Spain client case studies
IT solutions and consultancy firm global expansion into Spain
Our existing Client, a multinational corporation with subsidiaries in Uruguay and United Kingdom and specialized in IT solutions and consulting services initially commissioned Healy Consultants Group PLC to assist the corporation establish a company in Malaysia. Having been impressed with our professionalism and a successful engagement in Malaysia, the corporation decided to engage Healy Consultants Group PLC again in October 2012 to assist the Firm establish a new company in Europe in their ongoing global expansion bid;
Following subsequent consultations with Healy Consultants Group PLC officers covering i) company registration requirements ii) pros and cons of setting up iii) costs of the A to Z of business setup iv) the business regulatory environment and v) tax and accounting considerations, our Client decided to register their new company in Spain.
Healy Consultants prepared and emailed our Client an engagement letter detailing the services required and the terms and conditions of the engagement. The Client subsequently signed the letter and provided Healy Consultants with the required due diligence documents. Upon settlement of our fees, Healy Consultants Group PLC prepared a detailed engagement project plan outlining the step by step process to engagement completion as well as a quality business plan to support company registration and corporate bank account opening;
Healy Consultants Group PLC thereafter agreed with the Client on the optimum corporate structure suitable for their intended business in Spain and the different corporate banking strategies. The engagement kickstarted effortlessly and within one day of planning, Healy Consultants Group PLC officers commenced the company registration process with the Spanish Government.
The client provided Healy Consultants Group PLC with three choices for the Spanish company name upon which we reserved the same with the Mercantile Register and obtained the certificate of uniqueness of our Client’s preferred proposed name. Thereafter Healy Consultants Group PLC banking team proceeded to open a capital bank account with a Spanish bank and deposited the required minimum paid-up share capital of €3,000 on our Client’s behalf;
Thereafter Healy Consultants Group PLC obtained the necessary documents from the Ministry of Economy and Industry and prepared the proposed company bylaws, Memorandum and Articles of Association and company registration documents. Due to the Fraud Prevention Act, all directors and shareholders of a Spanish LLC need a NIE (individual tax ID) before incorporation; in this regard Healy Consultants Group PLC provided our Client with a local nominee director and shareholder for purposes of company registration until we obtained a NIE for our Client. Healy Consultants Group PLC thereafter proceeded to register the company with the Spanish commercial registry and the tax authority for VAT;
For legal domicile, Healy Consultants Group PLC provided our Client with a registered business address in Barcelona to fulfill the requirements of the Spanish Companies law. Healy Consultants Group PLC also provided our Client with an active virtual office that included business mail and email forwarding services, a fax and telephone number with forwarding services and a business telephone number also with its correspondence forwarding service.
Corporate bank account
To open a corporate bank account on behalf of our Client, Healy Consultants Group PLC prepared and sent our Client a special power of attorney for their review and signature in front of a public notary in their country of domicile. Upon receipt of the POA from our Client, Healy Consultants Group PLC approached Barclays Bank, obtained the necessary bank account opening forms, prepared and signed the same on behalf of our Client. As a result, our Client did not have to neither visit Spain nor any Barclays bank branch;
With Healy Consultants Group PLC efforts, within 1 week, Barclays Bank successfully opened a multicurrency corporate bank account for our Client’s newly incorporated company and emailed the bank account numbers directly to our Client. A few weeks after opening the corporate bank account our Client received the username and password for online banking to enable our Client remotely operate their business account.
Healy Consultants Group PLC successfully finalized the engagement by couriering the complete company kit to our Client’s preferred address containing all the original documentation of the company incorporation and corporate bank account correspondence.