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Category: Business in Spain

Is it possible to be the managing partner of a company in Spain as a non-resident foreigner?

Is it possible to be the managing partner of a company in Spain as a non-resident foreigner?

Director of a company

A subject that usually generates many doubts is the question of how a foreign person can be a managing partner of a company in Spain. The Spanish Capital Companies Law states that both individuals and legal entities can be administrators of a capital company without the need of any requirement related to nationality. If you want to know how to become a director of a company, stay until the end, join us! 

Science and innovation in Spain, the largest investment in 2023

Science and innovation in Spain, the largest investment in 2023

Science and innovation

The largest public budget in the history of Spain is earmarked for R&D&I for this 2023. In just 3 years, the budget of the Ministry of Science and Innovation has increased by 98%, reaching 3,991 million euros. What are the implications of this investment for national economic growth? How do the subsidies for research projects and personnel training programs in universities or private companies work? Here we tell you!

Learn about the key points of the Treasury's Tax Control Plan 

Learn about the key points of the Treasury’s Tax Control Plan 

Tax Control Plan

For the 2022 fiscal year, the Treasury published the Tax Control Plan with the main lines of action for taxpayers’ obligations this 2023. What modifications We share with you the most important points that you should take into account, keep reading! 

Top management contract for a CEO, the best option?

Top management contract for a CEO, the best option?

Senior management contract

Every CEO needs to have a good relationship with his or her company and partners. Which contract would best reflect that bond? The senior management contract seems to be one of the least used options compared to the commercial and labor contract. So, what are the particularities of each one? Here we tell you about them!

The best choice will depend on the size of your company and the complexity of its structure. Here we will answer these questions so that you can choose the best contract.

What are the tax incentives for investors brought by the Startup Law this 2023?

What are the tax incentives for investors brought by the Startup Law this 2023?

Tax incentives

In 2023, the Startup Law will come into force, which has several tax incentives for investors and entrepreneurs, meaning that they can enjoy up to a 50% tax deduction. This means that they will be able to enjoy up to a 50% deduction of the amount. Do you want to know more? Stay until the end and learn about the new tax incentives for investors this 2023, let’s get to it!

What is the status of work authorizations after the modification of the Spanish General Law on Foreigners?

What is the status of work authorizations after the modification of the Spanish General Law on Foreigners?

Work authorization

In August of last year, the reform of the Immigration Law came into force, which brings with it beneficial changes for immigrants residing in Spain. This new approach to the law will help to make all bureaucratic processes easier when it comes to managing any procedure, making getting a work permit a simpler process. Find out with us how the work permits are now with this reform!

Spain to become the new audiovisual hub thanks to the Audiovisual Sector Support Plan

Spain to become the new audiovisual hub thanks to the Audiovisual Sector Support Plan

Audiovisual Hub

The Audiovisual sector in Spain has grown impressively in recent years. The plan “Spain, Audiovisual Hub of Europe” aims to turn the country into the main audiovisual hub in Europe through national audiovisual production and attracting international investment and talent. If you are interested in learning more about this plan that seeks to transform Spain into an audiovisual hub, stay with us and find out all about it, Come on!

News on foreign investment in Spain [2022-2023]

News on foreign investment in Spain [2022-2023]

Foreign investment in Spain

Foreign investment in Spain is an area that is constantly growing and developing, according to the data recorded. During these last years it has been shown that the country is in a very favorable moment for business, due to its open and competitive economy, which makes it an attractive environment for foreign investors. If you are interested in knowing the details about foreign investment in Spain, this article is for you! Join us!

What does the new Startup Law in Spain consist of? 

What does the new Startup Law in Spain consist of? 

Startup Law

Last December 1, 2022, the Congress approved in a definitive way the Law for the Promotion of the Startup System, better known as the Startup Law. This law aims to establish a specific regulatory framework to support the creation and growth of these emerging companies, do you want to know more about the Startups Law and how it can benefit you? Then this article is for you!

What is the new Startup Law?

On November 3, the Congress of Deputies approved the Startups Law with a different consensus than usual in the Chamber. The new Startups Law BOE passed with 177 votes in favor. It was expected an agile processing in the Senate to approve it in its entirety by the end of the year so that it could enter into force at the beginning of this 2023.

