* – notarized and translated into Italian
SOCIEDAD LIMITADA – 30-40 days Representative / branch of foreign companies in Spain – 30-40 days
OPENING REPRESENTATIVE OFFICES AND BRANCHES OF FOREIGN BANKS IN SPAIN
The legal basis for all actions to open representative offices and branches of foreign banks in Spain is Royal Decree 1245 of June 14, 1995, which generally determines the formation of banks, the participation of foreign capital and regulates other legal aspects of the activities of financial and credit companies.
Representative offices of foreign banks under current Spanish law cannot carry out credit operations, raise funds for deposits, act as financial intermediaries or provide any other types of banking services (article 10 of Decree 1245/1995).
Representations should be limited to informational economic functions on banking, financial and economic life. However, along with this, representative offices can help raise funds of third organizations through credit companies operating in Spain for their parent banking institutions, and also serve as a real material basis for the provision of banking services (in accordance with Law 26 of July 29, 1988. )
Permission to open a representative office is issued by the Central Bank of Spain. Documents necessary for consideration are:
In addition, other necessary documents may be requested at the discretion of the Central Bank of Spain. The Central Bank of Spain considers the appeal and reports the decision within three months from the receipt of the appeal. Representation data are published in the Central Bank of Spain Bulletin.
To open branches of foreign banks in Spain, the following documents must be presented:
All documents must have an apostille of the Hague Convention, and in case of its absence – must be certified by the Consular Office of Spain in a foreign country. Permission to open a bank branch (or establish a joint bank in Spain) is issued by the Ministry of Economy and Finance in agreement with the Central Bank of Spain. The procedure for consideration in the General Directorate of Financial Policy of the entire set of submitted documents, the study of the organizational and financial structure, the charter and the investor bank is from 6 to 12 months.
The minimum authorized capital for opening a branch of a foreign bank in Spain is 3,000 million pesetas (23.1 million US dollars) and must be presented in the form of fully paid shares. To open a branch, it is necessary to place a deposit account in the amount of 20% of the authorized capital with the Central Bank of Spain. A document confirming the opening of a deposit account is submitted to the Ministry of Finance. To carry out operational management of the bank, at least two persons (branch directors) must be represented.
In order to make investments in the banking sector of Spain (transferring funds from abroad), the permission of the General Directorate of Foreign Trade Operations of the Ministry of Economy of Spain is required, which determines the degree to which national interests are secured in case of investments in this area (applies only to non-EU countries).In case of a positive decision of the Ministry of Economy and Finance and approval of the Central Bank of Spain, the branch is registered on the basis of legislation in the prescribed manner and is subject to official registration in the Commercial Register of Spain.