Administrative simplification in the area of company incorporation

New Corporation Limited Liability Company Act (2003)

In 2003, taking the European Charter for Small Companies as its benchmark, the new concept of a New Corporation Limited Liability Company (SLNE in its Spanish acronym) was set up alongside the Centre for Information and Company Formation Network (CIRCE), an information system for the electronic processing of the incorporation of a New Corporation Limited Liability company. The CIRCE was created by means of the New Corporation Limited Liability Company Act (Law 7 dated April 1st, 2003), which amended the Limited Liability Companies Act (Law 2 dated March 23rd, 1995).