This Law is the Spanish Government’s regulation that seeks to facilitate the creation and development of new technology-based and innovative companies. In addition, it seeks to make the country a reference in terms of entrepreneurship at European level.

There is no doubt that the legal framework is one of the aspects that can most promote the creation of new companies. Consequently, it also boosts the economy.

But how will the government achieve this? Well, through a series of tax incentives, favorable regulations, elimination of bureaucratic obstacles and the relaxation of many of the procedures. 

In that sense, the Startup Law is governed by the following objectives:

Startup Law

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What are the main changes proposed by the Startups Act 2022?

Ten months after its arrival in the House, the Startup Law retains its main elements. But, at the same time, it has introduced important novelties such as:

Startup Law

Incorporation of cooperatives to the regime of emerging companies.

If you are a self-employed entrepreneur who wants to take advantage of the benefits of the Startup Law, you will have to set up a Limited Company (SL) or a cooperative. These, thanks to the new amendments, are also an option.

There will be a certifying company and the administrative silence will be positive

The Empresa Nacional de Innovación, S.A. (ENISA) will certify which companies are considered startups and which do not meet the conditions. But now, with the new changes introduced, it will be able to enter into agreements with third party public or private collaborating entities.

Positive administrative silence is also established. In other words, if your company applies to ENISA for certification as a startup and there is no pronouncement from ENISA within three months, this means that the company will obtain a favorable resolution.

Requirements to certify that a company is a startup

The Startup Law goes deeper into different criteria when evaluating the requirements that companies need to be certified as startups. The analysis of the degree of innovation and the scalability of the business model is more detailed.

In addition, criteria such as competence, team training, reliance on suppliers, technological innovation and more will be weighted.

Training

The new Startup Law establishes that graduates of vocational training or higher education will also be able to apply for residency for highly qualified profiles. In this way, the benefits of these may be equated to vocational training studies.

Serial entrepreneurs

The figure of serial entrepreneurs, i.e., those who have successfully launched a startup before, is recognized. In this case, they are granted the benefits of the Startup Law to the first four companies they create. Thus, the previous limitation of three companies is extended.

In Spain, these entrepreneurs represent 62%, according to the Entrepreneurship Map. For many, this recognition is really important. This is because the more experience and learning they have, the more likely they are to succeed and, in addition, niches in which to innovate can be detected.

Bonus of the quotas

It establishes the rebate of the quotas for self-employed workers of startups and companies that develop multiple activities. That is to say, if you are a freelancer who starts your activity in a startup while working in another company, you will be 100% bonus for the quota during the first three years, to exempt them from having to pay twice.

Turnover

The business threshold is increased to 10 million euros in order to consider a company as a startup. One of the requirements is that “it does not reach a turnover of more than ten million euros”. However, the original text established a limitation of 5 million euros.

Tax treatment for venture capital entities

A different and specific tax treatment is established for the so-called carried interest, i.e., venture capital entities. They will be taxed as earned income with a 50% tax exemption.

Digital nomads

The visa and special tax conditions for international teleworkers, better known as “digital nomads”, are established. The visa has a duration of one year and a special tax regime is contemplated for this type of worker. 

Likewise, they will be taxed under the IRNR (Non-Resident Income Tax) and not under the IRPF (Personal Income Tax).

You may also be interested in: All about the entrepreneur visa in Spain

When will the Startup Law come into force?

Initially, the new regulations were scheduled to come into force in autumn 2022. Now, however, it will not be until January 2023.

Who is affected by the new Law?

Those companies that wish to be governed by this new legislation must comply with the following characteristics:

Startup Law

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Do you want to develop your business idea in the Spanish territory? The Startup Law can be a great option for you. If you need legal or tax advice to achieve the success of your business, in TAS Consulting the best professionals are at your disposal to accompany you every step of the way. Contact us through tasconsultoria@tas-sl.es and schedule your free appointment.

Spain rises to number 8 among the most attractive countries to invest in renewable energies

Spain rises to number 8 among the most attractive countries to invest in renewable energies

investing in renewable energies

Spain is once again positioned among the top 10 positions worldwide in the PPA ranking as one of the most attractive markets for the closing of this type of agreements. This appears in the Renawable Energy Country Attractiveness Index (RECAI) report, where Spain appears among countries such as the United States, which tops the list, China and Germany. Do you want to know more about what makes Spain so attractive for investing in renewable energies? Then this article is for you!