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).
Commercial contracts in Spain are governed by the Code of Commerce. Knowing its legislation is fundamental to carry out any operation in a secure way such as acquisitions and sales of companies, joint ventures, OPAs, OPVs, commercial sales as well as any kind of contract (representation, commercial distribution, national sale of merchandise, intra and extra EU, etc.).
The fall in the price of Spanish companies with a greater presence in the UK, the uncertainty in the banking sector, the reconfiguration of power in the European Union or the need for new trade agreements, are just some of the consequences resulting from the departure of the UK from Europe
The fight against money laundering focuses on eliminating the laundering of funds or assets obtained through illegal activities. Not only are credit institutions and investment service companies obliged to comply with national and international legislation, but so are notaries, lawyers, and prosecutors.
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.
Using a commercial agent’s services provides a business a profitable and efficient formula when embarking on exporting its goods and services or expanding into new national as well as international markets.
By acquiring a shelf company, a company’s start-up period can be circumvented, saving considerable time. This is a major benefit as it takes several months to establish a new company in Spain. Additionally, since shareholders bear unlimited liability with their business and personal assets during the time until the company’s entry into the Commercial Register is made, risks are reduced when the start-up period is reduced.
The new rules applicable in Spain allow sending invoices by any means without an electronic signature and give equal validity to invoices on paper.
With the reform of the Spanish Penal Code, a company is liable for offenses committed by itself or by its employees acting on its behalf, if it cannot demonstrate that it has put in place the necessary means to prevent such criminal behaviour.