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