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Monday, 27 September 2010 12:19 |
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On the 1st September a new law came into force in Spain which has consequences for all Spanish companies. This legislation comes about as a result of the government’s desire to consolidate and update all Company law, primarily to fall into line with EU regulations, but also in an attempt to bring together disperse pieces of law. This is considered as a first step along the route to achieve the current government’s aim.
We set out below a summary of the main changes.
- The minimum capital will be 3.000 Euros for small companies (Sociedades limitadas, SL) and 60.000 Euros for larger companies (Sociedades anonimas, SA).
- The annual general meeting needs to take place within the first 6 months following the accounting year end, and even if it is held after this date its resolutions will still be valid.
- Conflicts of interest amongst directors and or shareholders (and or they close family) need to be communicated to the company, particularly in relation to similar business activities.
- In SA directors can hold office for a maximum of 6 years, renewable for similar periods.
- Annual accounts have to be filed within one month of their approval by the shareholders. Failure to do so will inker severe penalties which go as high as 60.000€.
- Directors of Companies which have remained inactive for periods in excess of 3 years will be personally responsible for debts or liabilities of the company in question.
Asec Group
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Last Updated on Tuesday, 28 September 2010 08:42 |
