Article 40 of the Entrepreneurs Act, which came into force on 30th September 2013, introduces a significant change in the ambit of powers of attorney that are registrable with the Companies Registry.
Functioning
Up until now, in order to concede this kind of power of attorney, a public deed granted before a notary public was a requirement. Said deed was afterwards registered with the Companies Registry. The empowered person then has to exhibit a certified true copy of the public deed in order to validate his faculties.
According to the above-mentioned article 40, now it is no longer necessary to grant the power of attorney before a Notary Public, since the electronic filing of the power of attorney document with the Companies Registry shall be sufficient, always provided that said power of attorney is signed using the electronic signature of the person who has granted the power of attorney. Thus, when the empowered person wishes to certify his faculties, it will be necessary to obtain a certification issued by the Companies Registry.
Consequences
There are many different consequences arising from this new regulation, and there are advantages and disadvantages. However, the most important consequence cannot be ignored; provided that the person granting power of attorney (usually the director of a company) has an electronic signature in Spain, he may grant a power of attorney and file it by electronic transmission with the corresponding Companies Registry from anywhere and without the necessity to appear before a Notary Public. Many directors, who, due to the nature of their business or for corporate reasons, spend most of the time abroad, will find this regulation to be an excellent tool for saving the costs of travelling to appear before a Notary Public in Spain.
Vilá Abogados
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10th of October 2013
