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Homeagenciaadhoc2023-05-15T11:23:31+02:00
contasult Are you looking
to invest, set up,
expand or transfer
your business to
Spain? Contasult is your financial and technological partner and can help you
reach your desired success. Are you looking to invest, set up, expand or
transfer your business to Spain?
--------------------------------------------------------------------------------
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FIVE REASONS WHY CONTASULT, S.L. IS THE FINANCIAL, TAX EFFICIENT
AND DIGITALISED PARTNER YOU NEED TO SUCCEED
EXPERIENCED
26 years experience in dealing with anglo-saxon clients. Our headquarters are in
the area of the Straight of Gibraltar.
INFORMED
25 professionals throught it’s six offices in Spain with a broad experience in
dealing with anglo-saxon clients and their needs.
BILINGUAL
Fully bilingual in both English and Spanish.
VERSATILE
Chartered accountants, lawyers, labour relations experts, tax and insurance
advisers.
3.0
Our partnership with the best international human resources and accounting
software will simplify the management and control of the branch in Spain. It
will no longer be necessary to have high level directors transfer to Spain for
this task.
10 CHALLENGES THAT ANGLO-SAXON INVESTORS FACE
WHEN SETTING UP AND INVESTING IN SPAIN
Internalise
business
culture
Information
Adapt the
business
strategy
Currency
fluctuations
Profitability
analisis
Talent
Management
Tax
Burden
Digital
Transformation
Transition
Effects
FOR MORE INFORMATION ON THE 10 CHALLENGES YOU MUST FACE WHEN SETTING UP
AND INVESTING IN SPAIN, CLAIM YOUR FREE COPY OF OUR BROCHURE
DOWNLOAD BROCHURE
DIGITAL PARTNERS
PROUD MEMBER OF:
CONTACT
If you require any further information about our services, please send your
details and enquiry using the following form.
+34 956 695 148
* Name*
* Surname*
* Email*
* Telephone
* Message
* Consent*
In accordance with the provisions of Organic Law 15/1999, of 13 December, on
the Protection of Personal Data (LOPD), the client/user is informed and gives
his/her consent to the incorporation of his/her data into a file for which
Contasult S.L. is responsible and which has been duly registered with the
Spanish Data Protection Agency for the purpose of informing him/her about the
products and services requested, as well as sending commercial communications
about them. We also inform you of your rights of access, rectification,
cancellation and opposition, which may be exercised at the registered office
of Contasult S.L. located at Avenida Ciro Gil s/n Edificio Sotovila Guadiaro
III, 2ª planta, oficina 25, Guadiaro, San Roque, Cádiz. We also inform you
that the personal data provided will not be transferred or communicated, not
even for storage, to third parties.
I have read and accept the privacy policy and the above clause.*
FOR MORE INFORMATION ON OUR SERVICES
PLEASE VISIT OUR MAIN WEBSITE:
www.contasult.com
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When setting up your business in Spain, if you come from the UK, you need to be
aware of the different challenges you may face in the process. That is why we
are breaking down each of the 10 challenges that we consider to be fundamental
in different articles and, therefore, this week we start with the following one:
CHALLENGE 1: ACQUIRE AND INTERNALISE THE BUSINESS CULTURE, MECHANISMS,
INSTRUMENTS AND LANGUAGE FOR THE SUCCESS AND CONSOLIDATION OF THE ACTIVITY IN
SPAIN.
In order to acquire and internalise the Spanish business culture, it is
advisable to exchange opinions with other Anglo-Saxon entrepreneurs and
investors so as to share, exchange and verify experiences of others who came
before and have already gone through a similar process. This can be done by
holding online meetings with other companies and participating in all kinds of
events that promote cultural and business exchange between the British and
Spanish, such as The British Spanish Society and The British Chamber of Commerce
in Spain, which have professionals from different business sectors among their
members. It should be borne in mind that there is a large British presence in
Spain, as well as a large Spanish presence in the UK, and collaboration between
the two is more than frequent.
