Amendment of Article 365.3 of the Capital Companies Act (LSC): Nine Months On
Executive summary In January 2025, the Organic Law 1/2025 was introduced, which amended article 365.3 of Spain’s Companies Act (LSC). The reform grants company directors
The DGSJFP, in its Resolution of 29 November 2023, decided on the appeal filed regarding the refusal by the Commercial Register to register the annual accounts of a company for the financial year 2022 due to the temporary closure of the register page, due to the failure to file the accounts for the previous financial year.
The issue under discussion, which is important to take into account, is that it is mandatory to file the annual accounts for the financial year in which the company is incorporated, even if the entry in the register or the actual commencement of business occurs in a later financial year.
The time criterion is mainly based on the fact that Article 24 of the Capital Companies Act expressly allows the articles of association to set a commencement of business after the date of incorporation.
In the present case, the company was incorporated on 30 December 2021, coinciding with the commencement of operations by statutory provision, and the obligation to submit the annual accounts of the company arose for that financial year, 2021. However, the Directorate General allows the annual accounts to limit their content to the statement that the company has not carried out any business activity, although the format of such document is not specified.
Executive summary In January 2025, the Organic Law 1/2025 was introduced, which amended article 365.3 of Spain’s Companies Act (LSC). The reform grants company directors
Spain’s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG). The
Did you know that more than 85% of companies in Spain are family‑owned? This business model not only drives employment and the national economy but