New in Spain? Follow these steps to start your business

Starting life in Spain could require some financial aid and THIS could mean different things. For some, it is coming to Spain to further their education. This is because Spain has quite a few very good business schools with numerous benefits in the EU. For many others, it means coming to Spain to begin a new life and startup businesses there. 

You could check up reviewing platforms like OpinionesEspana for customer reviews on various travel agencies and how helpful they were in their quest. There are different reasons for which individuals choose to start a business in Spain. Some are;

•    Flexibility 

Certain towns in Spain such as Barcelona are known for giving their foreign investors a bit of freedom with their operations. There no many laws restricting their operations and they are granted full foreign ownership of the business. 

•    Investment aids

Specific industries have access to special aids. They include the telecommunications industry and also the renewable energy industry. 

Spain runs special business structures of different types. Proper knowledge of these structures is required for a business to operate successfully in Spain. The structures are;

•    Sole ownership: 

As it sounds, this business is addressed, registered, and operated fully under the directions of a single person who is recognized as the owner of the business. 

•    Branch office: 

This is a model used by foreign companies that have their parent company and headquarters located in a different country. The branch office is legally dependent on its parent company though.

Subsidiary:

 It has the same pattern as the branch office but it is considered a separate legal entity from the parent company. 

Partnership: 

Two or more investors come together to pick a business idea, name, and share joint ownership of the business. 

•New enterprise limited company: 

It is a more simplified form of the limited liability company. 

For individuals who wish to start their business in Spain, certain steps need to be carried out before you can begin operations in the business. 

The steps required to be taken for your business to start are: 

Get your identification number;

This number is very important as you cannot do a lot of things without this number. Not having this number will hinder you from opening a bank account, or even paying your tax. It can be regarded as one of the most important requirements. 

Register your company’s name; 

This will help to have an identity to your company. After this step, the company name has become fully yours and you will be issued a certificate of uniqueness. You could also choose to trademark your company although this will require an entirely different process. 

Get your tax ID code; 

This is what will make you eligible to pay your tax and be visible to the tax authorities in general. 

Open a business bank account;

 This can only be done after you have your NIE number and your tax ID code. The account to be opened is largely dependent on the type of company you wish to open. 

You will then be required to determine the shareholders of your company, sign a public deed of corporation at the notary, and then register with social security. 

Knowing these steps will help you to quickly do that which needs to be done and after all, these have been completed, you can then fully start operations of your business.