Article 93 of the Law on Corporations (LSC) recognizes the right to information of shareholders and regulates separately limited liability companies (article 196) and public limited companies (article 197).
Some of the financing measures the Entrepreneurs Law introduces to support investments in Spain include the refinancing agreement, the procedure for appointment of an independent expert, the public deed mortgages and bonds of internationalization and the minimum share capital of mutual guarantee companies (MGC).
By means of Law 14/2013 (“Entrepreneurs Law”), Spain has undertaken different reforms to create growth and employment and promote the initiation of entrepreneurial activities. Some of these measures include the constitution of a company by public deed, the incorporation of a limited liability company using the DUE and the CIRCE systems without using their model bylaws and the discharge and onset of the activity of individual entrepreneurs and commercial corporations.
The commercial measures to support entrepreneurs in Spain include simplifications for electronically legalizing corporate books, issuing electronic powers of attorney, organizing records and the requirements for economic and financial information.
The new rules applicable in Spain allow sending invoices by any means without an electronic signature and give equal validity to invoices on paper.
In case of a business transfer, in Spain as in Germany, employees must be informed about the date of the transfer, the reasons for it, the legal, economic and social consequences, as well as planned performance measures.
Spain is a very attractive destination for foreign direct investment, not only foreign investments have helped develop high economic valued sectors as the automotive, biotechnology and agri-food industries, but also support the real estate sector, that is still very relevant.
Thanks to the approval of the Law 14/2013, foreign investors and entrepeneurs may apply for a residence permit in Spain. The residence permit would not only allow them to work and reside in Spain, but also to travel freely within the EU with respect to the Schengen Territory.
The reform of the Spanish Penal Code incorporates the duty that companies in Spain must establish criminal offense risk prevention plans. If a company fails to implement a risk prevention plan, it will not be exonerated of any criminal charges or have them reduced.
The remuneration of managing partners has undergone some changes after the tax reform in Spain. Now, if the remuneration is not in the statutes of the company, they will not be deductible.
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