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Setting up a Spanish S.L. Company
5 Once the documents are collected from the notary, it is necessary to clear the taxes on the company. The tax on these particulars is called Impuesto de Transmisiones Patrimoniales Operaciones societarias.
For the payment of these taxes it is necessary to use a Modelo 600 document. Provided by the tax office, this intends to simplify the tax payment process.
The taxes paid on the setting up of a limited liability company will be 1 per cent of the social capital of the company. So, if the company has a social capital of 3,200 euros the tax will be 32 euros. This document for the tax payments will have to be signed by the administrator of the company. Only once the taxes are paid, is it possible to submit the public deeds to Companies House.
6 The public deeds on the constitution of a limited liability company must be accepted by the Companies House (Registro Mercantil) of the province in which the company is officially registered (usually the capital of the province). There must be at least one Companies House per province, and one of its attributions is to oversee and keep a record of the public deeds of an SL company. The public deeds must be correct in accordance with Spanish Company Law or they will not be accepted.
If the public deeds are not correctly completed, the documents will be returned to the shareholders of the company and they will have to be amended. In this scenario, it is then necessary to submit both the original public deeds and the amended version to Companies House.
7 Once the company is accepted by the Registro Mercantil, it will have all the guarantees the Spanish Legal system provides for SL companies. On this basis, every citizen is entitled to go to the Registro Mercantil in which the company was registered and ask to see the company’s nota simple. Included in this document, for example, is the SL company’s latest tax returns.
Furthermore, once the SL company is registered with Companies House it is not possible for anybody else to create a limited liability company with the same name. Spanish law does not allow for two or more companies with the same name trade at the same time in the national market.
These are just some guidelines regarding these aspects. However, it is advisable to seek the help of a lawyer when setting up an SL company.
For the payment of these taxes it is necessary to use a Modelo 600 document. Provided by the tax office, this intends to simplify the tax payment process.
The taxes paid on the setting up of a limited liability company will be 1 per cent of the social capital of the company. So, if the company has a social capital of 3,200 euros the tax will be 32 euros. This document for the tax payments will have to be signed by the administrator of the company. Only once the taxes are paid, is it possible to submit the public deeds to Companies House.
6 The public deeds on the constitution of a limited liability company must be accepted by the Companies House (Registro Mercantil) of the province in which the company is officially registered (usually the capital of the province). There must be at least one Companies House per province, and one of its attributions is to oversee and keep a record of the public deeds of an SL company. The public deeds must be correct in accordance with Spanish Company Law or they will not be accepted.
If the public deeds are not correctly completed, the documents will be returned to the shareholders of the company and they will have to be amended. In this scenario, it is then necessary to submit both the original public deeds and the amended version to Companies House.
7 Once the company is accepted by the Registro Mercantil, it will have all the guarantees the Spanish Legal system provides for SL companies. On this basis, every citizen is entitled to go to the Registro Mercantil in which the company was registered and ask to see the company’s nota simple. Included in this document, for example, is the SL company’s latest tax returns.
Furthermore, once the SL company is registered with Companies House it is not possible for anybody else to create a limited liability company with the same name. Spanish law does not allow for two or more companies with the same name trade at the same time in the national market.
These are just some guidelines regarding these aspects. However, it is advisable to seek the help of a lawyer when setting up an SL company.
This has also been published as an article in The Olive Press, by the hand of Jose Maria Ruiz Castillo
Setting up an SL Company
Setting up an SL Company
