Your experts in selling businesses in the Canary Islands
Forming a Sociedad Limitada
Forming a Limited Company or a ‘Sociedad Limitada’ in Spain can have benefits when purchasing a business in the Canary Islands. Running your business through a Company provides protection to the individuals running the company on many forms of litigation. For example, if you were unlucky enough to lose a staff dispute then the liability lands with the Company and not its shareholders (owners). Prime Commercial Sales offer this unique service as part of our buying packages.
Many clients are unsure as to how to form a company in the Canary Islands as the incorporation process in Spain can be a little more bureaucratic than in some other European countries. However, the fiscal incentives are some of the most advantageous in the European Union and the benefits clearly out-weigh the time required to incorporate.
What you need to know
All Spanish & Canary Island companies are incorporated in front of a public notary. This is achievable by signing in person, or, issuing a Power of Attorney for us to be able to incorporate the Company on your behalf. We provide this service through our multi-lingual staff and can prepare all documents on your behalf.
Once the Formation of your company has been concluded you will receive the following:
Articles of incorporation
CIF Number (Corporate Spanish Tax Number)
NIE Numbers for Shareholders (Personal Spanish Tax Numbers)
Notarised Shareholder Agreements
Corporate Bank Account
Corporate Debit & Credit Cards (In the name of the Administrator/Resident Director, and Authorised Financial Controllers)
The minimum share capital which has to be temporarily deposited in your corporate bank account is €3,000. Prime Commercial Sales can normally complete incorporation within a 4-6-week period. This can be shorter or longer depending upon response time from public offices and ensuring the client provides all documentation in full upon request.