456
[ESTABLISHING A BUSINESS ENTITY IN SPAIN]
SA
SL
BRANCH
Managing body
Types: the management of the company may be entrusted to:
Types: the management of the company may be entrusted to:
Representative resident in Spain, who acts as attorney of the branch in the name and on behalf of the parent company for all purposes, particularly tax purposes. The attorneys in fact of the branch are appointed by the parent company.
- a sole director
- a sole director
- several directors who may act jointly or jointly and severally; or
- several directors who may act jointly or jointly and severally; or - a Board of Directors. Members of the Board of Directors in this case are limited to 12.
- a Board of Directors
Term of the post: will be unlimited, unless otherwise foreseen in the by-laws of the company.
Term of the power of attorney: the parent company usually grants the power of attorney without a limit of time that can be cancelled at any time by the parent company.
Term of the post: cannot be longer than 6 years, but directors can be re-elected one or more times for terms of the same duration.
REPORTING REQUIREMENTS
Annual accounts and reports
Company must keep proper accounting records to show transactions and current financial position of the company.
Company must keep proper accounting records to show transactions and current financial position of the company.
Non-residents who operate in Spain through a permanent establishment (Branch) are generally required to keep accounting records in Spain, in accordance with the rules and procedures established for Spanish companies.
Financial statements shall be:
Financial statements shall be:
Foreign
company’s
Financial
statements:
ILN Corporate Group – Establishing a Business Entity Series
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