ICEX-Invest in Spain and Garrigues launch 2022 Guide to Business in Spain
This year's edition includes new features for the audiovisual sector and the changes brought about by the latest employment law reform. The previous edition attracted 134,795 users, a threefold increase with respect to the 2020 guide
ICEX-Invest in Spain has launched the 38th edition of the Guide to Business in Spain , prepared by the law firm Garrigues, which is now available on the Invest in Spain website, free of charge, in both Spanish and English. The guide can be viewed online or downloaded in pdf format, in full or in chapters.
In almost 400 pages, the publication summarises the main regulatory aspects that affect investment in Spain, with special attention to the unique characteristics of the Spanish legal system with regard to foreign investment in the areas of company law, tax law, employment law, money laundering, public aid, the financial sector, industrial and intellectual property, electronic commerce, and accounting and auditing, to name but a few.
Some of the most important new features this year include an extension to the deductions for investments in film productions, audiovisual series and live performing arts and music shows, which could amount to 30% of the first million in deductions and 25% of the excess amount.
Reduced rate for electricity bills
As for taxation, the guide also includes other changes, such as a reduced 10% rate charged for electricity bill items in the case of certain electricity supply contracts.
Chapter 4 of the guide, dedicated to setting out the main types of non-fiscal public subsidies and aid available to investors in Spain, also includes interesting new features in the 2022 edition.
These include the approval of the new National Plan for Scientific, Technical and Innovation Research for the period 2021-2023 (PEICTI), which seeks to strengthen investment in RD&I in industries considered to be strategic following the pandemic (health, ecological transition and digitalisation, among others), as well as promoting the development and consolidation of scientific careers for researchers in Spain.
In this same industry field, the publication devotes a specific section to the Centre for the Development of Industrial Technology (CDTI), in order to explain the changes introduced in its main lines of financing and other instruments made available to companies for financing their RD&I projects.
Another of the changes included in the 2022 Guide to Business in Spain is the launch of a new line of aid for filming promoted by the Institute of Cinematography and Audiovisual Arts (ICAA). The aim is to promote the development of labs and incubators for filmmaking in order to encourage training and networking for professionals and companies.
The new edition of the guide also refers to the approval of the first call for proposals relating to the Productive Industrial Investment Support Fund (FAIIP), amounting to over 600 million euros for general industrial development financing.
In the field of aid and subsidies, the guide reports on a new measure for the Promotion of Competitiveness in the Pharmaceutical Industry, the PROFARMA 2021-2022 Initiative. This activity is in line with the objectives set out in the new Pharmaceutical Strategy for Europe, which aims to strengthen the manufacture of essential or strategic medicines, as well as boosting R&D&I in new antimicrobials to assist the development of antibiotic resistance, in addition to other objectives.
The guide also includes the new lines of funding to support innovative SMEs managed by the National Innovation Company (ENISA), including the ENISA Agroimpulso Programme, aimed at promoting the digital transformation of companies in the agri-food and rural sector, and the ENISA Digital Entrepreneurs Programme, to support and promote women's digital entrepreneurship projects, thus reducing the gender gap in this area.
And all this is without forgetting the changes introduced for the 2022 financial year in some of the numerous and excellent financing schemes at the Official Credit Institute (ICO), such as ICO Empresas y Emprendedores (companies and entrepreneurs), ICO Garantía SGR/SAECA (mutual guarantee societies / national agricultural guarantee company), ICO Crédito Comercial (commercial credit), ICO Red.es Acelera (fast-track) or ICO Exportadores (exporters).
Finally, in Chapter 4, the guide includes an update relating to all the information contained in the section on incentives and aid from European Union funds.
The publication devotes another chapter to employment regulations, which, in the 2022 edition, incorporates the new features brought about by the latest employment law reform, such as the amendment to the temporary contract system (with the aim of simplifying contracts and reducing the number of temporary contracts) and training contracts (to provide an ideal framework for bringing young people into the labour market).
Finally, reference is made to the regulations on transnational postings, which have been adapted to EU law, increasing the guarantees and rights for posted workers.
Over 45,000 users from 186 countries
The Guide to Business in Spain is a benchmark publication thanks to its combination of a high technical level, legal rigour and educational nature. Its content is aimed not only at foreign investors who are approaching the Spanish regulatory environment for the first time, but also at those investors, Spanish or foreign, who already have some previous knowledge and want to deepen their understanding of the most relevant aspects when it comes to establishing and developing a company in Spain.
As such, the guide is one of the most downloaded documents on the Invest in Spain website. The last edition attracted 134,795 users, almost three times as many as the previous edition, downloading 5,117 files, 60.5% more than the 2020 Guide. Visits also increased significantly to 157,885, 172.4% more than the previous guide.
With regard to visitors’ countries of origin, if we exclude Spain, which accounts for 61% of the total, Mexico, the United Kingdom and the US are the three countries that generated the most visits, with 16,778 visits (10.63% of the total). Overall, there were 201 countries who requested the guide, including Spain, which is 15 countries more (+8%) than for the 2020 Guide to Business in Spain .
ICEX-Invest in Spain
The role of the Executive Management of Invest in Spain ICEX is to promote and attract foreign investment. Its mission is to promote, attract and encourage foreign investment in Spain, as well as reinvestment by established foreign companies. ICEX also performs activities to position Spain as a global platform for international investment and business. Another area of action for ICEX relates to improving the business climate in Spain in continuous dialogue with other ministerial departments and with business associations and companies established in Spain, both those with Spanish capital and those with capital from third countries.
Garrigues is an international legal and tax services firm that advises clients locally, regionally and globally on all aspects of business law. Garrigues' strength lies in its team of over 2,000 people who work across the board to solve its clients' problems. This is in addition to the values it shares with the countries in which it operates across 4 continents: the highest quality of service, ethical commitment and an innovative attitude to anticipating market needs. Its ultimate aim is to contribute to creating an environment of security and trust that fosters companies’ development in a fairer, more ethical, responsible and sustainable society.