Mykola Sirenko

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Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.

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Case: Registered a company (S.L.) in Spain for a Ukrainian client — turnkey and remotely

International corporate law
Reading time: 4 min.

An entrepreneur from Ukraine approached our company with plans to scale his business into the European market and chose Spain as the jurisdiction for registering his own company. The client was not a tax resident of Spain, did not speak Spanish, and was unfamiliar with local corporate and tax procedures, which at first glance seems quite problematic.

The task before our team was clearly formulated: register a “turnkey” company, maximally remotely, with minimal physical presence of the client in the country, and prepare it for full-fledged operational activities — with a bank account, tax numbers, and properly executed statutory documents.

Why specifically Spain?

Together with the client, we analyzed several EU jurisdictions and settled on Spain, considering:

  • direct access to the single market of the European Union;
  • a clear and predictable company formation procedure in the form of a Sociedad Limitada (S.L.) — equivalent to a limited liability company;
  • a reduced corporate income tax rate for newly created companies in the first profitable periods;
  • a loyal attitude towards foreign investors and the possibility of further obtaining a residence permit related to business activities.

Difficulties of the case

Registering a company in Spain for a non-resident has a number of pitfalls that almost every foreign founder faces:

  1. Obtaining a NIE. Without a foreigner’s identity number (Número de Identidad de Extranjero), it is impossible to sign statutory documents, open an account, or become a company director.
  2. Opening a bank account for a non-resident. Spanish banks strictly screen foreign clients within the framework of compliance and anti-money laundering requirements, so opening an account for depositing authorized capital is not always easy.
  3. Language and formal barrier. All statutory documentation is drawn up in Spanish and signed before a notary, and some actions must be performed in person or through a properly executed representation.
  4. Remote format. The client was unable to be in Spain throughout the entire procedure, so it was necessary to build the process in such a way that most steps were carried out by proxy.

What we did

We supported the client at all stages — from choosing the form of the company to entering it into the register and tax registration:

  • Obtained a NIE for the founder (and director), including through the execution of a notarized power of attorney, which allowed actions to be taken remotely.
  • Reserved the company name — received a certificate of no name match (Certificación Negativa de Denominación Social) from the Central Mercantile Register.
  • Developed the company’s articles of association (Estatutos Sociales) taking into account the planned types of activities, distribution of shares, and powers of governing bodies.
  • Supported the opening of a bank account and the deposit of the authorized capital, and received bank confirmation of its crediting.
  • Executed the deed of incorporation — a public deed of company creation (Escritura Pública de Constitución) before a notary.
  • Registered the company in the Mercantile Register (Registro Mercantil) at its location.
  • Obtained the company’s tax number (NIF/CIF) and filed a tax registration declaration (modelo 036), agreeing on the activity codes (IAE).
  • Filed a declaration of foreign investments in the relevant register, as required by law for investments by non-residents.
  • Prepared the client for operational activities — provided a roadmap on tax obligations (corporate tax, IVA/VAT, reporting) and social security issues.

Result

A company in the form of a Sociedad Limitada (S.L.) was successfully registered in Spain. The client received a full package of statutory and registration documents, an active bank account, tax numbers, and a structure ready for work — mostly remotely, without the need for a long stay in the country.

Currently, the company conducts business in the EU market, and the client continues to cooperate with us regarding tax and corporate support.

Why they choose us

Registering a company in another jurisdiction is not just a formality, but a complex of steps where an error at the initial stage (wrong choice of form, incorrect charter, problems with the account) results in a loss of time and money. Our team takes over the entire process: from the jurisdiction selection strategy to entering the company in the register and tax support after registration.

Are you planning to enter the European market and register a company in Spain? Leave a request — and we will prepare an individual roadmap for turnkey legal business structuring abroad for you!

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