20% of the profit of the company created with 1 euro will go to reserves up to 3,000

Madrid 18 / 08 / 2021 – 08: 18

Limited companies created with a capital of less than 3. 000 euros must allocate Mandatory legal reserve at least 20% of the profit until the sum of this item with the share capital reaches the legal amount of the 3. 000 euros, as established in the Draft Law of creation and Growth of companies, which is currently being prepared by the Ministry of Economic Affairs and Digital Transformation, which will allow the creation of companies with a single euro capital stock.

Also, if applicable of liquidation, if the assets of the company were insufficient to meet the payment of social obligations, the partners will be jointly and severally liable for the difference in between the amount of 3. 000 euros and the amount of the subscribed capital.

The regulation of companies in successive formation regime is repealed, so that companies that, prior to the date of entry into force of this law, are subject to the provisions of article 4 bis of the revised text of the Capital Companies Law, they may choose to modify their bylaws to stop being subject to the successive formation regime and be governed, as long as their share capital does not reach the figure of 3. 000 euros by these same rules, applying the new section 3 of article 4 of the revised text of the Capital Companies Act.

New company On the other hand, the current regulation of the new company society, when considering the pre-legislator that has already become obsolete and exceeded in efficiency and flexibility by the general regulations of respo limited liability. For this reason, these new companies already existing at the entry into force of this law must be governed by the regulatory provisions of limited liability companies and will use the name SRL.

Electronic processing The future regulations call for decisively promoting the use of the electronic processing system Information Center and Business Creation Network (Circe) and the Single Electronic Document (DUE), as a single window that has been managing and developing, since the year 2003, the General Directorate of Industry and the SME of the Ministry of Industry, Commerce and Tourism.

The obligation is also established, for notaries and intermediaries who advise and participate in the creation of limited liability companies , to inform the founders of the advantages of using the Entrepreneur Service Points (PAE) and the Information Center and Creation Network Company (Circe), for its constitution and the completion of other procedures linked to the beginning of its activity. The Draft Bill determines the terms in which this obligation will be exercised, which will be determined by regulation.

Notarial Electronic Agency In order to improve the functioning of Circe, the obligation is reinforced, for all notaries, to be available at the Notarial Electronic Agency regulated in article 8 of the Royal Decree 421/2015, of 29 of May, which regulates the model statutes-type and standardized public deed of limited liability companies, approves model statutes-type, regulates the Notarial Electronic Agenda and the Stock Exchange of registered names with reservation. This obligation seems to be derived from article 8 of the aforementioned regulation, but it is chosen to make it explicit in the future law.

Documents written in a foreign language will have to be accompanied by a translation into Spanish by sworn translator. This obligation is understood without prejudice to the linguistic regime applicable in the Autonomous Communities in which other Spanish languages ​​other than Castilian are also official.

Foreign public documents must be provided with the corresponding apostille or diplomatic legalization, except in the cases excepted by provision of the law or the international agreements in force in Spain.

Another novelty refers to the fact that the publication of the company’s registration in the Official Gazette of the Mercantile Registry will be exempt from the payment of fees.

The reform of Circe will be completed with the next transposition of the Directive (EU) 2019 / 1151 of the European Parliament and of the Council, of 20 of June 2019, amending Directive (EU) 2017 / 1132 with regard to the use of digital tools and processes in the field of company law. This directive requires, among other aspects, that a limited liability company can be fully registered online within certain periods of time.

José Manuel Maza dies in Buenos Aires Aires José Manuel Maza passed away this Saturday at 66 years in the Bazterrica Clinic in Buenos Aires due to complications in a kidney infection. Maza had traveled to Argentina to participate in the Assembly of Ibero-American Public Ministries.

According to various sources, Maza felt unwell during the event and entered the clinic with a fever due to an infection that, in principle, was not dangerous for his life. However, the pathology was caused by acute kidney failure that ended with the death of the State Attorney General hours later.

Mace was appointed on 25 November 2015, and took office on 29 November in the Supreme Court. The Attorney General had a degree in Law and History, as well as a Diploma in Criminology from the Complutense University of Madrid. He entered the Judicial Career in 1975 and the Prosecutor in 1978, being the first of its promotion.

José Manuel Maza was president of the First Section in the Provincial Court of Madrid and in 2002 was appointed Magistrate of the Second Chamber of the Supreme Court.


1-Business – Wikipedia
2-Business – CNN
3-Business WorkLife- BBC

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