New Business Limited Companies or quick or express companies are those that can be incorporated in record time. If we compare it with the time it normally takes to incorporate a company in Spain. This is because the bureaucratic procedures have been lightened.
What are the New Business Limited Companies or quick companies?
Rapid companies are a variant of limited liability companies aimed at accelerating and prioritizing entrepreneurship. They are those that can be created in a minimum period of time due to the simplicity of its processing. We even talk about the fact that they can be set up in just one day.
They are characterized by the following:
- Their capital is divided into shares.
- The liability of each partner is limited to the capital they have contributed. Without compromising at any time its personal patrimony.
- Articles of incorporation can be drawn up with details of the rights and obligations of the partners.
- There is no obligation to file a partners’ record book.
- There are tax benefits during the first two years of activity.
Requirements for quick start companies or express companies
There are a series of requirements that the express companies must fulfill for their incorporation:
Firstly, the company name must be formed by the two surnames and the name of one of the partners. The name is accompanied by an alphanumeric code or ID, as well as the ending SLNE.
Secondly, the following data must always appear in the bylaws. However, other relevant information can be added:
- Corporate name.
- Identification of the partners.
- Corporate purpose
- Registered office
- Total capital stock and shares.
- Date of incorporation and expected duration.
- Governing bodies.
The minimum share capital is 3,000 euros and the maximum is 120,000 euros.
The corporate purpose must be related to a number of specific sectors. And if it is different, then the registrar must study it.
The number of partners must be between one and five, and the founding partners must be natural persons.
The management bodies of a fast company must be the General Meeting and another management entity formed by one or several persons. They cannot be anonymous persons.
The rapid societies are obliged to pay the Corporate Tax.
How to set up a quick start-up limited company?
The process to create a quick or express company is as follows:
First of all, Fill in the Single Electronic Document (DUE). This can be done in person at a Point of Attention to the Entrepreneur (PAE). But also via Internet through the CIRCE system. This way we will save a great part of the steps, such as the request of the provisional NIF or the registration in the Social Security.
Next, and very important obviously, it is to reserve the Social Denomination.
Next, to contribute the social capital in cash. For it we must obtain from the bank the certificate of the deposit.
To grant the Deed of Incorporation. This step supposes to go to the notary’s office to sign. And the telematic sending to the different required administrations. It would be the only step in person in case of choosing in the first step, the telematic route. In the notary’s office we will have to provide the following information: information of the partners, administrators, address and corporate purpose.
The fifth step consists of requesting the provisional NIF.
Next step, to pay the Tax of Patrimonial Transmissions and Legal Acts.
Next, register the company in the Provincial Mercantile Register (RMP).
The eighth step is to apply for registration with the Social Security.
We must also issue the deed.
At this point it is time to apply for the definitive NIF.
Finally, register the company in the personal files of the Spanish Data Protection Agency.