These types of meetings and events are usually fundamental for exchanging
opinions on matters such as security, work methodology, use of software, search
for talent, as well as identifying the main differences that each has found
between the two territories.
One of the main recommendations when setting up the existing UK business in
Spain is the search for a Spanish management team with knowledge of the language
and previous experience in both Spain and the UK to ease the transition from one
place to the other.
For all this, it is necessary to surround yourself with a highly qualified team
that can advise you, not only on regulations, but also on the day-to-day running
of your company and its establishment in Spain and provide you with the
necessary contacts to implement your activity in Spain, as well as help you in
the search for personnel and other needs involved in the move to Spain.
We continue with our analysis of the 10 key challenges when setting up in
business or investing in Spain if you come from the UK. This week we talk about:
CHALLENGE 2: GETTING INFORMED AND ASSUMING THE REQUIREMENTS, OBLIGATIONS AND
DIRECTIVES THAT REGULATE YOUR STAY, INVESTMENT AND RIGHTS IN SPAIN, ESPECIALLY
AFTER BREXIT.
The United Kingdom’s exit of the European Union marked the beginning of a period
of confusion and regulatory changes for companies, public administrations and
citizens with interests in both jurisdictions, as Brexit led to the appearance
of various trade barriers for non-EU citizens. This exit is regulated by the
Agreement for the withdrawal of the United Kingdom from the European Union and
the new obligations for actors with interests in both jurisdictions are based on
the bilateral Trade and Cooperation Agreement between the two countries.
At the end of December 2020, the application of new tariffs, duties and
requirements governing trade relations and customs transit between the two
countries came into force.
Therefore, before investing in Spain, it is important to have the appropriate
advice and support, which can help to make the best and informed decision on how
to invest and establish ourselves in Spain, studying the sector, regulations and
taxation which can result applicable.
If we are going to set up a service company in Spain, the effects of not being
subject to the VAT exemption regime as an intra-Community operator must be
quantified and analysed, and if the purpose of the company is commercial, these
must also be taken into account together with the new customs and duty expenses
that must be assessed and included in the budget for setting up and operating
the business.
As an individual, Anglo-Saxons who want to start a business or professional
activity in Spain will require a visa (permit). There are different types of
visas: business visa or self-employment visa, which will allow you to carry out
a job or business activity in Spain.
For investors seeking a residence permit in Spain, there is the possibility of
applying for a Golden Visa if they make a real estate or property investment in
Spain of €500,000. Such investment would allow the investor to obtain a
residence permit for themselves and their family (spouse and children under 18)
and freedom to travel within the 26 countries of the Schengen zone for 90 to 180
days. The only drawback to be taken into account is that from the second year
onwards, they would be considered tax residents in Spain and would be taxed as
such, in terms of income and assets, for all their worldwide assets. Before
applying for and processing this visa, it is essential to commission a study and
comparison of the tax costs inherent to it.
Another legal option to be taken into account is the so-called Beckham Law,
which allows people to live in Spain without acquiring resident status. It also
entails a unique tax regime with a flat tax rate on employment income in Spain
that differs from the progressive tax rates applicable to Spanish residents. The
tax benefits inherent in this Law entail a number of well-defined and specific
requirements that are generally applicable to elite sportsmen and senior
executives.
We continue with our analysis of the 10 key challenges when setting up a
business or investing in Spain if you come from the UK. This week we talk about:
CHALLENGE 3: ADAPTING THE BUSINESS STRATEGY TO THE SPANISH MARKET. BY SEEKING
ADVICE, ACQUIRING THE NECESSARY KNOWLEDGE, AND APPLYING IT TO COMPLY WITH
ACCOUNTING, TAX, LABOR, REGISTRATION, AND CORPORATE OBLIGATIONS INHERENT TO THE
ACTIVITY TO BE DEVELOPED IN SPAIN. >
To successfully invest in Spain, it is essential to have a deep understanding of
the jurisdiction and its practical application, bilateral tax agreements, and
the regional tax regulations which are most efficient for non-EU investors.
