invest-in-spain by Michele Hallfredsson

INVEST IN SPAIN

IS .: 02

Which kind of corporations can be set up in Spain? .: 05

Which are the requisite necessary for the setting up of the relevant corporations .: 08

How long does it take to set up a new corporations and which are the approximate costs involved .: 09

Is there a legal framework which favours (foreign) investments? .: 11

Are there bilateral agreements in place between Italy and Spain?

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Which kind of corporations can be set up in Spain? .: The most common forms of companies under Spanish Cor(i) the public limited liability company (“sociedad anónima”) and

tary contributions, in the event of partial payment of subscribed shares, the deadline for payment of non-monetary contributions shall not extend beyond five years of the date of the company’s formation or its decision to increase its share capital.

(ii) the private limited liability company (“sociedad de responsabilidad limitada”).

Shareholders and Shares

porate law are:

Both legal entities shall be commercial organisations and in any matters not governed by specific applicable legal provisions, they shall be subject to the provisions of the Royal Legislative Decree 1/2010, of July 2, approving the consolidated text of the Capital Companies Act (hereinafter, “Capital Companies Act”). Although the public limited liability company has been the form most commonly used, the private limited liability company has gained popularity in the past years. Similar procedures and expenses apply in order to establish both legal forms.

The Public Limited Liability Company (S.A.) The public limited liability company (S.A.) has been traditionally the most common form of business association in Spain. Its share capital shall be divided into shares (“acciones”), comprising the contributions made by all of its shareholders, who shall not be held personally liable for the company’s debts. Minimum Share Capital Public limited liability companies must have a minimum share capital of EUR 60,000. The share capital must be fully subscribed and at least 25per cent paid at the time of incorporation. The remaining 75per cent must be paid within the period established in the articles of association. Although the Capital Companies Act does not state a deadline for payment of unpaid amounts through mone-

Shares in public limited liability companies:

·· constitute aliquot, indivisible and cumulative parts of the share capital and,

·· may be represented by titles or accounting entries and in both cases shall be regarded to be securities.

The Capital Companies Act establishes that only goods or rights capable of being economically assessed can be contributed. These contributions can be divided into monetary and non-monetary contributions. The Capital Companies Act also regulates the possibility of establishing ancillary obligations, which shall be foreseen in the articles of association, having an obligatory nature for all the shareholders or only for some. A public limited liability company cannot subscribe its own shares or any shares issued or created by its parent company. The share gives the partner the condition of shareholder of the company, having thus rights and obligations. The company shall treat equally the shareholders who are in equal conditions. Regarding the transfer of shares, in principle, they may be freely transferred pursuant to the general rules of Spanish laws by agreement between the parties, which can be implemented by a private document. Concerning bearer shares, the simple tradition of the document will produce their transfer, provided that previously there has been a transaction pursuing the corresponding transfer of their property. In the case of registered shares, the directors, once the transfer has been produced, shall immediately enter them in the registry book of registered shares.

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It should also be mentioned that restrictions or conditions imposed on the free transferability of shares shall only be valid against the company when they are imposed on registered shares and are expressly established by the articles of association. Moreover, statutory provisions that have the effect of making the shares nearly non-transferable shall be declared null and void. The shareholders’ rights are exercised at the shareholders’ meetings, which may be ordinary or extraordinary. The ordinary shareholders’ meeting shall be duly convened and occur within the first six months of each financial year to approve the corporate management, the annual accounts of the precedent financial year and the allocation of earnings. The other shareholders’ meetings convened shall be deemed as extraordinary shareholders’ meeting. Unless otherwise stated in the articles of association, the corporate resolutions shall be adopted by a majority of the votes of the shareholders present in person or by proxy at the relevant shareholders’ meeting. However, the Capital Companies Act establishes that shareholders holding at least 50per cent of the subscribed capital with voting rights must be present or represented in the first call for the relevant shareholders’ meeting to validly adopt relevant decisions.

need to be a member of the board of directors) as well as an executive committee, and one or several managing directors; (ii) regulate its own functioning; and (iii) accept the resignation of directors.

The Private Limited Liability Company (S.L.) The private limited liability company (S.L.), is currently the most common form of business association in Spain, mainly because of the flexibility in its articles of association, the easiness in its incorporation and the limitation of liability inherent to this form of company. Minimum Share Capital Private limited liability companies must have a minimum share capital of EUR 3,000, which shall be divided into shares and shall comprise the contributions made by the partners, who shall not be held personally liable for the company debts.

