Company Formation
There are a number of options to meet your needs. Depending on the characteristics of your investment, you can choose between setting up a limited liability company (Sociedad Limitada) or self-employment (autónomo).
It should be mentioned that the limited liability company is the better way to protect the founder(s) from personal liability in the event of insolvency.
Our lawyers provide advice on the different legal forms of company formation in Spain as well as the aspects to be considered with regard to company, tax, social security and labour law.
We will explain the steps to be taken when setting up a company in Spain.
Procedure
1. Company name
First of all, a certificate (called a no-name certificate of conformity) must be obtained from the Commercial Register, which confirms that the selected company name is not already in use and is reserved in your name.
At GM Tax Consultancy, we offer this service where you must specify three name options and we will inform you within a few days whether your name choice has been confirmed.
2. NIE number
Under Spanish law, any natural or legal person having an economic or professional interest in Spain or participating in tax-related operations is required to have a tax identification number (or a foreigner’s identification number (NIE) for natural persons).
The number must be applied for if a foreign investor wishes to make a direct investment in Spain, which means that ANY future shareholder or director of a new company – even if the person will not be resident in Spain – must have a tax identification number.
3. Bank account
Once the above steps have been taken, you will need a Spanish company account to which the initial capital of €3,000.00 must be paid.
If you wish, we can open the account for you with a lawyer’s power of attorney.
4. Notarial formation deed
At this point, we can make an appointment with the notary to sign the notarial deed of incorporation.
As part of our services, we offer to carry out the signature on your behalf too.
5. Social security
The last step of the process of setting up the company, in parallel with the registration of the economic activity, the manager must register the company with the Spanish Social Security (Tesorería General de la Seguridad Social) and pay approximately 300€/month of contributions (the amount depends on the personal circumstances, contact us to find out more).
There are many other legal aspects to be considered. Contact us for professional advice and assistance in the incorporation process to avoid mistakes. If you have any questions regarding your specific needs, we are at your full disposal.
