Starting a business in Spain is a great choice because Spain is known to be very friendly with start-ups and its founders.As such, these start-ups have been able to provide quality services to their customers. Platforms such as OpinionesEspana have honest customer reviews on several of these start-ups in different industries. Favourable conditions such as good infrastructures and a good entrepreneurial ecosystem make it a thriving location for businesses.
However, having a Spanish business also doesn’t come without its own disadvantages. One of the most frustrating aspects of starting a business in Spain is the number of procedures and paper works that have to be completed and by extension, the time involved to complete them.
Some of the required things to have when starting a Spanish business are;
Get your work permit
There are different types of work visas and they last for a different period. A standard work permit in Spain will take at least 8 months to acquire.
Get The Right Business Name
Your business name should effectively convey the total essence of your business. Hence, this step is a very important one. Getting the right business name could take a long time or a shorter period of time and it is entirely dependent on your timing.
Decide on a business structure
Spain operates on different business structures. You could decide to operate based on sole ownership or choose to form a partnership.
The points listed above are preliminaries and are not considered a part of the major process of starting a business. This is because they are not exclusive to the documentation of the business itself and it can be done independently before the actual business processing starts.
On average, starting a business in Spain takes a total of about 14 days for the proper legal paper works to be completed fully. These paper works can be quite numerous and tedious to complete. These processes are not strange to the normal bureaucratic pattern of Spain. The major steps that are required to be completed within this 14 days’ span are;
• Get an identification number
• Check for the validity of the company name; These most times do not last for more than 48 hours.
• Get a tax ID number; You should note that tax payment would begin immediately you get allotted a tax id number.
• Open a bank account
• Create a shareholder agreement
• Sign a public deed of incorporation
• Register with tax authorities
• Register with social security
All these procedures are very necessary for you to start your business and the good thing about it is that it can get completed in about 14 days. Although this period is considered quite long when compared with other European countries.