The 24 hour company

The Government of Andalucía has approved a new measure to speed up the process of setting up a new company, a process which currently takes between 30 and 40 days.

The new initiative involves setting up a ‘bank’ of companies, all already incorporated, registered, legalised and with tax number ready. They will remain ‘idle’ until someone takes them on.

The ‘bank’ will be maintained at 500 limited companies and a catalogue will be available online.

The companies will be incorporated with a capital of €3006 and once the relevant purchase agreement has been signed and notarised, IDEA (Agencia de  Innovación y Desarrollo de Andalucía) will be responsible for making sure that everything is up and running within 24 hours.

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