Business formation timeline in Spain
Do you feel ready to achieve your dreams of becoming an entrepreneur? It is crucial to understand how to start a company in order to have a successful beginning, and Spain is a great place for business opportunities. This detailed handbook covers all the steps from idea to officially establishing a company, providing approximate timeframes and valuable advice to help in making well-informed choices.
A step-by-step guide
We have outlined the essential procedures for setting up a business, including an approximation of the time needed and our comprehensive strategies to simplify the process for you. It is important to note that the timeframe for creating a company can differ greatly, as each company’s registration process is individual and dependent on its specific circumstances and needs.
Define your business plan (1-2 weeks)
It is crucial to have a well-defined strategy in place before beginning the formalities. Our team of professionals can provide expert guidance and support in developing a comprehensive corporate plan tailored to your specific goals and objectives. Schedule a meeting with us to start the process.
Reserve your company name (1-2 days)
Choosing a unique and enduring business name is a crucial aspect of the marketing strategy. Our efficient name reservation services ensure that your desired name is instantly available and secured, allowing you to move forward with confidence.
Draft and sign the articles of association (1-2 weeks)
Our team of legal experts will help you create and review the Articles of Association, which establish the legal structure, purpose, and internal rules of your company in accordance with Spanish laws and regulations.
Opening a business bank account (1-2 weeks)
To enable financial transactions for your company, it is necessary to establish a business bank account. Documentation such as identity papers, proof of firm registration, and other relevant paperwork may be required. Typically, this process takes one to two weeks.
Deposit share capital (1-2 weeks)
In Spain, companies must deposit a specified minimum share capital based on the legal structure chosen. Our team will help you with preparing the necessary documents and will support you in depositing the required funds into your newly opened bank account, to ensure compliance with legal requirements.
Register your business (1-2 weeks)
Signing up your business with the Trade and Companies Register is a crucial part of setting up. Our specialized team takes care of the necessary documentation, communicates with the authorities, and speeds up the registration process, ultimately saving you time and energy.
Obtain necessary permits and licenses
Your corporate activities may necessitate specific permits or licenses for legal operation in Spain. Our regulatory experts will help navigate the intricate requirements, pinpoint the needed permits, and aid in their efficient acquisition. The timeline for obtaining necessary permits will differ based on the type of license needed.
Tax registration (2-3 weeks)
Registering for taxes is a crucial step in establishing a business. This involves obtaining a distinct tax identification number, which can take some time but typically takes two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
It is important to have proper payroll and employment contracts in place when hiring employees. Our HR professionals can help you with setting up payroll systems, creating employment contracts, and making sure you are following labor laws so you can concentrate on recruiting a skilled team.
Establish accounting and bookkeeping practices (2-4 weeks)
It is crucial for every business to keep precise financial records. Our team of accounting professionals can assist you in setting up strong accounting and bookkeeping procedures to adhere to Spain’s accounting regulations.
Starting operations
After completing all necessary regulatory procedures, your company is ready to commence operations. The timeline for this step can vary based on factors such as the type of company, market conditions, and readiness for market entry.
Form a company with us
Do you have everything in place to begin your corporate business in Spain? Contact us now for a consultation and our experienced staff will assist you throughout the entire process. We collaborate to achieve your corporate objectives.