9 Important Steps To Open Company In Spain
Posted: Feb 18, 2016
Opening up a new firm or joining a venture brings a great opportunity in the thriving economic environment of Spain. However, there is also an unprecedented hurdle of legal and bureaucratic processes that needs legal assistance. Here, the business idea, procedure, time and cost are scrutinized before actually setting it up.
There are different ways to enter the Spanish business market that may include a new company, an acquisition, a joint venture, etc. Just like in other countries, there is a set of rules to follow in order to register business in Spain and the following does tells about the steps that should be taken.
- NIE (Tax Identification Number) – To make fiscal transactions, there is a requirement of a foreigner’s tax identification number or NIE. The procedure is to send an application at the police station having a foreigners department. List of documents includes: application form, fee payment receipt, identification details, and notary statement.
- Company name registration – Prior to opening the company, it is vital that its name is registered with the mercantile registry. From the mercantile, it can be known whether the name is already registered or not. The RMC would send the answer within 3 days.
- Tax identification code – In a way to register business in Spain, one would require to apply for the tax identification code (CIF) at an appropriate of the Hacienda.
- Bank deposit – A minimum authorized share capital is to be submitted at any Spanish bank account and a bank certificate is generated to submit to the notary or lawyer.
- Notary submission – With all of documents about which it is mentioned in the above points, the individual goes to the notary to get appointed as the director or administrator of the company. A local notary can be selected for the incorporation procedure to open company in Spain.
- Tax authority – The individual has to take the original documentation and NIE along with the deed of incorporation from the notary to the Local Government Tax Authority for stamp certification.
- Mercantile register – This is where the deed of incorporation along with other relevant documents is submitted to register business in Spain. It takes a few days to get placed in the Spanish register of limited companies. Later, when the deed is collected it would have a certificate from the mercantile registry.
- Permanent CIF – It involves another visit for a permanent CIF to the tax office. It comes only after the incorporation processes are over. Here too, there will be need of original documents and NIE for obtaining the permanent tax identification code.
- TGSS procedures – It is the last step to register business in Spain by completing the formalities involved in social security and occupational accident insurance in a visit to the ministry of labour and social affairs office.
The above list is a brief preview of the processes and it would require the help of a law professional. They are said to be acquainted with the formal procedures and help in resolving any legal issue.
Krish Bhogs is an expert law professional with years of experience in business incorporation domain. He recommends hiring law firms to register business in Spain. Hits tips also help the people to open company in Spain faster
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Krish Bhogs recommends hiring law firms to register company Spain. Hits tips also help the people for company formation in Spain faster.