The new law in Spain. Why startups and investors should care?

Word out in the street says that Spain wants to attract qualified talent and help startups shine bright like diamonds with?the new startup law.

Read on for:?

???Find out?what's in it for startups, investors and digital nomads

?? Free resources and government subsidies

???Startup law... tell me more

What: This new Spanish law wants to simplify creation of start-ups and provide bright new incentives for entrepreneurs and highly qualified employees. This is part of?the?EU Next Generation?Recovery, Transformation, and Resilience Plan.

Who is it for:?Startups and Digital Nomads.

When??The law is likely to go live in Summer 2022.

?????What's in it for Digital Nomads

• Much easier access to the special?non-resident income tax scheme?which will qualify you for 15% tax rate instead of current 24%. The requirement is likely to be that most of your income comes from a non-Spanish company.
• Entrepreneurs who combine their project?with a paid job won't have to register as self-employed (autonomo) for three years.?This is a great news if you are starting a side hustle.
• New visa type?for employees of?foreign companies working out of Spain. Stay tuned for more details on this one!

???Benefits for startups

• Now it will take?you about 6 hours to incorporate your new startup...?from home.
• Farewell?notary and registry fees when incorporating a company. Previously these?could reach shocking 1,000+ euros.
• A sweet tax rate deductions from 25% to 15% during the first four years since the tax base in positive.
• Finally a?proper stock option system: now?you can give shares to your employees?and they?will only?get taxed?when you sell them.

Another cool part is that it will be much?easier for?investors to fund your startup eg. first 100,000 euros will be tax free, deduction goes up from 30% to 50% and your investors don't need to get a NIE (sounds odd that this was actually a?requirement).

There are some extra steps if you want to qualify as a startup:

• You need to be?considered to be “innovative” by ENISA.
• Your headquarters and at least 60%?of your employees are in Spain.?
• Your startup is less than 5 years old (7 for biotechnology companies).
• You make less than 5 million euros.

?? Money and startup events for ambitious entrepreneurs!?

- Government aid?at the?Recovery, Transformation, and Resilience Plan site.?and?CDTI funds

- Entrepreneurship grants and awards:?You can earn up to 20.000€ at the?eaAwards; from 6.000€ - 25.000€ at?Caixa’s Premios EmprendedorXXI, and thousands in funds if you’re a finalist at the?Alhambra Venture?program.?

- Private accelerators and angel investors:?Digital Assets Deployment, Sabadell’s?BStartup10?program or?Madri+d Business Angels Network

- Events for Startups and eager entrepreneurs:?The Four Years from Now Conference?for networking, inspiring keynotes, and startup insight.??February 28- March 3 in Barcelona

- You can register your project at?Seedrocket’s entrepreneurship event?to get in touch with investors. Register from March 10-13 of May 2022. The event will be May13 also in?Barcelona.?

- Visit?the?Google for Startups Campus in Madrid?or attend virtual conferences and seminars for startups.

And that’s our take on work life this week!???

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