Management of the Company The management of the public limited liability company may be entrusted to a sole director, several directors acting jointly or jointly and severally, or to a board of directors. The directors, who may be individuals or legal entities, are empowered to manage and represent the company pursuant to the terms of the Capital Companies Act. Additionally, unless otherwise established in the articles of association, the directors do not need to be shareholders of the company. The directors shall perform their duties for the period established in the articles of association, which shall not exceed the period of 6 years and shall be the same for all of them. When the joint management of the company is entrusted to two directors, they shall act jointly and when entrusted to more than two directors, they shall form a board of directors. The board of directors must consist of at least three members. The articles of association may establish the exact or a minimum and maximum number of members of the board of directors. In the latter case, the shareholders’ Meeting will determine the exact number. Moreover, unless otherwise specified in the articles of association, the board of directors may (i) designate among its members, its chairman, the secretary (who does not

Shareholders and Shares Shares in private limited liability companies, as well as in public limited liability companies, constitute aliquot, indivisible and cumulative parts of the share capital. Shares in private limited liability companies may not be represented by certificates or accounting entries, nor be called shares (“acciones”) (pursuant to the meaning applicable to public limited liability companies) and under no circumstances shall be regarded as securities. The Capital Companies Act establishes that only goods or rights capable of being economically assessed can be contributed. As in the public limited liability companies, these contributions can be divided into monetary and non-monetary contributions (in this case no report of an independent expert is needed). The Capital Companies Act also regulates the possibility of establishing ancillary obligations, which shall be foreseen in the articles of association and can have an obligatory nature for all the partners or only for some. The share gives to the partner the condition of member of the company, having thus rights and obligations. The company shall treat equally the partners with being in equal conditions. Regarding the transfer of shares, it has to be carried out in a public document and has to be notified to the company, which shall have a partners’ registry book. The inter vivos

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voluntary transfer of the shares is free when it is carried out among the partners, as well as the ones carried out in favour of the partnersâ&#x20AC;&#x2122; spouses, ascendants or descendants or companies belonging to the same group as the transferor (unless otherwise established in the articles of association). In other cases, inter vivos voluntary transfers shall be subject to the rules and limitations established in the articles of association and, alternatively, to those established in the Capital Companies Act. The clauses established in the articles of association that render practically free the inter vivos voluntary transfer of shares and the clauses by which the partner offering the totality or part of its shares is obliged to transfer an inferior number to the one offered shall be declared null and void. The Capital Companies Act also foresees a regime for the compulsory transfer and mortis causa transfer of the shares. A private limited liability company cannot assume its own shares or any shares issued by its parent company. Only under certain circumstances in derivative acquisitions set forth in the Capital Companies Act may it acquire its own shares, or the shares of its parent company. Private limited liability companies may provide financial assistance to their directors or partners provided that the shareholdersâ&#x20AC;&#x2122; meeting adopts a resolution in this sense.

Management of the Company As in the public limited liability company, the directors have the competence to manage and represent the company under the terms provided in the Capital Companies Act. The management of the company can be entrusted to a sole director, to several directors acting jointly or jointly and severally, or to a board of directors. The board of directors of private limited liability companies (i) must consist of at least three and maximum twelve directors and (ii) lacks auto regulation power (contrary to the public limited liability company) that is why the articles of association must establish the rules regarding its organization and functioning. It is not compulsory that the directors of the company are partners of the company, unless it is so established in the articles of association. They will hold their position during an indefinite term, unless the articles of association establish a determined one. :.

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Which are the requisite necessary for the setting up of the relevant corporations 1.

d) the company’s articles of association; and

The Public Limited Liability Company (S.A.) The following basic requirements must be fulfilled in order to incorporate a public limited liability company: (i) certificate of clearance for use of the name of the new company issued by the Spanish Central Commercial Registry; (ii) opening of a bank account in favour of the company (expressly stating that the company is being incorporated) in a credit institution (bank or savings bank), deposit the amount corresponding to the initial share capital of the company (minimum share capital of EUR 60,000) and obtaining of a certificate of the credit institution stating that the company has a current account where the amount corresponding to the sharecapital has been deposited as capital contribution to incorporate the company; (iii) preparation of the articles of association and preparation and execution of the public deed of incorporation of the company before a Spanish Notary Public (see below); and (iv) registration with the Commercial Registry. Deed Of Incorporation The deed of incorporation of a public limited liability company shall include at least a) the identity of the shareholder/s, b) the will to incorporate a public limited liability company; c) the contributions made or committed to/by each shareholder, as well as the numbers of shares attributed thereto as consideration,

