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Date Published: 21/12/2021
ARCHIVED - 7 ways the new law in Spain makes it easier for expats to start a new business
Foreigners can benefit from tax breaks and a simplified set-up process with new ‘Startup Law’
The draft law of the new ‘Startup Law’ was approved this month by Spain’s Council of Ministers, which it is hoped will have a positive impact for entrepreneurs who want to start up a business in Spain.
This law aims to incentivise the creation of new jobs and companies in Spain with a series of measures, including tax breaks for digital nomads (those who work remotely from anywhere in the world) and the removal of the need for foreigners to have a NIE in order to start a business.
These are the top 7 things you have to know about the new Startup Law that will help you to start a business in Spain:
1. Free registration from anywhere in the world
The new bill waives notary and registrar fees when registering the incorporation of limited companies, as well as for their publication in the Official Gazette of the Mercantile Registry (BORME). This means it will be free to register a startup in Spain.
What is a startup?As defined by this new Spanish law, a startup is a company that is newly created or less than 5 years old (or 7 years in the case of companies in biotechnology, energy, industrial and other strategic sectors or that have developed their own technology designed entirely in Spain). These startups are also independent of other companies, are not listed on the stock market, do not distribute or have not distributed profits, and have an annual turnover of no more than 5 million euros.
The company can even be created remotely, without the owner having to be there in person to register it, and it will even be possible to set up a company with just one euro of share capital.
2. No need to be a Spanish resident
Even better, it will no longer be necessary for non-resident expats to obtain a foreigner’s identification number (NIE) if they want to set up a business in Spain. Instead, they will only have to obtain a tax identification number (NIF) in order to pay their taxes.
Although these, too, will be reduced…
3. Less taxation on stock options
The bill incorporates tax measures to attract and recover national and international talent, attract investment and encourage the creation of digital hubs in Spain. In this spirit, the tax rate on Corporate Income Tax and Non-Resident Income Tax is reduced from the general rate of 25% to 15% for the first four years after the company’s taxable base rate is positive, that is when they start making a profit.
The total tax break for stock options will be increased from 12,000 to 50,000 euros per year for startups, while the maximum deduction for investment in startups will go from 60,000 to 100,000 euros per year. This is also helped by an extension of the period in which a company is considered a ‘startup’, going from 3 to 5 years.
4. Digital nomads
Digital nomads, those entrepreneurs and teleworkers who move to live in Spain but work for a company registered anywhere in the world, will be able to live and work in the country for 5 years while only paying non-resident income tax, and not the higher rate of normal income tax. For those who have lived in Spain before and now live elsewhere, they can come back and claim this benefit within 5 years of leaving rather than 10, as it was before.
5. Increased collaboration
The draft law also encourages collaboration between public administrations, universities, public research bodies and technology centres. It will also allow the testing of startups’ innovations for one year, in a controlled environment, to assess the usefulness, viability and impact of technological innovations in the different sectors of productive activity.
In addition, this bill aims to respond to the present and future needs of startups, which is why it includes a continuous review mechanism and involves the creation of the National Forum of Emerging Companies as a meeting point between the sector and the public administrations.
6. Social security exemption for entrepreneurs
The new law will also exempt startup business owners for 3 years from the need to pay double Social Security contributions for anyone who works simultaneously for a company as both an employer and an employee, as is the case for entrepreneurs.
7. English-language web portal
It also establishes a single window, the Empresa Nacional de Innovación SME (ENISA), which will grant the declaration of the innovative nature of the company in order for it to be eligible for the benefits introduced by the bill.
The Entrepreneurship Attention Points (PAE) and the National Entrepreneurship Office (ONE) will act as information points on support measures and aid, with the support of a reference web portal in both Spanish and English.
To set up a new business in Spain, contact an experienced team of law experts to help you.
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