Set Up a Business with a 1€ !

You can now set up a business in Spain with just €1

The Spanish government’s recent laws aimed at making it easier to do business in Spain also allow people to register a new company with just €1 rather than €3,000, and for the process to be carried out faster and entirely online.

Spanish authorities continue with their plans to remove red tape and make the country a more attractive business environment for locals and foreign talent alike.

The country’s new Startups Law and digital nomad visa have garnered most of the attention in recent months, but there’s another important bureaucratic hurdle which was removed in September 2022. It’s now possible to create a Limited Company with just €1.

Up until recently, you had to prove you had a minimum of €3,000 to form a Sociedad de Responsabilidad Limitada (Limited Company) in Spain, the preferred way of setting up a business in Spain. But since September 2022, a symbolic €1 suffices.

However, you will be obliged to save 20 percent of your business’s turnover until you reach the €3,000 mark.

The new process, part of Spain’s Crea Y Crece (Create and Grow) legislation, can also be done entirely online and finalised in just ten days.

Furthermore, it includes measures to diversify sources of financing and promote non-bank financing, which the majority of companies depend on.

The bill has expanded activities for which you won’t need to obtain a licence and promotes the use of electronic invoicing between companies and the self-employed.

You can now set up your limited company in Spain by visiting the Business Creation and Information Centre and Network (CIRCE) website.

You will need to have a Cl@ve system installed on your laptop or electronic device to complete the process.

Alternatively, you can get some in-person assistance by checking out CIRCE’s list of entrepreneur information points (PAEs) here and finding the closest one to you.

Many thanks to THE LOCAL es