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Spain: Company Forms |
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Spain Introduction
There
are various types of business structure in Spain,
the most common of which are outlined below.
All
newly formed businesses must register their
business name and a detailed search must confirm
the uniqueness of the name. Founding individuals
and business partners must register with Social
Security and must register all employees.
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Spain Sole Trader (Empresario Individual)
This
is a simple structure and requires no specific
start-up capital. A sole trader must register
for tax, VAT and social security. Sole traders
are wholly liable.
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Spain Limited Liability Company (S.L.)
The Limited Liability Company (Sociedad Limitada)
is an autonomous legal entity and its shareholders
are not personally liable for any debts. In
order to set up a Sociedad Limitada, share capital
of at least EUR3,006 is required. Articles of
corporation must be drafted and notarised, and
the company must register with the Commercial
Registry (Registro Mercantil).
An
individual may set up a Sociedad Limitada on
their own; the maximum number of shareholders
is 50.
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Spain Limited Liability Company (SLNE)
This
is a modified version of the Sociedad Limitada
and was introduced in 2003 in order to simplify
and speed up the process of setting up a company.
The SLNE must have no more than five shareholders.
Start-up capital of EUR3,012 is the minimum
required. The business name must contain one
of the founders’ names, a registration
number, and be suffixed by the letters “SLNE”.
Spain Limited Company (SA)
An
SA requires start-up capital of EUR60,101, of
which a minimum of 25% must be paid into a bank
account. How the remainder of the required capital
will be paid must be clearly explained in the
company documents. There is no maximum number
of shareholders for an SA and its shareholders
are not personally liable. The shareholders
or their representative must sign all necessary
documents in front of a notary.
The
stock of an SA may be floated on the Spanish
stock exchange, subject to securities law.
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Spain
General Partnership (SC)
All
partners in a General Partnership (Sociedad
Collectiva) have joint and individual liability.
The partnership must be entered into the Commercial
Register and be incorporated before a public
notary.
Spain
Limited Partnership (SCra)
The
Sociedad Commanditaria is similar to a Sociedad
Collectiva. The Sociedad Commanditaria must
have a minimum of one general partner who
is wholly liable, and general partners who
are liable up to their individual level of
investment. The company must be registered
with the Commercial Registry and incorporated
before a notary.
Spain
Branches
A
Branch is closely linked to a company’s
head office and does not have its own assets
or accounting systems. The head office runs
its administration. A Branch must be entered
into the Commercial Register and the parent
company deed of incorporation must be notarised.
For
tax purposes, the Spanish Branch of a foreign
company is a permanent establishment and is
required to file annual accounts and pay corporation
tax.
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