DRAFT ENTREPRENEUR SUPPORT ACT IN SPAIN

In an effort to stimulate the creation of new business projects, the Spanish Government is preparing legislation that would help entrepreneurs on their way.

The draft of the Entrepreneur Support Act contains some interesting ideas that should come to full fruition in the next weeks:

1.- Incorporation of companies in 24 hours;

2.- No additional red tape: each new procedure will be compensated by the elimination of an older one (one in-one out);

3.- Sole traders with limited responsibility: sole traders will not lose their homes (main residence with a maximum value of € 300,000) for any losses their business might make;  
4.- Business angels will benefit from a tax deduction of 20% of their investment (maximum allowed investment for this purpose is € 200,000, so the deduction is capped at € 4,000).