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The Spanish Government’s Recovery, Transformation and Resilience Plan includes the new Law for the Creation and Growth of Companies, known as Crea y Crece, aimed at promoting dynamism in the productive fabric and responding to the demands and recommendations of different international organizations.
The Crea y Crece Law, published in the BOE on September 29, 2022, belongs to Law 18/2022, an initiative that is included in the Recovery and Resilience Plan.
The purpose of the law is to promote the creation of companies and their growth. In addition, it aims to expedite the procedures for the incorporation of companies, promotes their growth, generalizes the use of electronic invoicing, establishes measures to combat late payment in commercial operations and promotes alternative financing.
Creating a company will be easier and faster
With this new regulation, the economic costs of creating a company are reduced and the incorporation procedures are simplified.
Thus, the possibility of establishing a Limited Liability Company with a share capital of only one euro is created instead of the legally established minimum of 3,000 euros, which facilitates entrepreneurship and allows these economic resources to be used in other elements necessary for the start-up. progress of the activity.
On the other hand, a company can be incorporated electronically through the one-stop shop of the Information Center and Business Creation Network (CIRCE), which guarantees a reduction in the deadlines for its creation and notarial and registry costs.
Notaries and other intermediaries will have the obligation to inform about the advantages of using the Entrepreneur Service Points (PAE) and the CIRCE network.
Measures to promote the growth of companies
With the new Law, the existing legislation is simplified and more agile procedures are established.
In addition, the catalog of economic activities that do not require a license is expanded and cooperation between the Public Administrations and the mechanisms for the protection of companies and consumers is reinforced so that the principles of proportionality and necessity are respected.
A change is made in the regulations in reference to market unity so that companies can carry out their economic activity throughout the national territory.
Measures to fight late payment
One of the aspects that most influences the operation of companies is delinquency as it affects liquidity and profitability.
Therefore, this standard includes measures to combat this problem. One of them is the obligation to issue electronic invoices to companies and the self-employed. With this measure, the entire commercial process can be controlled more effectively from the issuance of the invoice to its collection.
In addition, companies that do not meet the payment deadlines will not be able to access public subsidies or the management of public services.
On the other hand, a State Observatory on Private Late Payment will be created to promote good practices and annually publish a list of delinquent companies that will include all those that fail to comply with the provisions of the regulations.
Also included is the obligation for large companies to indicate in their annual reports the average payment period to their suppliers and the invoices that have been paid in a period less than that established for delinquency.
Failure to comply with the rules against delinquency is considered unfair competition.
Reinforcement of financing
The new regulations include measures to improve financing through alternative systems to bank financing, such as crowdfunding and venture capital.
The national regulation of crowdfunding it adapts to European regulations, making it more flexible and providing protection to investors. In addition, the investment thresholds are increased in each project and the investment limits are modified, making it possible, from the entry into force of the regulations, to increase the investment in each one of them.
The type of companies that can invest in venture capital is also expanded, including financial companies and companies with a high technological component.
In addition, the figures recognized for closed funds that can invest in loans, invoices or commercial paper to finance companies that have a deteriorated financial structure are expanded.
As for Collective Investment Institutions, the quarterly report will no longer be mandatory and communications will be made electronically by default, making the investment diversification regime of venture capital entities more flexible. The new Crea y Crece has the objective of promoting the creation of companies and their growth through different measures included in the regulations. The main ones are focused on facilitating the incorporation of new companies and promoting their growth, fighting late payment and facilitating alternative forms of financing to those obtained from financial institutions.