It is essential to have the advice of experts in the different areas involved,
who can contribute their experience and knowledge in the sector and design the
appropriate commercial and tax strategy for a successful implementation in
Spain.
Brexit and the subsequent change in the status of the United Kingdom, not being
included in the EU's commercial agreements, has meant significant modifications
in customs procedures, requirements, and fees. Its legal, tax, and frontier
treatment is the same as that of all non-EU countries, called "third countries."
The tax burden can be reduced by promoting and applying bilateral agreements
between the United Kingdom and Spain to encourage and spur bilateral investment
and commercial relationships.
The strategic plan's design must include:
* Studying and evaluating expenses derived from hiring personnel and complying
with labor risk prevention legislation, as well as the equality plan and
salary tables. We must bear in mind that the British Legal System is based on
a Common Law system and its characteristics are:
* There is not always a written constitution or codified laws;
* Judicial decisions are binding - decisions of the ultimate Court may be
overturned by the same Court or through legislation;
* Wide freedom of carrying out contracts (to hire) as few provisions are
implied in a Law contract;
* Generally, everything is allowed as long as it is not prohibited by Law.
Spain, however, has a Civil Law System that is a system of codified laws that
finds its origin in Roman law and its characteristics are:
* There is generally a written Constitution based on specific Legal codes.
* Only legislative enactments are considered to have legal force.
* Specific courts for underlying codes: therefore, there are usually separate
Constitutional Courts, Administrative Courts, and Civil Courts that rule on
the coherence of Legislation and Administrative Acts with that specific code
and interpret it.
* There is less freedom in order to carry out contracts compared to an
Anglo-Saxon legal system.
* Evaluation and approval of the tax burden derived from the implementation and
operation of the company's activity in Spain.
CHALLENGE 4: TO FORESEE AND MAKE PROVISIONS IN BUDGET ING FOR DERIVATIONS CAUSED
BY CURRENCY FLUCTUATIONS.
The preparation of the budget for the initial implementation and start up during
the first year must be calculated after studying the Financial Report. Provide
for possible deviations in pounds (sterling).
Contract the services of companies specialised in multicurrency trading and
agree on a fixed exchange rate to be applied to the provisioned amount, avoiding
deviations caused by financial expenses in the initial approved budget.
CHALLENGE 5: ANALYSE AND CALCULATE PROFITABILITY IN AN INFLATIONARY ENVIROMENT
ENVIROMENT:
Investing in Spain in an inflationary environment can be a complex and risky
venture. However, with the right analysis and assistance, it is possible to
identify profitable investment opportunities.
It´s important to understand how inflation erodes the purchasing power of money
and reduces the real value of returns. To foresee and avoid cashflow problems,
we should increase the initial implementation budget in at least a 10% to
mitigate variations of costs due to political, economic or recession factors.
If such financial effort is not possible, at least the average inflation
forecast should be accounted for and foreseen in the setting up and running
costs and also on the income.
Assessing the level of risk and potential return associated with each investment
is essential. Some investment options in Spain in an inflationary environment
are stocks, real state and expat services, this makes it important to prioritise
investments with higher expected real returns.
In conclusion, investing in an inflationary environment can be challenging, but
with careful analysis and calculations, profitable investment opportunities can
be identified. By using these strategies, investors can make informed investment
decisions and maximise their profitability.
CHALLENGE 6: PLAN TO ATTRACT AND RETAIN LOCAL AND INTERNATIONAL TALENT IN A
DIFFERENT ENVIRONMENT.
Before creating a plan, it is important to conduct a talent needs analysis. To
identify the skills, experience, and knowledge required.
Secondly, research the local and international market to identify the talent gap
in the labour market and understand where potential candidates can be found.
Create a strong brand image that reflects the company´s values and culture.
Highlight the attractions of the country and the environment to create a
compelling value proposition.
Develop a comprehensive recruitment process that includes a variety of
recruitment channels, such as online job boards, social media, and referral
programs. Assess candidates through a process that includes interviews,
performance assessments, and reference checks.
Provide a thorough orientation and training process to ensure that employees are
fully integrated and understand their role and responsibilities.
