After many questions about how hard it is to launch a company in Spain, TAS Consultoria, a Spanish consulting and accounting firm specialized in business creation in Spain from foreigners, will present the key facts to know. Hope it helps !
You have been living in Spain for a few years and you are considering starting your own business? If so, you have to know that the process is really simple and that business entrepreneurship is accessible to anyone that wants to be their own boss. In order to set up your mind and make the first step, we will explain the basics of creating a company in Spain.
What you need to know about the processes
If you don’t speak Spanish or if you need guidance, consultants specialized in business creation can advise and guide you at all times in your own language.
There are 2 different ways to start your company:
- Buy a company. This is the fastest method to launch a business. Specialized firms create shell companies (companies that are not in activity) and sell them to potential buyers. The main benefit is that you will have your own business in one day only. It is perfect for foreigners who don’t live in Spain and don’t spend much time in the country.
- Start a business from scratch. This option can last 3 to 4 days but you will be able to choose the name of your company and to take part in the creation process, step by step. If you are not familiar with the local processes, there are plenty of consultants that can help you go through all the creation.
The first step when you need to go through an administrative process in Spain is to get your NIE. The NIE is the identification number for foreigners and will be your official ID card in the country whatever you want to do: get a phone line, buy or rent a flat, open a bank account, etc. You will be able to get your NIE in one day.
Pros of doing business in Spain
One of the main assets of Spain for entrepreneurs is that the strong financial crisis of the last few years has been beneficial to new companies in a lot of ways. First of all, the rate of unemployed people In Spain has reached 25%, meaning that a great deal of skilled and multilingual people is looking for a job. The Spanish workforce is ranked 4th in terms of qualification. Besides, the minimum wage is only of 600 Euros a month, which will be advantageous for your budget.
If you need to rent a place in order to domicile your activity, you will be able to rent a nice place in the centre of Madrid or in Barcelona for only 400 Euros a month.
The government also helped in setting new tax conditions for businesspersons. The corporate tax is only of 25% of the company’s revenue, and social taxes for the employees can be reduced to 0% if you are thinking in hiring young professionals.
If you don’t speak Spanish or if you need guidance, consultants can advise and guide you to start a business in Spain in your own language. Just visit our site and request a free consultation !