e) the identity of the person or persons initially entrusted with the company’s management and representation as well as the way in which the management will be initially organised, if the articles of association foresee different alternatives. Moreover, the mentioned deed, and only for public limited liability companies, shall also state, at least as an estimation, the full amount of the start-up expenses, including both outlays and foreseen costs until the incorporation. Articles of Association The articles of association governing a public limited liability company shall include at least the following information: a) the company’s name; b) its corporate purpose, specifying the activities therein; c) the company’s registered office; d) its share capital, and the shares into which it is divided, specifying their par value and respective numbering. Moreover, articles of association shall express the class and series of the shares, if they existed, the part of the par value pending to be paid out, as well as the maximum term to carry the payment out, and whether the shares are represented by titles or accounting entries; e) the way or ways of organising the management of the company, as well as the duration of the position and the retribution system, if it existed; and f) the manner whereby the governing bodies shall conduct and adopt their resolutions.

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However, while the minimum share capital of € 3,000 is not reached, these companies are subject to certain limitations. Among these, the annual sum of payments made to partners and managers cannot exceed 20% of the net assets of each fiscal year, until the minimum share capital of € 3,000 is reached, without prejudice to the payment that they may receive as employees or through providing professional services to the company.

On the other hand, in case of liquidation, if the company’s equity was enough to attend to the payment of its obligations, the partners and managers will respond jointly and severally to the payment of the minimum capital amount established by law. It is necessary to point out that the managers are also responsible for the unpaid amount of share capital, taking into account that the managers do not always have to be partners.

The steps are not complicated but imply a contact with the public administration. It is recommended to contract a law firm or agency to carry out the necessary steps for obtaining the mentioned number.

Besides, proving the reality of the partners’ economic contributions at the moment of the creation of the company is not necessary, although the founding partners and those who acquire any of the shares assumed when creating the company, will respond to the reality of said contributions jointly and severally, before the company and before its corporate creditors.

The steps to be carried out, in the case of the natural persons, vary depending on the nationality (member State of the European Union or not), being also necessary (i) that the person is present in Spain at the moment of making the request of the number or (ii) that the person goes to a Spanish consulate in his/her country. Finally, it is important to point out the need in some cases of the preparation of the official form D1-A declaring the investment of a foreign company or individual in the share capital of a Spanish company. This form is thereafter filed by the Notary Public with the Spanish Directorate of Commerce and Investments (Dirección General de Comercio e Inversiones) for statistics purposes only. Last effective beneficiary

The Private Limited Liability Company (S.L.) As already stated for the public limited liability company above, a private limited liability company can be formed by an agreement entered into by two or more parties or, in the case of sole partner companies, under a unilateral instrument.

In order to avoid money laundering, every time that a company carries out a public deed (and in a company incorporation public deed if one of the shareholders is, in its turn, a company) it is necessary to inform the Notary Public of the last effective beneficiary of the company. This means it is necessary to indicate the natural persons having, directly or indirectly, more than 25 per cent of the shares of the company.

The formation of private limited liability companies must be recorded in a public deed, which shall be registered in the Commercial Registry.

New kind of companies

Regarding the necessary basic requirements to incorporate a private limited liability company, the same procedures concerning the incorporation of a public limited liability as described hereinabove shall apply mutatis mutandis.

The Limited Liability Company of Successive Formation With the aim of reducing the initial costs of setting up the company, the creation of Limited Liability Companies with a share capital below € 3,000 is allowed. The legal regime of this new company subtype is practically identical to that of limited liability companies.

The Capital Companies Act establishes the minimum content of the public deed of incorporation which shall be granted by all the founding partners (whether they are natural or legal persons), who shall assume and fully pay the totality of the shares (“participaciones sociales”).

Deed Of Incorporation The same requirements described hereinabove to the public limited liability companies shall apply mutatis mutandis.

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Articles of Association

New kind of companies

The same requirements described hereinabove to the public limited liability companies shall apply mutatis mutandis. More-over, in private limited liability companies, in the event the rights given to the shares are different, their amount and extension shall be specified in the articles of association.

