Among the objectives of the Code of Good Governance are: to manage the maximum levels of competitiveness of Spanish companies, to generate trust and transparency for national and foreign shareholders and investors, to enhance the internal control and corporate responsibility of companies and to assure the adequate distribution of functions, tasks and responsibility within companies.
The Spanish Constitutional Tribunal concludes that the quantity of the judicial court fees (both the fixed and the variable fees) are disproportionate for companies and could dissuade them when it comes to lodging a complaint with Judicial Tribunals.
Useful information for entrepreneurs interested in the cross-border transfer of a company’s registered office, focusing on the practical aspects of cross-border transfers rather than on the technical details of the transfer itself.
Based on the Capital Companies Act governing in Spain, tribunals consider the absence of the director or directors of a company during general shareholders’ meetings as cause for the nullification of the meeting.
Managers of a company assume liability for actions against third parties. Under the rules of the Spanish General Taxation Law, the Spanish Treasury can hold them accountable for the company´s unsettled tax debts.
The CIRBE (Centre of Risk Information of the Bank of Spain) is a public and confidential data base that collects information about direct and indirect risks for amounts greater than 6000 euros that credit entities have with their clients. Whenever a correction of information is needed, companies have three different possibilities to make a complaint.
The Horizontal Property Act and Article 396 of the Civil Code in Spain provide that the obligations of businesses in a community are the same as those of other owners. Therefore, such businesses should bear the costs arising from maintaining the common areas of the community.
There are many investment options available to foreign investors, that go from the opening of a new business, the investment in an already established business, the setting-up of a subsidiary or a franchise activity.
The criteria applicable to criminal liability of legal persons allow prosecutors to assess the effectiveness of the regulatory compliance plans on the criminal liability of legal persons.
In order to increase capital stock through reserves or profits, one must consider the limits established by Spanish law regarding the free disposal of reserves.
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