Success tips when doing business in Spain
- It is important that our Client prepares a comprehensive business plan detailing i) study of the Spanish markets ii) an evaluation of competitors and iii) a feasibility study of the venture;
- The Client must perform a detailed study of the sector where he/she is planning to setup the business. This will optimize your work productivity;
- The Client should try and learn the local language (Spanish) because it is the lingua franca and so, important for building a business network;
- The Client must have a website in Spanish which will serve as an excellent marketing tool;
- Our Client must have a proper exit strategy in order to map out potential accomplishments for the future. This will help the firm manage its finances efficiently;
- While working in Spain, it is important to always make an appointment as walk-ins are not be well received. Furthermore, punctuality is also very important;
- You must conduct your own due diligence prior to a meeting. Also, people must be addresses by professional titles unless specifically asked otherwise;
- In Spanish business culture, it is important to form social bonds with your business partners be it Clients or suppliers. A social bond indicates trust, which is very important for working in Spain;
- A strict dress code needs to be maintained at all times; dresses must be formal, but not showy;
- Spanish corporate culture has a deeply entrenched and rigid hierarchy; respect for seniors is the only way to be successful;
- It is recommended that our Client inquire about the English-language proficiency of a business man/woman beforehand. An interpreter must be arranged to increase efficiency;
- Lastly, it is important that the Client communicate with us regarding any problems that he/she faces. Our experts regularly help young businesses succeed in foreign countries.
Interesting facts about Spain?
- Spain produces the largest amount of renewable energy in the world;
- The name Spain comes from the word Ispania, which means land of the rabbit;
- Spanish is the 2nd most common spoken language in the world, with 329 million speakers;
- Spanish people have more cars than cellphones;
- Spain is a parliamentary monarchy with the head of state being King Juan Carlos who came to power in 1975;
- Spain has 42 UNESCO World Heritage sites, the 2nd highest after Italy’s 46;
- Soccer is the most popular sport in Spain;
- Spanish folklore, instead of a mythical tooth fairy, has a tooth mouse called Ratoncito Perez;
- Spain has the highest number of bars in the EU;
- Spain is the only country where bull-fighting is counted as a sport.
Frequently asked questions
How many directors are required for starting a business in Spain?Only 1 director is required when registering a company in Spain.
How many shareholders are required for registering a company in Spain?Only 1 shareholder is required for business registration in Spain.
Is it mandatory to have a resident director or shareholder for Company Registration in Spain?No. Resident director/shareholders are not required for registering a company in Spain.
How to register a business in Spain?For business registration, our Client will be required to i) reserve the company name ii) supply the Spain office lease agreement iii) sign the company setup forms iv) register for tax and social security and v) obtain a business license.
Healy Consultants’ experts are company registration specialists and will assist our Clients at every step.
Can Healy Consultants assist my firm with Spain subsidiary company registration?Yes. Our services include i) business registration ii) business license registration iii) immigration solutions iv) employment strategies v) business banking solutions and vi) office rental requirements.
How difficult is it to open a corporate bank account for a Spanish company?It is very easy to open a corporate bank account with a reputable international bank in Spain.
What is the minimum number of directors required for a Spanish company?A Spanish company needs a minimum of one director.
Is a resident director required?A resident director is not required for Spanish company incorporation.
What is the minimum number of shareholders required for a Spanish company?A Spanish company requires a minimum of one shareholder.
Are shareholder/director details available for public viewing?Yes.
What are the minimum capital requirements for a Spanish company?A Spanish company requires a minimum share capital of €3,000 (US$4,342).
Is a Spanish company required to submit an annual return and/or financial statements?A Spanish company is obliged to submit an annual tax returns and audited financial statements.
How much tax does a Spanish company pay?A Spanish company is obliged to pay a corporate tax of 28%. The first €300,000 in profits are taxed at 25%.