Things to consider before opening a startup in Spain

If you are keen to set your business or start up your own company in Spain, you first need to be aware of different possibilities to get an easy entry into the Spanish business market. You can set up a new company or you can work as a self-employed person in Spain. Below are mentioned some of the important things that you need to consider before opening a company in Spain.

  1. NIE – foreigner’s tax identification number

Before starting the whole procedure to start your business in Spain, it is important that all residents and non-resident with the financial affair in Spain should have a foreigners tax identification number with them. This number is a must to have a requirement for all kind of financial transactions that take place in Spain. For instance, this number is a must for the incorporation of a company.

  1. Get company name registered with the RMC (Registro Mercantil Central)

Another thing that you need to consider before starting your own business in Spain is to obtain the certificate from the mercantile registry in order to verify the name of your company. You need to choose the company name which is not been taken by someone else.

  1. Get your company tax identification number

After this, you need to apply the tax identification number for your company.  Before starting your business you are required to fill the tax form 036 that can be easily done online now. is the process of registering your company name and getting company tax identification number is not an easy task, you need expert help in this legal documentation. Thus, Henry Towers will help you in making your new business setup less complex by doing all legal documentation on behalf of you.

  1. Get your business bank account open

After completing the above mentioned three steps, you are required to open a business bank account with Spanish Bank and deposit a minimum of €3,000, which is regarded as the required authorized share capital forana SL. You can get the payment evidence in the form of bank statement, which will be given to the lawyer showing it as the act of incorporating your company.

  1. Get the Deed of incorporation

Next, you will be require the incorporation deed so as to set up your company. The deed of incorporation is an official document which will state all the major details of your company.

  1. 6. Get your company registered

The time you will receive the original deed of incorporation, you need to go to the local government tax authority to have the final registration of your deed. this is step will take only 2 hours. You only need to take your original documents along with deed’s photo copy and NIE.

All the above-mentioned points are the basic documentation requirements for setting up a business in Spain but there are several other things that you are required to keep in mind before starting your own business. Though the whole process of documentation is not that complex, taking the assistance of professional will always prove to be beneficial.

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