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Although the process varies according to the activity being carried out, it is possible to identify six essential steps for the opening of a limited liability company in Spain (“Sociedad Limitada“):
- Application for the company’s corporate name
- Drafting the company’s articles of association
- Signing the deed of company formation before a Spanish notary
- Registration of the deed of company formation in the Companies Register of the relevant community
- Opening the Spanish bank account
- Obtaining the Tax Identification Number – NIF
Application for the company name. The first step is to submit an application for the company name. The Spanish Companies Registry allows you to submit a list of five possible names, in order of preference.
Drafting the company’s articles of association. The articles of association have to be drafted, mentioning the company’s name, object, registered office, amount of share capital, organisation and decision making process within the company.
Signature of the business formation deed before a Spanish notary. The deed of company formation must be signed by all the shareholders before a Spanish notary.
Registration of the deed in the Companies Registry of the relevant community. After signing, the deed must be registered in the Spanish Companies Registry of the jurisdiction of the company’s registered office.
Opening of the Spanish bank account. The amount of the share capital (which is at least 3,000 euros in the case of a liability company) must be deposited in a Spanish bank account opened for this purpose.
Obtaining the Tax Identification Number – NIF. Finally, the company must have a Tax Identification Number (NIF). It is requested by filling in form 036 and presenting it to the Spanish Tax Administration.
How long does the process take?
The timing of the process depends on how you wish to proceed.
It is possible to grant a power of attorney to your local lawyer so that he or she can take care of all the procedures in your name and on your behalf which do not necessarily require your presence. For example, the signing of the deed of company formation can be assigned to your lawyer.
The process takes about two weeks from the time you grant the power of attorney. If you prefer, you can also choose to come directly to Spain to carry out all the steps in person. In this case, the process can be completed in five working days (without taking into account the time needed to register the documents with the register).
If you would like to know more about forming a limited liability company in Spain, and how we can help you, please contact us. We will be happy to help you with your project!