Adoption of the Law on Business Creation and Growth

The aim of this legislation is to:

i. Simplify the procedures for setting up a business.

This shall be achieved through the reduction of minimum capital requirement to set up a firm, and the strengthening of the crowdfunding platforms and other public funding instruments;

ii. Legal measures to foster an early payment culture.

This law shall improve the effectiveness of the implementation of Directive (EU) 2011/7 on combating late payment in commercial transactions.

The law is expected to reduce the average payment periods in commercial transactions.

This would help address liquidity challenges faced by creditor SMEs that are not paid in due time, with positive spill-over effects on their activities and growth.

Examples of measures to be implemented to foster an early payment culture include guidelines on publicity and transparency of payment periods, best business practices and mechanisms for better enforcement such as an out-of-court dispute resolution system;

iii. Amend certain provisions of the Law on Market Unity to provide further clarity in areas where ambiguities have led to implementation problems.

The aim of the Law on Market Unity is to remove unnecessary, disproportionate or discriminatory barriers to access to and pursuit of economic activities and to freedom of establishment throughout the territory.

The objective of this reform shall also be to enhance the efficiency and transparency of the mechanisms provided for in the Law on Market Unity to protect operators whose activity is affected by barriers imposed by the public administration.

In addition, the reform shall strengthen cooperation in order to promote better regulation throughout the country;

Additional information:

https://portal.mineco.gob.es/RecursosNoticia/mineco/prensa/noticias/2021/211130_np_crea.pdf