The Limited Liability Company of Successive Formation

Foreign natural or legal person Every foreign natural or legal person carrying out transactions with an economic/fiscal importance (such as incorporating or acquiring a company or being director of a company, among others) in Spain shall have a tax identification number (or foreigners’ identification number for natural persons). Not having this number could actually stop a transaction if this transaction has to be done before a Notary Public (who will observe its absence) and has to be registered in a Public/Administrative Registry (Commercial or Property Registry). The steps are not complicated but imply a contact with the public administration. It is recommended to contract a law firm or agency to carry out the necessary steps for obtaining the mentioned number. The steps to be carried out, in the case of the natural persons, vary depending on the nationality (member State of the European Union or not), being also necessary (i) that the person is present in Spain at the moment of making the request of the number or (ii) that the person goes to a Spanish consulate in his/her country. Finally, it is important to point out the need in some cases of the preparation of the official form D1-A declaring the investment of a foreign company or individual in the share capital of a Spanish company. This form is thereafter filed by the Notary Public with the Spanish Directorate of Commerce and Investments (Dirección General de Comercio e Inversiones) for statistics purposes only. Last effective beneficiary In order to avoid money laundering, every time that a company carries out a public deed (and in a company incorporation public deed if one of the shareholders is, in its turn, a company) it is necessary to inform the Notary Public of the last effective beneficiary of the company. This means it is necessary to indicate the natural persons having, directly or indirectly, more than 25 per cent of the shares of the company.

With the aim of reducing the initial costs of setting up the company, the creation of Limited Liability Companies with a share capital below € 3,000 is allowed. The legal regime of this new company subtype is practically identical to that of limited liability companies. However, while the minimum share capital of € 3,000 is not reached, these companies are subject to certain limitations. Among these, the annual sum of payments made to partners and managers cannot exceed 20% of the net assets of each fiscal year, until the minimum share capital of € 3,000 is reached, without prejudice to the payment that they may receive as employees or through providing professional services to the company. On the other hand, in case of liquidation, if the company’s equity was enough to attend to the payment of its obligations, the partners and managers will respond jointly and severally to the payment of the minimum capital amount established by law. It is necessary to point out that the managers are also responsible for the unpaid amount of share capital, taking into account that the managers do not always have to be partners. Besides, proving the reality of the partners’ economic contributions at the moment of the creation of the company is not necessary, although the founding partners and those who acquire any of the shares assumed when creating the company, will respond to the reality of said contributions jointly and severally, before the company and before its corporate creditors. :.

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How long does it take to set up a new corporations and which are the approximate costs involved 1.

·· Request the certificate from the Mercantile Registry

that the constitution has been signed to obtain a final tax code (NIF) for your business by presenting it at the Tax Office.

Common companies Concerning to the questions pointed out in your previous e-mail, please find here a brief description of the steps and formalities required to set up a Limited Liability company in Spain.

·· Legalisation of the share register and company books ·· Whether you are a majority shareholder in a Spanish

company or the , business administrator you are obliged to register for Social Security-Idividuals (autonomo)

Steps

·· Obtain a certificate from Mercantile Registry to verify

The cost of constituting a S.L. will depend on the number of pages contained in the articles of incorporation. Generally speaking, the minimum costs of constituting a limited corporation in Spain are:

that the company name wanted is not already taken.

·· To open a bank account constitutes the company, obtain the NIE and make a official declarations before the administration.

·· Obtain the Foreign identification Number (NIE) for the

shareholders and the members of the administration board of the company.

·· Notary’s Fees

€300

·· Registration Fees

€300

·· Previous official declaration of the international investment before the Economy Minister.

·· Open up a bank account in the company´s name and deposit the share capital in it.

·· Prepare the company constitution (escritura), with the shareholders data, administration and sign it in the Notary. ·· Official Declaration of the international investment before the Economy Ministry.

·· Payment of Property Transfer Tax and Stamp Duty (ITP and AJD). ·· Census declaration. Obtaining the provisional tax identification code (CIF), the Value Added Tax (VAT),Corporate Income Tax (IS)and Business Tax (IAE).

·· Registration on the Companies Registry.

New kind of companies With the aim of speeding up the starting of entrepreneurial activity, the Entrepreneurship Law has introduced a number of measures, which include the following:

·· Entrepreneur Service Areas (PAE – Puntos de Atención

al Emprendedor) have been created, which are in-person or virtual offices through which one and all of the procedures to begin, develop and end a business activity can be carried out by providing information services, documents processing services, advice, training and support in business financing. The existence of at least one virtual PAE in the Ministry of Industry, Energy and Tourism is guaranteed, which will supply all the services provided by the Law.

