13 Sep

Macroeconomic information of Spain and the most relevant sectors of the country (last report published by ICEX)

Spanish Institute of Foreign Commerce (ICEX) has just released today, 13 September, its last report about “Macroeconomic information of Spain and the most relevant sectors of the country”. These are some of the main conclusions of the report:

– Spain is the world’s 14th-largest economy and the 5th-largest economy in the EU: GDP worth 1.4 trillion USD

– Spain is the 11th-largest exporter of commercial services worldwide and the 16thranked exporter of merchandise trade.

– Multinationals in Spain account for more than 40% of total exports from Spain to third Markets. Total exports from Spain amounted 277.2 Billion € in 2017.

– Foreign Companies in Spain account for more than 49% of the total industrial turnover yearly and 33% of the industrial employment.

– Tourism: Spain received 82 million international tourists in 2017. Spain is the 2rd country worldwide in number of international tourist arrivals and 2nd in revenues after USA (1st in Europe).Spain is the 2nd country worldwide in revenues and the 1st in Europe and Spain ranks 3rd in tourist arrivals worldwide and 2nd in Europe.

– Over 12,500 foreign companies in Spain across all economic sectors. 70 of the FORBES Top 100 companies have branches and 90 out of 100 top R&D Companies has a subsidiary according to Thomson Reuters.

– Domestic market of over 46 million consumers: Spain has a GDP per capita (PPP) above the EU-28 average.

– Spain grants free access to the world´s largest market, the European Union: more than 500 million consumers.

– Spain is one of the fastest growing large advanced economies in 2017 & 2018, above the Eurozone average.

– Spain set to be one of the fastest growing large advanced economies in 2018.

Setting up a business in Spain

There are a wide range of possibilities to match the needs of the different types of investor who wish to invest in or from Spain. An international investor is free to choose between the numerous alternatives that offer the Spanish Law.

Transfer registered offices of foreign companies to Spain: Unlike other some national laws, the Spanish legislation broadly admits the possibility for foreign companies to transfer its registered offices to Spain without affecting the legal personality of the company.

Welcome programme for investment firms and other financial institutions: Spain is ready to welcome financial companies and institutions wishing to relocate their business to Spain. To this end, the Spanish Securities Regulator (CNMV) is developing a special program to facilitate and guide foreign financial companies and institutions through the authorization process.

Quick company setup: Significant reduction of the red tape to start a business. Express procedure for telematic formation of limited liability companies in 24 hours.

Click here to access the full report published by ICEX. And remeber if you are thinking about starting up a business in Spain, don´t hesitate to contact to our team of experts.

By: Estela Martín

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