There are no more excuses for entrepreneurship, if you have an idea, a project, start it up, set up a limited company from one euro of share capital.
The new Law 18/2022 addresses the Recovery, Transformation and Resilience Plan with the aim of boosting the creation of companies, thus promoting the generation of new businesses by reducing costs and simplifying procedures. The following is a brief explanation of the main new features.
Incorporation of limited companies with a minimum share capital of €1.
It will now be possible to create a limited company with a minimum share capital of one euro, with the obligation to allocate 20% of the profits to the legal reserve until this, added to the share capital, reaches a minimum of €3,000.
If the company is dissolved without sufficient assets, the shareholders are jointly and severally liable for the difference between the amount of € 3,000 and the amount of the subscribed capital. This means that the partner is jointly and severally liable up to a limit of €2999.
2.- To reduce late payment with the operation of a State Observatory for Private Late Payment.
Electronic invoicing is introduced among private companies as a useful means of reducing transaction costs in commercial transactions and to have access to information on payment deadlines.
Since 19 October, small and medium-sized companies have had a period of 24 months to incorporate digital invoicing into their businesses, for which public subsidies are provided.
An annual list of defaulting companies will be published, which will be those that do not pay more than 5% of their invoices on time and whose total amount of unpaid invoices exceeds €600,000.
3.- New catalogue of activities exempt from the opening licence.
Group 857. Rental of measuring equipment.
Group 922. Cleaning services.
Section 843.3 Technical services of geological surveys and studies.
Section 843.4 Technical surveying services.
Group 846. Market research companies.
Group 847. Integral postal and telecommunications services.
Section 849.4 Custody, security and protection services.
Section 849.5 Courier, messenger, mail delivery and handling services.
Section 849.6 Placement and supply services of personnel
Section 849.8 Personnel Intensive Multiservices.
Epigraph 849.9 Other independent services, NCOP (art. 8 L18/2022)
4.- Promotion of alternative financing.
The Crea y Crece law promotes alternative instruments to bank credit, such as crowdfunding or participatory financing, collective investment and venture capital.
It adapts national regulations to European rules, making them more flexible so that these platforms can provide their services in Europe.
Investor protection is strengthened and new vehicles can be created to pool investors and reduce management costs.
The investment thresholds per project are raised from 2 to 5 million euros and the investment limits for retail investors are modified, with the highest limit being between 1,000 euros or 5% of wealth.
In addition, the so-called “debt funds” are regulated, investment in Fintech is expressly included, the content of the mandatory investment ratio is extended, the percentage of share capital, which must be paid up at the time of incorporation of venture capital companies, is reduced from 50% to 25%, including the deadline for fully paying up the remainder.
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