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·· The PAEs use the Information Centre and Company

Creation Network (CIRCE) to create companies and, in particular, one of the components that forms part of it: the Electronic Processing System (STT). In this sense, when an entrepreneur chooses to start the procedures to create a business activity through a PAE, he/she will use the CIRCE system from the said PAE.

The PAE has a dual mission:

·· To provide information and advisory services for entre-

preneurs when defining and processing electronically their business initiatives.

·· To begin the administrative procedure of forming the company through the Single Electronic Document (DUE).

In addition, through the DUE it will be possible for the entrepreneur to register himself/herself in the Social Security, process the beginning of activity census declaration and, where appropriate, the opening of the workplaces, as well as the request of municipal licenses that are necessary for the execution of the activity in question. Once the business activity is set up, the regulation establishes the possibility of carrying out during the life period of the activity, certain procedures associated with its development before the state, regional and local authorities through the PAE. Procedures before the fiscal authorities and the Social Security are excluded, as well as the ones related to public procurement procedures and requests for aids or grants. :.

In this way, entrepreneurs as well as Limited Liability Entrepreneurs and other kinds of companies can create companies using the PAE. The procedure of registering the Limited Liability Entrepreneurs through the CIRCE and DUE systems requires a number of procedures aimed at registering the legal precept of the Limited Liability Entrepreneur in the Commercial Register, as well as the registration in the Property Registry with regards to the assets that cannot be seized.

Is there a legal framework which favours (foreign) investments? 1.

Investors Non-resident foreigners who intend to enter Spanish territory in order to make a significant capital investment may apply for a short-term visa or, if applicable, an investor residence visa, which must be requested in the diplomatic missions and Consular Offices. The granting of residence visa for investors will be sufficient certification for resident in Spain for at

least 1 year. Investors who wish to reside for a period of more than a year can also request a residence permit for investors with a duration of 2 years, which is renewable for successive periods of 2 years, as long as a significant investment is maintained. Significant investment is understood to mean: a. An initial investment of two million euros or more in Spanish government debt securities, or of one million euros or more in shares or equity interest of Spanish companies or bank deposits at Spanish financial institutions.

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b. The acquisition of property in Spain with an investment value of 500,000 euros or more for each applicant.

Visa applications based on an entrepreneurial project in Spain pose a particular problem.

A business project to be carried out in Spain and that is considered and has been demonstrated to be in the public interest.

As we have noted, the administration will evaluate that the investment involves the creation of jobs, it has a relevant socioeconomic impact or it is of innovative character. The evaluation will be carried out by the Economic and Commercial Office (Oficina Económica y Comercial) of the geographic district in which the investor submits the visa application and where a favourable review stating that the business project submitted was accepted for reasons of public interest was issued. Notwithstanding the above, the Entrepreneurship Law (Ley de Emprendedores) does not establish objective evaluation criteria so that the evaluation will be conducted with a certain degree of discretion.

In this case, the fulfilment of at least one of the following conditions will be evaluated: (i) creation of jobs; (ii) carrying out of an investment with a socioeconomic impact relevant to the geographic area where the activity will be developed; and (iii) relevant contribution to scientific and/or technological innovation. For the purpose of evidencing the investments, in the case of an investment in unlisted shares or equity interest, you must submit a copy of the investment statement on file at the Ministry of the Economy and Competition’s Registry of Foreign Investments (Registro de Inversiones Exteriores del Ministerio de Economía y Competitividad). In the case of shares in listed companies, you must submit a certificate issued by the financial intermediary placed on file with the National Securities Market Commission (Comisión Nacional del Mercado de Valores) or the Bank of Spain stating that you have carried out the investment. If you have acquired Spanish government bonds, you must submit a certificate from the financial institution or the Bank of Spain indicating that you are the sole holder of the investment for a period of five or more years. In the case of a deposit in a Spanish financial institution, you must provide a certificate from that financial institution indicating that you are the sole holder of the deposit. The evidencing of the purchase of property will be carried out by means of the corresponding certificate of the Property Register. If at the time you request your visa, the registration of the purchase of the real property is being processed at the Property Registry, you need only submit the aforementioned certification evidencing that the entry covering the submittal of the acquisition documents is in force, along with documentation demonstrating payment of the corresponding taxes. It is worth noting that if the acquisition of the property is done by two spouses jointly, the amount of the investment will be divided between both of them, having to reach the threshold of € 500,000 for each of them and carry out two applications made separately. On the other hand, the applicant must demonstrate that the investment in real property is free of any liens or encumbrances. The part of the investment that exceeds the amount required to be considered significant may be subject to other liens or encumbrances.

