Administrative simplification in the area of company incorporation

Information Society (Encouragement Measures) Act (2007)

As Spain’s response to the decision adopted by the European Council in 2006 to shorten the time taken to set up companies to one week, a series of measures were implemented through the Information Society (Encouragement Measures) Act (Law 56 dated December 28th, 2007), which amended the Limited Liability Companies Act (Law 2 dated March 23rd, 1995). The measures introduced were:

• Possibility for the partners in a limited liability company to adopt a general model of Articles of Association.
• The registration of the deed incorporating the Limited Liability Company on the Provincial Companies’ Register was to be completed in 48 hours if it fully included the said general model of Articles of Association.
• Authorizing the government to create a stockpile of reserved company names.