Spain drives Digitalization: Legal Innovations in the Notarial, Registration, and Corporate areas

The Law 11/2023, dated May 8, transposes a series of European Union Directives, which, among other things, include measures of great relevance to promote digitization in the field of notarial, registration, and corporate actions.

Telematic public deeds

Among the main novelties stands the possibility of signing certain public deeds telematically. The acts or legal transactions that may be executed and authorized without the physical presence of the grantors or interested parties include, among others, the following:

• Commercial policies
• Incorporation of companies and appointments
• Powers of attorney and revocation of powers, except for general or preventive powers
• Any other corporate act, except non-monetary contributions to the share capital
• Notarial minutes of general shareholders meetings
• Granting powers of attorney for procedural representation and for acting before public administrations
• Cancellations of warranties
• Signature legitimisations

To grant these deeds, the signatory must be a citizen of the European Union and have access to the notarial electronic platform, requiring a qualified electronic certificate for authentication.

Digital Company Formation

It is worth noting that this digitization law enables the establishment of limited liability companies with monetary contributions via a fully online procedure. Upon completion, these companies will be registered in the Commercial Registry within five business days. Additionally, the law envisions a faster possibility where registration in the Commercial Registry can occur in less than one business day. However, this alternative is still pending the corresponding regulatory development.

Authorized Digital Copies

Finally, the digitization law promotes the transition to electronic support for all types of notarial documents, also introducing electronic authorized copies. Therefore, these copies will have the same effects as those on paper.

In conclusion, these measures will facilitate and expedite many notarial and registration processes. However, their implementation may require some time before becoming a common practice.

If you need additional information regarding the formation of a digital company in Spain,