One of the points of the day, in today’s Council of Ministers, It will be the final approval of the long-awaited Startup Law. Nadia Calviño announced the news yesterday and justified this decision in that there are more and more workers (investors, entrepreneurs) digital nomads who need state regulations to raise their projects. «They will put Spain at the forefront of Europe in the creation of this type of company, key to economic recovery”, According to what they say in Cinco Días.
Last July, the Government presented the bill, which caused a great controversy. The entrepreneurial ecosystem was disappointed by the content, as Few points solved his worries. It seems that the Executive has listened to their demands and the new law will be approved with changes to this first draft. “The sector asked us for an additional effort and to raise our ambition, in addition to correcting some aspects that remain ambiguous in its previous wording, and we have fulfilled it “, said the minister
Main changes
According to Cinco Días, these would be the main points of the new law:
- Reduction of the tax rate in the corporate tax and in the income tax of non-residents, of the type general 25% to 15%, in the first four years since the tax base is positive.
- The use of the stock options as a form of compensation, raising their tax exemption from 12,000 to 50,000 euros per year, in addition to delaying their taxation at the time they become liquid, either by the sale of the shares or by the listing of the company.
- One of the main demands of the sector is met: raising the maximum deduction base for investment in newly created companies (from 60,000 to 100,000 euros per year)
- For these companies too the type of deduction is increased (which goes from 30% to 40%), as well as the period in which a newly created startup is considered, which rises from three to five years, generally, or seven for companies in certain sectors (biotechnology, energy, industrial and other strategic sectors or that have developed their own technology designed entirely in Spain).
- Deferral of corporation tax or tax on the income of non-residents in the first two years since the tax base is positive, without guarantees or late payment interest, for a period of 12 and 6 months, respectively.
- The obligation to make installment payments corporate tax and income tax for non-residents in the two years after the year in which the tax base is positive.
- Regarding the measures to attract talent, the Government will impose a special tax regime on the income of non-residents for executives, investors and employees of startups who are teleworking in Spain, and also for their families. These will have a visa of up to five years. What’s more. The return of talent is favored by reducing the previous non-residence in Spain to access this special regime from 10 to five years.
