Requirements to Create a Business: Documents, Costs and MORE

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If you want to create a company in Spain and you need the information to start, we invite you to continue reading. This article details the requirements to start a business, the documents you need, the associated costs for creation and much more.

What are the Requirements to Create a Company?

The requirements to start a business in Spain they are mentioned below. However, it is important to mention that if the investor is Spanish, is part of the European community or abroad, the requirements may change. Likewise, the legal constitution can determine the requirements to create a company:

  • Prepare a report of the business plan to start, which must contain, among other topics:
    • Conceptualize and specify the business objective.
    • Plan the estimation of possible risks in the long term.
    • Financial sufficiency.
    • Business feasibility.
    • Marketing, containing details of the distribution networks, among other things.
    • Market study.

  • Choose the legal mode of the company, considering decisive factors, such as:
    • The number of partners.
    • The social capital.
    • Responsibility towards third parties.

In this sense, according to chosen legal mode, the procedures must be carried out to take advantage of the legal mode and everything concerning the development of the activity. Likewise, it is important to know that there is an online option for the creation of companies, providing speed and ease in the procedures.

Documents Needed to Create a Company

  1. Business project.
  2. Investor identity document.
  3. Criminal record history in the last 5 years of the investor (s).
  4. Have health insurance in Spain, in the case of foreigners.
  5. Documentation that certifies your own financial availability or through financing.

Company Registration

Once all the documents are gathered and requirements to start a business, the steps to register it must be carried out. That is why the step-by-step steps to achieve the registration of the company in the times established by Spanish regulations are detailed below:

Select company name

This procedure is carried out in the commercial register, in order to validate that the name is not used. For what is suggested, bring a list of 10 alternative names.

Incorporate the company

This procedure will depend on the legal mode selected, so the documentation necessary for each type of company is mentioned below:

  • For limited companies, limited successive formation and limited new company, you need:
    • Commercial registry, tax agency and public document prepared through a notary’s office.
  • In the case of limited partnerships for new companies, you need:
    • Name of the company, tax agency, public document prepared through a notary’s office.

  • For individual or self-employed investors, for this type you need
    • Notarized public document, councils of the property and the commercial registry of the province, since the self-employed person is not obliged to present a procedure to establish.
  • Civil societies, for this type you need:
    • Tax agency, notarized document, the Treasury Department, private agreement. The latter refers to the contribution and portion of each partner in the company.
  • For communities of property, you need:
    • Private agreement, tax agency, notarized document, finance department.

It is important to note that the modes legal indicated, are the most used today. However, there really are other types and each of these generally requires different documents.

Banking Act

With this act, certify that it has been deposited in the bank account of the company, the amount required to establish the company. This amount includes furniture, office equipment, acquisition of the commercial establishment (s) if necessary, among others.

Notary

By having the name, the bank certificate, the social order of the company and the responsibilities of each associate, the next step is to go to the notary to sign the constitutive public document. It is important to note that the process at the notary’s office takes approximately five business days.

In this sense, with the notarized constitutive document, it continues to take it to the registry trade. In this process there may be a little more delay because if the company does not have classic activities, this body must catalog them before registering.

Participate in the start of activities at the Hacienda

The next step is to report the start of company activities to the Hacienda. Therefore, you must go with the constituent document and form 036. With this step the start of the company is formalized, the relationship with the Treasury is regularized and the tax to be paid is defined. Then the CIF request is made.

Tax agency

It is procedure refers to the company registration in the special registry of self-employed workers or RETA. That is why you must go to the Tax Agency with your DNI and complete a form indicating the activities of the company and then obtain the amount of taxes to be paid. Subsequently, it is necessary to go to social security and make the corresponding registration.

Requirements to Create a Company. Costs

It is important to note that the costs for the creation of companies are subject to the business project. Therefore, it is essential to make estimates of:

  • The cost of all the legal procedures necessary for the incorporation of the company.
  • It is also essential to estimate the investment in the commercial establishment, which generally implies expenses for the conditioning.
  • Personal expenses.
  • Office supplies, for logistics, among other things.
  • Furniture, computer equipment, car purchases and other costs.

All this becomes an estimated capital of 56,000 euros, necessary to start a business. However, there are companies that may require more or less capital.

Create a Company in Spain Being a Foreigner

The agreements of the countries of the European Union (EU) and of the nations that make up the economic space of these countries, stipulate that:

  1. EU nationals can start their own business, they can do it as sole owner, if applicable.
  2. It also allows the creation of 1 branch of a incorporated company. This must have your residence registered in the EU.
  3. All this does meet a series of requirements, in addition to considering certain aspects and carrying out the procedures required to work officially.

In this sense, the following are the necessary requirements to create a company:

  1. Live permanently and legally in Spain.
  2. The business project must offer job creation, and must also be of economic interest to the country.
  3. The investor or entrepreneur must be of legal age.
  4. In addition, the investor cannot have any criminal record in the last 5 years.
  5. The entrepreneur must not appear rejected in Spain, nor in the countries with which he has agreements.
  6. Have health insurance in Spain.
  7. The entrepreneur must certify that he has the financial resources for his support and stay. Also for the investment required to create and operate the company.
  8. Must be trained and have the experience required to carry out the project.
  9. It is essential to meet the requirements to create a company, according to current laws, depending on the type of company.

Requirements for community foreigners

For this group of investors is important clarify that community foreigners are citizens of the countries of the European Union. Likewise, this group is joined by the citizens of Iceland, Switzerland, Norway and Liechtenstein. In this sense, the requirements to create a company, for this type of entrepreneurs are those indicated above.

On the other hand, yes the time of stay of the company exceeds 90 days, it is necessary to register at the police offices. Likewise, registration can also be made at the immigration office. That is why with this last requirement to create a company, community foreigners comply with what is required by law.

Requirements for non-EU foreigners

The foreigners non-community, they are citizens of countries that are not part of the European Union group or its economic area. For entrepreneurs with this condition, in addition to the indicated requirements, they must require a permanence approval for investors and the documents mentioned below:

  1. Initially, an account must be opened in a Spanish bank.
  2. Prepare a technical proposal that contains the company’s objective and its development plan, indicating the viability of the business.
  3. A printed application must also be provided in the legal format: EX07, with all fields filled in and signed, in original and a copy.
  4. Then, inform the hacienda of the start of the company’s operations and register it in the registry. Registration can also be done online.
  5. If the objective of the company is to be a retail business establishment, requires a space with an area of ​​300 m2 or less, the investor must pay the respective tax.
  6. Valid passport.
  7. Make the payment corresponding to the residential and work rates.

Tips for Starting a Business

The steps indicated for the company registration processThey are extensive and heavy but necessary to meet the requirements to create a business. That is why it is suggested to be patient and not fall into despair.

Another recommendation is hire the advice of a professional in this matter, since due to his experience and expertise, the help of this professional can be key in the constitution of the company.

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