Establish a supportive and inclusive workplace culture that values diversity and
embraces new ideas. Provide opportunities for employees to grow and develop
their skills through training, mentoring and coaching.
Develop retention strategies to keep top talent engaged and motivated. Provide
regular performance feedback, offer career development opportunities and offer a
competitive benefits package.
Continuously evaluate the effectiveness of the plan and make the necessary
adjustments when necessary.
Solicit employee feedback and stay attuned to changes in the local and global
talent market.
CHALLENGE 7: MANAGEMENT CONTROL OF THE SUBSIDIARY COMPANIES AND ACCOUNTING
CONSOLIDATION, TAKING INTO ACCOUNT THE DIFFERENCE IN THE START AND ENDING DATE
OF THE FINANCIAL/TAX YEAR IN EACH COUNTRY AND THE REGULATIONS AND LAWS
APPLICABLE TO THE PARENT COMPANY AND THE SUBSIDIARY.
When establishing a business in Spain, it is important for UK companies to have
control over the management of their subsidiary company in Spain. This is
crucial to ensure that the business operations are aligned with the parent
company’s objectives and strategies. The management control will involve
monitoring and directing the performance of the subsidiary, ensuring that
resources are used efficiently and effectively, and making strategic decisions
to drive growth and profitability.
Consolidation of annual accounts is also important because it allows the parent
company to have a holistic view of the financial performance and position of the
subsidiary. In Spain, the fiscal year typically starts on January 1st and ends
on December 31st, which may be different from the UK’s fiscal year.
Consolidation involves combining the financial statements of the parent company
and subsidiary, adjusting for any differences in accounting standards, and
presenting them as a single entity. This provides a clear picture of the overall
financial health of the business and helps in making informed decisions.
Having effective management control and consolidated financial statements can
also help UK companies comply with local laws and regulations in Spain. It can
demonstrate transparency and accountability, which can enhance the reputation of
the business and build trust with stakeholders. Overall, these practices can
contribute to the long-term success of the business in Spain.
An annual audit, is strongly recommended, for effective control, correct
consolidation of accounts and complete transparency for shareholders/investors.
CHALLENGE 8: TAKE INTO ACCOUNT A HIGH TAX BURDEN AND BUREAUCRACY COMPARED TO
OTHER NEIGHBOURING COUNTRIES, SUCH AS PORTUGAL.
When considering expanding or investing in a new country, there are multiple
factors to take into account - including tax burdens, bureaucracy, location,
culture, and more. In this case, if a UK company were to choose Spain over
Portugal for investment, despite facing higher tax burdens and bureaucracy, they
might have done so for several reasons:
1. Access to the European Union: Spain is a member of the European Union,
providing UK businesses with a gateway into the largest single market in the
world. This offers the opportunity to expand their customer base, collaborate
with other European companies, and access funding and grants that are available
through EU programs.
2. Established business network: Spain has a strong business network with a lot
of opportunities for collaboration and partnerships. Additionally, the country
has a skilled workforce that offers excellent opportunities to attract potential
employees.
3. Stable and developed economy: Spain is the fourth largest economy in the
eurozone and its economy has been growing steadily in recent years. This offers
a stable and developed business environment for UK businesses to invest.
4. Strong infrastructure and logistics: Spain has well-developed infrastructure
and logistics that provide UK companies with easy access to markets in Europe,
Latin America, and North Africa.
5. Attractive lifestyle: Spain is a popular destination for British expatriates,
offering a warm and relaxed lifestyle, affordable real estate, quality
healthcare, and access to excellent amenities such as schools and universities.
While businesses may face higher tax burdens and bureaucracy in Spain compared
to neighboring countries such as Portugal, these factors may be outweighed by
the benefits of being in Spain. Ultimately, the decision to invest in Spain
should be based on a comprehensive assessment of all relevant factors, taking
into account the individual needs and goals of the specific business.
CHALLENGE 9: THE POSSIBLE INFLUENCE OF DIGITAL TRANSFORMATION ON COMPANY
LOCATION.
