Spanish Express Company Formation Now Available
The so called Spanish Express Companies have finally arrived. You are now able to incorporate a company from scratch and operate with it within four days from the moment you decide on what you will be naming it.
The new regulations approved on the Royal Decree 13/2010 (http://noticias NULL.juridicas NULL.com/base_datos/Admin/rdl13-2010 NULL.html) which was passed last December has finally been implemented, and Notaries and Mercantile Registry officers have started to work in a whole new way. It was just last week that we, at Lawbird, incorporated the first express company, ready to be used and fully operative on the following day to the signing at the Notary office.
These companies bring an important reduction on the overall incorporation costs as notary and Mercantile Registry fees are reduced. This price drop follows the Stamp Duty exemption for limited liability companies in force since the passing of the mentioned law.
The process is summarized as follows:
- The company name is applied for and the certificate issued by the Central Mercantile Registry is obtained within in 24-48 hours.
- Soon-to-be Company shareholders and administrators meet at the Notary office (or their legal representatives if there is a Power of Attorney allowing them to sign in their behalf )
- Deeds are signed before the Notary, and the tax ID code (CIF/NIF) is obtained immediately after. At this point the company is ready for basic operation.
- The notary itself submits the company deeds for registration at the Mercantil Registry, process which will take maximum seven working hours.
- Once you get the deeds back from the Mercantile Registry, the company is fully operational.
It looks as a very simple process, and it certainly is. However, there are some limitations, as not all activities can take advantage of this new regulation. There is a list of specific company activities which these express companies can carry out, which is the following:
- Construction, Installations and Maintenance
- Wholesale and retail. Commercial Distribution. Import and Export.
- Real Estate Activities
- Professional Services (Law firms, Architect studios, etc.)
- Textiles and Manufacturing Industries
- Tourism, Catering, Restaurants and Hotel Industry
- Service Providers: Administration and Management Activities. Educational, Health care, leisure and entertainment services.
- Transport and Storage
- Information and Communications Bureau (Press)
- Agriculture, Stock breeding and Fishing
- Information Technology, Telecommunications and Office Automation
- Alternative Energies
- Buying and selling (dealers) and repair. Repairs and maintenance of machinery and installation.
- Investigation, Development and Innovation.
- Scientific and Technical Activities.