If you are interested in doing business in Spain, you must be aware of the different possibilities to enter the Spanish business market as well as of main principles of doing business in Spain. Spain remains one of the most popular places to start a business.
So, is it easy to start a business in Spain? What are the requirements to start a business in Spain? Before you start doing business in Spain, all foreigners with financial affairs in Spain must get a foreigner’s tax identification number or NIE. The NIE is essential for any fiscal transactions in Spain.
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Replying to the question of what you need to start your business in Spain, the first step is to obtain a certificate from the Mercantile Registry to verify that the company name you want to use is not already taken. Next you have to apply for your C.I.F (tax identification code).
If you have already obtained the tax code and the certificate for registration of the new company name, a deposit to form the authorised capital has to be paid into a bank account of your chosen bank account. You have to obtain the evidence of payment form the bank for delivery to the notary confirming the fact of incorporation of the new company.
The requirements to start a business in Spain say that after you have obtained the original deed of incorporation, the deed must be registered with the Local Government Tax Authority.
After then, in order to start doing business in Spain, the deed has to be registered in the Spanish Register of companies of the Spanish Mercantile Register. It should take a bit more than two week until the deed is registered and the original documents are returned to you.
The next step of starting your business in Spain involves one more to the tax authorities. The purpose of the visit is to obtain the permanent Corporate Tax Identification Number that is usually obtained after the completion of the incorporation process. Finally, the new company must have its director to be registered for social security and occupational accident insurance purposes in relevant state authorities.
If you are not familiar with the requirements to start a business in Spain, it is advisable to address to a professional consulting company.