Spain is ranked 28 in the ease of Doing Business (World Bank Annual Ratings)
Spain is ranked 28 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. The rank of Spain improved to 28 in 2017 from 32 in 2016.
The distance to frontier (DTF) measure shows the distance of each economy to the “frontier,” which represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005. An economy’s distance to frontier is reflected on a scale from 0 to 100, where 0 represents the lowest performance and 100 represents the frontier. The ease of doing business ranking ranges from 1 to 190.
In comparison with another European countries, this is the situation of Spain (Rank 28):
– Germany (Rank: 20)
– Portugal (Rank: 29)
– Switzerland (Rank: 33)
– Italy (Rank: 46)
The standardized company in Spain
Legal form: Sociedad de responsabilidad limitada (SRL) -Limited Liability Company
Paid-in minimum capital requirement: EUR 3,000
City Covered: Madrid
Starting a business in Spain
The ranking of economies on the ease of starting a business is determined by sorting their distance to frontier scores for starting a business. These scores are the simple average of the distance to frontier scores for each of the component indicators.In this sense, Spain is ranked 86. In comparison with another European countries, this is the situation of Spain (86):
– Portugal (Rank: 48)
– Italy (Rank: 66)
– Switzerland (Rank: 73)
– Germany (Rank: 113)
Procedures to start a business in Spain
About the procedures to start a business in Spain, you must obtain a certificate of availability for the proposed company name (certificación negativa de la denominación social in Spanish) in the Mercantile Registry. The certificate of availability of the company name is typically requested through the website of the Central Commercial Registry. If the certificate is not requested online, the final document can be obtained by certified mail, through a notary with the notarial platform SIGNO; visiting the Central Commercial Registry; or courier. In all cases, the certificate is issued by the following day.
Once the Registry issues the certificate, the requested corporate name will be reserved for a maximum of 6 months from the certificate’s date of issuance. Each certificate is valid for 3 months from its date of issuance. Furthermore, once the certificate’s validity has expired (3 months), the certificate can only be renewed once, after which a new certificate must be requested.
Apart from that, you also have to open a company bank account, deposit capital and obtain a deposit certificate. In most cases, the entrepreneur deposits the amount of the contributions directly in the bank. Once this is done, the bank issues the relevant certificate evidencing the deposit has been done. However, the contributions can also be directly given to the notary public at the time of granting the deed of incorporation. In this scenario, the notary can deposit them in the company’s bank account.
Click here to know more information of the World Bank about Doing Business in Spain 2018. And if you are thinking about forming a company in Spain, don´t hesitate to contact our team of experts for further informations.
