Electronic or digital company incorporation through the PAE (entrepreneur service point): a fast and inexpensive process
The use of technology in the incorporation of companies is now a viable option. The CIRCE (Information Centre and Network for Company Creation) platform was set up several years ago for the incorporation of limited liability companies (SRL) through the Entrepreneur Service Point (PAE) by means of a fast an inexpensive system. It is suitable for anyone who wishes to set up and start their business activity at the lowest possible legal cost.
The incorporation of a company through this channel is characterised mainly by the fact that it is a completely electronic process in which all tax and labour information related to the business in question is transferred to the company shareholders and directors via electronic means. The system is connected to the different authorities, to which it transfers the information.
The process of signing of the documentation at the office of the Notary Public is also carried out online. The only formality that must be carried out in person is signing the deed in the presence of the Notary Public, in which the presence of the founding partners of the new company is required.
The advantages of this system are its speed and cost. The company is incorporated within a term of between 24 and 48 hours and the Notary Public and Commercial Register costs amount to barely €100 (taxes included).
The speed in carrying out the process is due to the fact that both the company’s foundational deed and articles of association are pre-determined in standard forms approved by Royal Decree 421/2015 (29 May) which regulates standard forms for company articles and standardised public deeds for limited liability companies, approves standard article forms and regulates the Notarial Electronic Agenda and Reservation of Company Names.
3.0 Abogados offers advice to businesspeople and entrepreneurs about the best way to start up their business activity, in all cases taking into consideration the importance of reducing start-up costs. For this reason, if possible and depending on the circumstances of each case, we use this digital incorporation method.
Furthermore, once the company has been incorporated, we also assist it in its day-to-day accounting and tax processes.
Author: Esther Barneda