Global Law Experts Logo

Find a Global Law Expert

Specialism
Country
Practice Area

Awards

Since 2010, the Global Law Experts annual awards have been celebrating excellence, innovation and performance across the legal communities from around the world.

The Spanish Government's Proposed New Measures for Company Start-up Will Help Off-set the Impact of Brexit and Covid-19 to Cross-border Business Between Spain and UK

posted 3 years ago

The Spanish government has drafted proposals aimed at bringing in a number of resourceful changes to opening a business in Spain which will reduce both the financial and administrative responsibilities when setting up a new business. The reality of the double blow Covid-19 and that of Brexit to cross-border trade has led to businesses, both in the UK and in Spain, having to find new routes to trade without the unwieldy administrative burden that they now face. 

Following a public consultation, the Ministry of Economic Affairs and Digital has put forward a number of innovative suggestions to ensure that start-up businesses have the easiest entrance to commercial life by reducing the capital requirement to start a business as well as simplifying and speeding up the process. The new proposals include:

  • The capital requirement reduced from €3,000 to just one euro
  • The process of setting up a new business can be conducted online for EU Member States. Whilst this does not apply to non-EU Member States, there still may not be the need to a physical presence as an Ordinary Power of Attorney can be granted to your nominated attorney, often your lawyer, who can act in your stead.
  • The whole process to be completed within ten days.

Gonzalo Butori, an associate, commented “it is expected that the new measures will be approved and welcomed. No country has escaped the effects of the pandemic and it is only by facing the situation and taking creative resourceful steps to attract commercial activity that recovery will be achieved” he further commented, “businesses must act fast to recover their position as the market will shrink before it expands again and only the agile forward-thinking businesses will survive.”

Giambrone is well placed to assist businesses in the UK to start up in Spain, our offices in Spain can advise and support new businesses in Spain and support those who wish to recover their cross-border trade via a different business model. As well as acting as an attorney to deal with all the company set up and can advise on employment law, tax, funding, venture capital, cross-border commercial contracts, debt collection and many other issues. All businesses need sound foundations that will withstand any difficulties that are encountered.

Spain’s new proposals include the levelling of the playing field between small to medium businesses (SME) and the larger organisations as currently SMEs are hampered by a number of barriers that do not apply to large companies, such as the imbalance of power between large and small companies which sees SMEs having to accept the longer payment terms imposed by larger companies or face losing the business of the larger entity.

Prior to the implementation of the new proposals, the Ministry of Economic Affairs and Digital has commissioned a public consultation to gather the opinions and contributions of the economic operators related to all areas of the proposals which is open until 19 March 2021. This will provide for the collection of opinions and suggestions from all related sectors and will culminate in a Draft Law that will be raised to a public hearing where the proposals will be discussed and a final draft will the thrashed out.

For more information about starting a business in Spain please click here

Author

posted 3 days ago

Find the right Legal Expert for your business

The premier guide to leading legal professionals throughout the world

Specialism
Country
Practice Area
LAWYERS RECOGNIZED
0
EVALUATIONS OF LAWYERS BY THEIR PEERS
0 m+
PRACTICE AREAS
0
COUNTRIES AROUND THE WORLD
0

Join

who are already getting the benefits
0

Sign up for the latest legal briefings and news within Global Law Experts’ community, as well as a whole host of features, editorial and conference updates direct to your email inbox.

Naturally you can unsubscribe at any time.

Newsletter Sign Up

About Us

Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.

Contact Us

Stay Informed

Join Mailing List

GLE