Digital transformation has become a crucial factor for businesses worldwide to
remain competitive and relevant in today's fast-paced technological era.
Therefore, when a UK investor chooses to invest in or establish a branch or new
business in Spain, digital transformation can have a significant influence on
the decision-making process.
Here are some possible influences of digital transformation in the context of UK
investors choosing Spain as their destination:
1. Access to a highly skilled digital workforce: Spain has a highly skilled
workforce, with many workers having digital skills in areas such as coding,
data analysis, and cybersecurity. This can be highly attractive to UK
investors who are seeking to expand their digital capabilities and build a
team with a diverse skill set.
Growing Spanish tech ecosystem: Spain's tech ecosystem is rapidly growing, with
many startup hubs developing in cities such as Barcelona, Valencia, and Madrid,
attracting international investors, entrepreneurs, and talent. This presents
opportunities for UK investors looking to collaborate with emerging tech
companies and/or acquire innovative startups. Governmental support and
incentives: Spain's government has recently shown support for digital
transformation initiatives and startups through providing incentives and funding
programs. This can also be highly attractive to UK investors who would like to
leverage these incentives to support their business expansion. Adoption of
digital technologies: Spain has a strong adoption rate of digital technologies,
such as cloud computing and artificial intelligence. Spanish consumers are among
the highest users of mobile devices in Europe, which opens up opportunities for
UK investors to invest in digital marketing campaigns and e-commerce platforms.
Established infrastructure and regulatory framework: Spain has already
established the necessary infrastructures and policies to support digital
transformation, such as reliable and fast internet connectivity and data privacy
laws. This can facilitate a smoother and quicker digital transition for UK
investors.
In summary, digital transformation presents a considerable opportunity for UK
investors choosing Spain as a destination for investment or business expansion.
With a highly skilled workforce, emerging tech ecosystem, government incentives,
strong technological adoption, and established infrastructure - digital
transformation can have a significant influence on UK investors' decision-making
process.
CHALLENGE 10: THE EFFECT OF TRANSITION AND FLUCTUATING ENERGY COSTS ON THE
PRODUCTION OR IMPLEMENTATION PROCESS.
Here are some of the effects that transition and fluctuating costs can have on
the production or implementation process of establishing a UK company branch in
Spain:
1. 1. Budget constraints: Transition and fluctuating costs can be quite
difficult to predict, which makes it tough to establish a budget for the
project. This can lead to budget constraints, which can impact the
production or implementation process by limiting the resources available to
get the project off the ground.
2. 2. Delayed timelines: Transition and fluctuating costs can push back the
timeline for setting up a UK company branch in Spain. This can delay the
implementation process, which can create additional stress and uncertainty
among stakeholders.
3. 3. Resource allocation: Transition and fluctuating costs can impact the
allocation of resources during the implementation process. The resources
required for the project may shift based on the costs, which can lead to
unexpected challenges in managing the resources necessary for successful
implementation.
4. 4. Uncertainty and risk: The uncertainty of transition and fluctuating costs
can add risk to the implementation process, as it may be challenging to
accurately project the costs involved. This uncertainty can create
additional challenges for stakeholders, as they may need to make decisions
based on incomplete or fluid information.
5. 5. Negotiation with suppliers and contractors: Transition and fluctuating
costs can impact the negotiations with suppliers and contractors, leading to
additional challenges in securing the resources needed to establish a UK
company branch in Spain.
In conclusion, transition and fluctuating costs can impact the production or
implementation process of establishing a UK company branch in Spain in numerous
ways, such as budget constraints, delayed timelines, resource allocation
challenges, uncertainty and risk, and negotiation difficulties. As such, careful
planning and management of this aspect of the project are necessary to mitigate
any negative effects and ensure the successful implementation of the project.
Political instability and the crisis in the supply sector are so present in our
current economic situation that it is necessary to opt for the jurisprudence
that best protects, supports or subsidises the investor in the event that energy
costs skyrocket.
Design an action plan or plan B, to limit losses caused by excessive and
unforeseen fluctuations in costs as much as possible.
Avisos