Commercial companies in Spain can develop business activities in the insurance sector, once they have obtained the necessary licenses for their specific activities. Insurance sector in Spain refers to insurance services related to life and non-life contracts, which can be signed by both natural individuals and legal entities. Investors who want to open a company in Spain in this field need to comply with the regulations available here, which are tailored in accordance with the European Union’s directives. Our team of company formation agents in Spain can offer more details on how to register a company here.
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Open a Spanish company
Insurance companies operating in Spain are considered commercial entities. Thus, the procedure of company formation in Spain for this industry will need to follow the standard registration procedure. Prior to actually starting the registration of the company, the investors are advised to study the regulations of the Company Act, which regulates the types of companies that may be registered here, the rights and obligations of the shareholders and the legal requirements for a proper business activity.
The legal entity chosen for incorporation should be first registered with the Mercantile Register, which will issue a Certification of Uniqueness of the Company Name. This is a compulsory procedure, as the trading name of the legal entity has to be unique on the Spanish territory.
After the company registration in Spain started, the businessmen may set up a corporate bank account at a local bank. Our team of company formation representatives in Spain can offer assistance on the documents that should be submitted during this procedure.
Insurance legislation in Spain
As mentioned above, the legal framework applicable to the Spanish insurance sector follows the directives of the European Union. However, the local institutions also have an important part in the provisions established in this sense.
The insurance sector in Spain is regulated by the following rules of law:
- Consolidated Act on the Regulation and Supervision of Private Insurance Activity;
- Implementing Regulation on the Organisation and Supervision of Private Insurance.
Foreign entrepreneurs interested in setting up a company in the field of insurance are invited to contact our team of company registration consultants in Spain for more details.