New digital notarial tools and processes in the area of Corporate Law, covered by Law 11/2023, of May 8, 2023. This law approved the amendment of the Notary Act, which will come into force on November 8, 2023.
As we have already mentioned, the changes to the Notary Act allow the execution of deeds telematically, which implies a significant digitalization of the notarial process.
New digital notarial tools and processes in the area of Corporate Law
Let’s take a look at some key aspects of these changes, which streamline the procedures in the field of Corporate Law. Allowing to facilitate, among others, the business creation.
Digital Signature
The use of certified digital signatures is allowed for the execution of notarial deeds, which speeds up the process and reduces the need for physical presence.
Remote Access
The parties involved are allowed to participate in the deed remotely, through videoconferencing. Through the use of the new electronic notary’s office, a secure and centralized telematic platform that notaries and parties involved can access to carry out the deed procedures.
In addition, the notary will be able to issue authorized copies with his qualified electronic signature. These will be sent to the addressee through the notary’s electronic office.
Through the notary’s electronic office, the interested party may:
- Choose a notary.
- Provide background information.
- Grant/sign the deed or document.
- Request a simple or authorized copy.
- Request the identification of documents in which he/she has intervened.
What procedures can be granted?
The procedures that can be granted in this way are:
In the first place referred to Corporations.
- Constitution of companies, but only when the contribution to the capital is monetary.
- Appointments and powers of attorney.
- Any other corporate act, “provided that in case of containing contributions of the partners to the capital stock they are monetary”.
- Minutes of general meetings
Secondly, commercial policies.
In addition, with regard to powers of attorney, it allows the following:
- Powers of attorney for procedural representation, for actions before public administrations and for specific acts. It will not be possible for general powers of attorney.
- Revocation of powers of attorney, except for “preventive general powers of attorney”.
Letters of payment and cancellation of guarantees.
The Testimonies of legitimization of signatures.
The declarations of new construction without extinction of condominium, nor adjudication of property, and the division of the horizontal property.
Finally, any others that may be established by regulation.
As a conclusion, these changes represent a significant modernization in the notarial field, promoting efficiency and accessibility to notarial services through electronic means.
