08 Jan Consultation prior to the preliminary draft of the “Law on the Promotion of the Startup Ecosystem”
Law on the Promotion of the Startup Ecosystem
The Ministry of Economy and Business submits to consultation, until 25 January 2019, the necessary measures to promote the regulation of startups in Spain and requests the participation of the ecosystem agents to express their opinion prior to the drafting of the preliminary draft “Law on the Promotion of the Startup Ecosystem”.
Through the creation of an appropriate legal framework for entrepreneurship, the Government aims to place Spain at the forefront of European technology-based entrepreneurship and promote the creation and expansion of startups.
Likewise, among the main objectives of the future regulation, stand out the following needs: to define the concept of startup, to grant legal security and order to the investments and to solve the legal-administrative deficiencies of the entrepreneurial ecosystem.
The various agents that make up the entrepreneurial ecosystem in Spain expect to see reflected in the future law some of their requests, such as the modification of the tax treatment of the legal figure of “stock options” and improve the legislation on crowdfunding.
However, the most important claim lies in the streamlining and suppression of current bureaucratic procedures for foreign investors, such as the suppression of the need to obtain N.I.E. (Identification number for Foreigners) and N.I.F. (Tax identification number) for future foreign partners. Such procedures imply delays and may complicate or even frustrate operations.
In short, the entrepreneurial ecosystem requires dynamism in line with the nature of its environment, with regulations that do not act as a brake on the expansion of startups, but quite the opposite.
On the following link to the website of the Ministry of Economy and Business you will find the full text of the public consultation, as well as the e-mail to which the corresponding answers should be sent: https://avancedigital.gob.es/es-es/Participacion/Paginas/anteproyecto-ley-ecosistema-Startups.aspx