1) To reserve the corporate name of the company. You should send three potential corporate names to the Spanish Central Commercial Registry.

This institution will review whether or not the requested names already exists and will grant a reserve for such name during a maximum of 6 months (once you incorporate the entity you will keep the name during the life of the company). This process can be done easily by a Spanish public notary.

2) Once you have the name you need to open a bank account and to put an amount of 3,000 euros in the case that you are incorporating an S.L. (minimum share capital). In the case of an S.A., the minimum share capital is 60,000 euros and you have to put 15,000 euros in the bank account with the engagement of put additional 45,000 euros up to 60,000 euros in the following 5 years since the incorporation.

Once the money is in the bank account the bank will issue a certificate that you need to give to the public notary.

3) Incorporation public deed before the Spanish public notary.

4) Register of the deed in the Spanish Commercial Registry.

Gran Canaria is one of the Canary Islands, an autonomous region forming part of Spain and, therefore, of the European Union.

As it is a fully integrated territory, the applicable legal system is that of Spain and the European Union.

Moreover, its own special Economic and Fiscal Regime, entirely compatible with European regulations, offers reduced taxation on company profits and on consumer goods as well as access to other incentives to business investment.

• Canary Islands Special Zone (ZEC).
Businesses set up within the ZEC are subject to a reduced level (4%) of corporate tax.
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This option is particularly attractive to investors from other countries as no withholding tax applies to repatriation of dividends nor on the payment of interests to their headquarters.

• Tax deduction for the production of material assets.
This incentive offers a 50% reduction in company tax, applicable to businesses producing agricultural, livestock, fishing and industrial goods.-Indirect Canary Islands Tax (IGIC).
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This is similar to VAT but specific to the Canary Islands, with notably lower charges. Its standard rate is 7%.

• Special taxes.
Taxes on alcoholic drinks, tobacco, fuel and certain modes of transport are significantly lower than in the rest of the European Union.