The Spanish notary needs to be present on the day you start your business in Spain. Why is this essential and what are the areas of business for a notary?
The procedures relating to starting a company in Spain are relatively long and meticulous. Everyone wanting to start up a business here must do so through a notary. After having applied for an NIE and certified the company name in the commercial register, you must go to a notary to set more specific criteria for your business. This step is essential for creating your business properly and a well as your personal and professional bank accounts needed for doing business.
After preparing the statutes of your company with the help of a competent law firm, you will have to get them validated by a notary. These statutes will include: • The aim of your business which can be relatively broad in Spain • The legal status of your business. In Spain, you have the choice between a Sociedad Limitada, the equivalent of a SARl, and a Sociedad Anonima which is a limited company or you can be self-employed • The appointment of shareholder(s) • The appointment of director(s) • The distribution of shares • The fiscal and social domiciles The amount and the form of your capital in the company must be declared too. In Spain, if your capital is non-monetary, you will not have to declare its exact value to the notary.
In order to facilitate and also accelerate the creation of your company, some consultancies offer the option to buy their pre-constituted companies, commonly called shell companies. These companies are completely void of activity and intended only for sale. “Shell companies” allow you to get your company in Spain in less than 24 hours so you can start business quickly and with a previously obtained VAT number. However, buying a shell company also involves going to a notary too. During this meeting with the notary and your personal consultant, you will change the name of the director and add your prospective employees or shareholders. You can change the name of your shell company and specify the purpose of the company with the Spanish tax authorities.