Incorporating a company in Spain may take some time due to (i) the time required to open a bank account and (ii) the register of the incorporation public deed in the Spanish Commercial Registry.
The steps to set up a company in the Canary Islands are not different to those necessary in the mainland.
These are the steps to incorporate a company in Gran Canaria on a high-level basis:
- You need to apply for the company’s corporate name in the Spanish Central Commercial Registry. You can send up to three potential corporate names. This institution will review whether or not the requested names already exists and will grant a reserve for such name during a maximum of 6 months, until you incorporate the entity. This process can be also done easily by a Spanish public notary.
- Once you have the corporate name, you need to open a bank account and to put a minimum amount of €3,000 if you are incorporating a limited liability company (sociedad limitada). In the case of a public limited companies (sociedad anónima), the minimum share capital is €60,000 and you have to put €15,000 in the bank account with the engagement of an additional €45,000 up to €60,000 in the following 5 years since the incorporation.
- Once the money is in the bank account, the bank will issue a certificate that you need to give to the public notary.
- Go to any public notary in Gran Canaria with the bank certificate to record the public deed of incorporation.
- Finally register the public deed in Las Palmas Commercial Registry.
Although it is highly recommended to work with a consultant to go through the process, you may want to know that you can do everything by yourself. In this case, we recommend to have a high level of Spanish.
You can also use the official CIRCE service to create your business in Gran Canaria.
Check Best In Gran Canaria for more information about the benefits of creating a company in the island.
This blog post is for informational purposes only. Be advised that sales tax rules and laws are subject to change at any time. For specific sales tax advice regarding your business, please contact a professional tax advisor.