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The Government approves the draft law on startups - Start Up Gazzete
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The Government approves the draft law on startups

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The startup law continues. The Ministry of Economic Affairs and Digital Transformation has approved the draft law that aims to promote the creation of this type of companies in Spain.

The text reflects the uniqueness of this type of company. In addition, it responds to the main demands of the sector to achieve visibility and attract investors. In this sense, the attraction of talent and international capital is promoted.

The Government wants to regularize the activities of emerging companies. The startup law will provide flexibility for the activities of this type of company. In this sense, they will be helped, fundamentally, in their early stages. It should be noted that when a startup is created, a series of procedures must be carried out that penalize it with respect to other companies. The law will regulate these procedures, among which are some related to taxation or visa processing.

Emerging companies

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The Ministry has already published the new text in public. It has a place for newly created companies, as well as emerging companies. The headquarters of the companies and entrepreneurs must be permanently based in Spain. In addition, companies must not have distributed dividends, must not be listed and must have an innovative character, as fundamental requirements.

Some of the measures included in this document are the reduction of the tax rate from 25% to 15% on the income tax of non-residents. This reduction will take effect in the first tax period in which the tax base is positive. In addition, it will remain in the for the next three periods as long as the company continues to be classified as an emerging company.

Postponement of tax debt

Startups may also request a postponement of the tax debt they have from corporate tax or income tax on non-residents. They may do so both in the first year in which their tax base is positive, and in the next, without accrual of late payment interest.

Similarly, procedures are streamlined and the obligation that companies have to pay in installments the corporate tax and the income tax of non-residents in the 2 years after the one in which the tax base is positive disappears. .

Author avatar
Joshua Smith
https://startupgazzete.com

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