Limited Liability Company
Our firm has extensive experience in the incorporation of Spanish companies. The most common is the limited company.
When dealing with any kind of business in Spain, the first thing we must have is patience. It is true that our wonderful country offers many possibilities, especially when it comes to buying a property or setting up a business. However, Spain is also known for its high tax burden, complex bureaucratic procedures, and a certain saturation regarding the processing of those procedures. Our specialist lawyers will be on hand to assist you in this regard and to ensure that all procedures are carried out as efficiently as possible.
If you decide to incorporate a limited company in Spain, you will need to consider, among other things, the following issues:
1) Company name and corporate objects
Firstly, we must certify that the name we want for the company is available in Spain. On the other hand, it will be necessary to correctly specify the object or purpose of the company. In addition, the name must comply with a series of legal requirements.
2) NIE and NIF
The (foreign) individuals involved will have to apply for a foreigner’s identification number (NIE). If a foreign company is involved, a tax identification number (NIF) must be applied for.
3) Bank account
The next step is to open a bank account in a Spanish bank and deposit the share capital, which must be a minimum of €3,000.
4) Drafting the Articles of Association
This is the set of rules that will govern the company. It is very important that the Articles of Association have been reviewed by a lawyer to ensure that the wishes and objectives of the founding partners are reflected and protected at the time of incorporation. In addition, in certain cases, it would also be interesting to grant a document known in Spain as pactos sociales, to manage the internal relations between the founding partners.
5) Public deed of incorporation
This is the moment when all the founding partners (or their representatives) go to the Notary Public for him to grant legal protection to all the objectives and steps previously granted.
6) Various formalities
Once the company has been incorporated before a Notary Public, the SL now has legal personality, but in order to be able to operate fully in the Spanish business world, it is necessary to complete a series of additional steps of a very varied nature (among others, registration in the Mercantile Register, registration and obtaining registration with the Spanish Tax Agency, Social Security, etc.) and which will depend to a large extent on the type of business founded and the place where it is set up.