{"id":23760,"date":"2021-04-20T08:41:52","date_gmt":"2021-04-20T08:41:52","guid":{"rendered":"https:\/\/spanishchamber.co.uk\/?p=23760"},"modified":"2021-04-20T08:54:05","modified_gmt":"2021-04-20T08:54:05","slug":"__trashed","status":"publish","type":"post","link":"https:\/\/spanishchamber.co.uk\/es\/2021\/04\/20\/__trashed\/","title":{"rendered":"Brexit: Operate in Europe Through a Subsidiary or Branch"},"content":{"rendered":"

BLOG POST BY SCORNIK GERSTEIN LLP<\/a><\/p>\n

If you are looking to establish a presence within the European Union (EU)<\/strong> after Brexit<\/strong>, you may wish to consider setting up a branch or subsidiary in Spain (SP).<\/p>\n

SPANISH SUBSIDIARY OR BRANCH: WHICH IS BEST?<\/strong>
\nThe key differences to consider when choosing the type entity right for your business model, are listed below:
\n\u2022 A subsidiary is an independent legal entity<\/strong>, responsible only for its own liabilities and debts that it incurs and the parent company is not affected by these whereas a branch is dependent on the parent company, which will be responsible for any liability that the branch incurs.
\n\u2022 There is no minimum share capital<\/strong> amount to set up a branch in Spain. In contrast, establishing a subsidiary requires \u20ac60,000 minimum share capital for a Public Limited Company<\/strong> (PLC) and \u20ac3,000 for a Limited Liability Company (LLC)<\/strong> although the Spanish media have recently published that the government intends to reduce the minimum share capital to 1 Euro.[1]<\/p>\n

WHAT ARE THE MAIN REQUIREMENTS FOR OPENING A BRANCH OFFICE OR A SUBSIDIARY IN SPAIN?<\/strong>
\nThe procedure to open a subsidiary or a branch in SP is similar. The common requirements include the following:
\n1. Opening a bank account<\/strong> in the company\u2019s name, which will be used for depositing the share capital.
\n2. A copy of the certificate of incorporation<\/strong> of the parent company.
\n3. Obtain (the provisional) and then keep (the definitive) tax identification NIF<\/strong> (n\u00famero de identificaci\u00f3n fiscal) at the Spanish Tax Agency.<\/strong><\/p>\n

The decision of setting up a subsidiary or a branch has to be taken by a general meeting of the shareholders of the parent company and the resolution must be legally translated into Spanish.
\nPublic deed of incorporation must be granted before a Notary Public<\/strong> and then submitted at the Spanish Commercial Registry.<\/strong><\/p>\n

MUST I TRAVEL TO SPAIN TO SET UP A SUBSIDIARY OR A BRANCH?<\/strong>
\nNot necessarily, our team of Spanish speaking lawyers can set up for you a subsidiary or a branch in Spain on behalf of the parent company, through a Power of Attorney.<\/strong><\/p>\n

If you wish to keep updated about the new rules and new opportunities generated by Brexit, please register your interest atwww.thebrexitlaw.com<\/strong><\/a><\/p>\n

SCORNIK GERSTEIN LLP<\/strong> is offering all the members of the Spanish Chamber of Commerce in the UK a 25% discount<\/strong> on all our professional legal services until 31.05.2021.<\/strong><\/p>\n

For further information, please click below\u00a0<\/strong><\/p>\nLearn More<\/a>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

BLOG POST BY SCORNIK GERSTEIN LLP If you are looking to establish a presence within the European Union (EU) after Brexit, you may wish to consider setting up a branch or subsidiary in Spain (SP). SPANISH SUBSIDIARY OR BRANCH: WHICH IS BEST? The key differences to consider when choosing the type entity right for your […]<\/p>\n","protected":false},"author":538,"featured_media":23762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[28],"tags":[],"_links":{"self":[{"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/posts\/23760"}],"collection":[{"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/users\/538"}],"replies":[{"embeddable":true,"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/comments?post=23760"}],"version-history":[{"count":0,"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/posts\/23760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/media\/23762"}],"wp:attachment":[{"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/media?parent=23760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/categories?post=23760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/spanishchamber.co.uk\/es\/wp-json\/wp\/v2\/tags?post=23760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}