Spain is one of the biggest tourist destinations as well as business economies in Europe. There are many reasons why local people, as well as foreigners, love to invest in a business here like growing economy, increasing GDP rate, stable political situation, peaceful international relations and business favoring laws & regulations. You can always plan to launch a startup or open your company franchise in Spain without hassles. But before you open your company here, you need to make sure that you are well aware of all the legal aspects that are essential for starting and running a new business in this country. A highly reputed legal firm like Henry Towers can provide you with excellent legal advice and support to let your focus on starting and running your company in compliance with the law.
Top Legal Aspects To Consider
It is always essential to stay in compliance with the law to make sure that your business runs without any legal troubles. Moreover, this also affects the reputation of your brand if there is an issue. The legal aspects that you need to keep in focus while opening a firm in this country are:
- Choose A Legal Business Structure
Firstly, you need to choose a legal business structure according to your business sector you’re about to invest in. You can choose from a solely owned company, partnership firm, public limited company, a new enterprise limited company, cooperative company, etc. This helps planning all the relevant paperwork and all the required licenses that need to be issued by the government.
- NIE or NIF Number
The tax identification number is one of the prime legal aspects that you should be focused upon. If you are a foreigner then you need to get an NIE or foreigner’s tax identification number issued from the legal tax registration office. If you are the citizen of this country, then you will need to get a NIF number issued instead.
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- Company Name Registration With RMC
Another essential aspect that needs to be taken into account, in the beginning, is to get your company’s name registered with Registro Mercantil Central. Registration with the Mercantile Registry helps in making sure that there is no other company registered with the same name and find an alternate name.
- CIF Number
You also need to get a CIF or company tax identification number issued by filling and submitting the form 036 to the local tax office. You can always check the information regarding tax number registration in detail at the official website Spanish Tax Agency.
- Other formalities
You need to get a business bank account opened on your firm’s name, send all the above tax & other registration documents in original and copies to the notary office, register the company with Local Government Tax Authority and at last, register for social security.
To make sure that all the legal formalities are completed properly on time without any flaws, you can get in touch with a top-rated legal firm like Henry Towers in Spain. With years of experience and excellent track record, this firm has not only helped in setting up a long list of new businesses but also assisted them flourish rapidly.