It is important to stress that the investment can be made through a corporate vehicle, which can bring benefits when it comes to structuring tax.

Entrepreneurs and entrepreneurial activity An interesting feature of the new regulation is the entrepreneur visa, which allows applicants to request a visa to enter and remain in Spain for a period of one year with the sole, or the primary, purpose of conducting the formalities required prior to carrying out an entrepreneurial activity. If appropriate, holders of this visa may apply directly for entrepreneur residence with no need to apply for a visa and are not required to have been in the country for a minimum period, if they demonstrate that the entrepreneurial activity for which reason they are applying for a visa is underway. Of particular importance is the fact that the residence permit for entrepreneurial activities is valid throughout the Spanish territory. Entrepreneurial activities are understood to be innovative activities that are of special economic interest for Spain and have received a favourable review from the relevant body of the General State Administration. The evaluation will especially take into account and treat as a priority the creation of jobs in Spain. In addition, the following factors are taken into account:

·· The applicant’s professional profile. ·· The business plan, including an analysis of the market and the service or product as well as the financing.

·· The value added for the Spanish economy, for innovation or for investment opportunities.

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Intra-firm transfer Foreigners that travel to Spain as part of a working, professional relationship or for reasons of professional training, with a company or group of companies established in Spain or in another country may apply for the corresponding visa in accordance with the duration of the transfer or for a residence permit for an intra-firm transfer, which is valid throughout the Spanish territory. The following requirements must be accredited:

The companies or groups of companies may request the collective processing of permits, based on the planned management of a temporary quota of authorisations. The visas and authorisations for intra-firm transfers are going to create a greater dynamism both in the management of human resources of companies with places of work in different countries, as well as in the implementation of projects which involve collaboration between transnational companies and professionals, ending the rigidity of the systems which have existed up to now. :.

·· The existence of a real business activity and, where appropriate, that of a business group.

·· Higher education or equivalent qualification or, where appropriate, minimum 3 years professional experience.

·· The existence of a working or professional relationship, previous and ongoing, of 3 months with one or more of the group’s companies.

·· Documentation from the company attesting to the transfer.

Are there bilateral agreements in place between Italy and Spain? .: The main bilateral economic agreements currently in force between Spain and Italy are:

·· Agreement on the protection of indications of source, designations of origin and names of certain products.

We have also ratified the following conventions:

·· Convention on arbitration; ·· Agreement for scientific and technical cooperation;

·· Agreement on mutual administrative assistance for the

·· Convention on the delimitation of the continental shelf

·· Agreement on tourism cooperation.

·· Agreement to avoid double taxation with respect to ta-

prevention and suppression of customs offenses.

·· Agreement concerning the international carriage of passengers and goods by road.

between the two States;

xes on income and the prevention of fiscal evasion. :.

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The Italian Desk professionals have a close, lasting and continuous relationship with Italy that is established through the existing connections between our law firm and the Italian Chamber of Commerce in Barcelona, but above all, through our extensive experience, which has enabled us to maintain the trust of our Italian customers who we guarantee complete and specialised legal advisory services in Spain.

In addition, the Roca Junyent Italian Desk offers our Spanish customers the possibility of support when they endeavour to take their business initiatives to the Italian market. Backed by our colleagues in Italy, we guide and advise customers throughout the entire transaction, which customarily entails the purchase and sale of local businesses, the incorporation of subsidiaries or representation offices, and even other transactions with a lesser degree of integration (for example, agency or product distribution agreements, joint venture agreements with local companies and other arrangements). Our extensive experience, together with the collaboration of the highly skilled law firms in Italy, ensures the success of any international transaction undertaken by Roca Junyent customers. :.

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We fully ensure that the interests our Italian customers, mainly groups of Italian entrepreneurs, have in Spain will be defended by the group of professionals at our Italian Desk, who constantly provide fast and proactive service, and offer a practical and immediate response for all ques-

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