Spain is paving the way to becoming an entrepreneur-focused nation by 2030 by drafting a startup law as a key to attract investors and foster innovation in technology.
Spain’s government has agreed on the details of a draft startup law — passing the baton to the parliament to debate and potentially amend the plan ahead of a vote to turn it into actual law. The Council of Ministers announced adoption of the draft text today which it said contains impor…
- Ministers have agreed to raise the tax exemption on stock option income from €12,000 to €50,000 per year.
- The draft also stipulates that taxation is delayed until the date of settlement — either when the stocks are sold or if the company goes public.
- reduction in Corporate Tax and Non-Resident Income Tax (which drops from 25% to 15%) for four years
- maximum deductible amount for investments in new or recently created companies is also raised (from €60,000 to €100,000 per year), while the deduction rate goes from 30% to 50% and the period for considering a company “recently created” is extended, per the draft adopted by ministers
- procedures for setting up a company will be “streamlined” into a single step and can be completed online without needing to pay a notary or registry expenses
- Startups will also be able to use an online portal (ENGLISH) to make business declarations and access benefits
Spain is preparing to push forward with pro-startup legislation, having recently unveiled a big and bold transformation plan with the headline goal, by 2030, of turning the country into ‘Spain Entrepreneurial Nation’, as the slightly clumsy English translation has it. Prime minister Ped…