I.- INTRODUCTION
On 24th May 2013, the Council of Ministers passed the draft bill of the law for supporting measures for the entrepreneur.
II.- PRINCIPAL ASPECTS OF THE DRAFT BILL
TO FACILITATE ENTREPRENEURIAL CULTURE AND INITIATIVE
– Creation of a new mercantile form, “the limited liability entrepreneur”. Liability for commercial debts does not affect the habitual residence, if they do not exceed the value of 300.000 €.
– Limited liability company of successive constitution: It allows the creation and establishment of companies with a capital of less than 3.000 €.
– Stimulation for creating new companies: Procedure allowing the telematic creation of new companies within 24-48 hours.
– Second opportunity: Out of court mechanism for negotiating business debts.
FISCAL MEASURES AND SOCIAL SECURITY
– VAT: it creates a special VAT regimen, which allows avoiding VAT payment until the effective payment of the invoices has been collected.
– R+D (Research and Development) incentives and diverse incentives for intangible assets (patent box).
– Promotion of the reinvestment of profits gained from economic activity: companies with turnover of less than 10 million € may deduct up to 10% of profits in the tax period in which those companies had made the reinvestments.
– Fiscal incentives for “Business angels” (private investor who participates temporarily in new companies).
MEASURES FOR FINANCING
– Improvement in refinancing agreements: reduction of the majority needed in order to approve the agreement.
PROMOTING BUSINESS GROWTH
– “One in – one out” clause: Each new administrative post must be compensated by at least the elimination of another equivalent post.
– Entrepreneur access to public contracting.
– Stimulation to foreign investments and new talent, easing residence permit procedures and facilitating the granting thereof.
III.- CONCLUSION
This draft bill means a new step forward in government reforms aimed at stimulating business and entrepreneur growth, as well as the development of investment.
Vilá Abogados
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7th of June 2013
