{"id":9968,"date":"2024-04-08T09:52:47","date_gmt":"2024-04-08T09:52:47","guid":{"rendered":"https:\/\/seegman.com\/?page_id=9968"},"modified":"2026-04-14T08:00:49","modified_gmt":"2026-04-14T08:00:49","slug":"corporate-governance","status":"publish","type":"page","link":"https:\/\/seegman.com\/en\/corporate-governance\/","title":{"rendered":"Corporate Governance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"9968\" class=\"elementor elementor-9968\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-16bc9f5d elementor-section-height-min-height elementor-section-content-middle elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"16bc9f5d\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8af898c\" data-id=\"8af898c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a2ecf75 elementor-widget elementor-widget-heading\" data-id=\"3a2ecf75\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Corporate Governance<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58b90de elementor-align-left elementor-widget elementor-widget-button\" data-id=\"58b90de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#form\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Let us help you<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-560bb4f0 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"560bb4f0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-22cf9760\" data-id=\"22cf9760\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-269d59db elementor-widget elementor-widget-heading\" data-id=\"269d59db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">We have extensive experience assisting international clients with the corporate maintenance of their investment vehicles. Our work includes recurring tasks such as supporting general shareholders\u2019 meetings and boards of directors, as well as advising on business-related operations.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-184add76 elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"184add76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-633d63cb elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"633d63cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Our expertise includes advising numerous international clients on the corporate maintenance of investment vehicles, the contractual maintenance of the initial investment, and the negotiation of basic contracts required for the development of the project.<\/p><p>Our team adapts to the ongoing needs of each client and to the pace of their business, facilitating the understanding of the Spanish legal and regulatory environment during the development of the investment in a flexible and personalized manner.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-49b1b863\" data-id=\"49b1b863\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c65ddfe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c65ddfe\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-82e589e\" data-id=\"82e589e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d402df elementor-widget elementor-widget-image\" data-id=\"1d402df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/01\/Guide_settingup_company.pdf\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"595\" height=\"842\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Guide_settingup_company-1.jpg\" class=\"attachment-large size-large wp-image-14704\" alt=\"Guide settingup company\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Guide_settingup_company-1.jpg 595w, https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Guide_settingup_company-1-212x300.jpg 212w\" sizes=\"(max-width: 595px) 100vw, 595px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b32de6 elementor-widget elementor-widget-heading\" data-id=\"3b32de6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Download our guide to the main corporate obligations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6d7454 elementor-widget elementor-widget-text-editor\" data-id=\"d6d7454\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><span class=\"s1\">We provide a series of concise and practical guides covering the key areas in which we offer legal advice. Each guide addresses the most common questions we receive from our clients. They are available in the publications section and at the bottom of this page.\u00a0\u00a0<\/span><\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f769c4 elementor-widget elementor-widget-button\" data-id=\"4f769c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/seegman.com\/wp-content\/uploads\/2024\/05\/Guide_settingup_company.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-beadc51 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"beadc51\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1f9cf50f\" data-id=\"1f9cf50f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-457d2420 elementor-widget elementor-widget-heading\" data-id=\"457d2420\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Our tools and services:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-3fec2694 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fec2694\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2e9d9143\" data-id=\"2e9d9143\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63f3a292 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"63f3a292\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e983ee elementor-widget elementor-widget-toggle\" data-id=\"1e983ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-3201\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-3201\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Set Up<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-3201\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-3201\"><ul><li>Company Formation (Spain: S.L., S.A. \/ Portugal: S.Q., S.A.).<\/li><li>Provision of ready-to-operate shelf companies (ShelfCos).<\/li><li>Bank account openings, KYC documentation.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-21287bc2\" data-id=\"21287bc2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7fba0881 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"7fba0881\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c15fa4d elementor-widget elementor-widget-toggle\" data-id=\"4c15fa4d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1271\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1271\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Representation and proxy services<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1271\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1271\"><ul><li>We act as attorneys-in-fact and represent our clients before public or private entities.<\/li><li>Proxy holders.<\/li><li>Representation at general shareholders\u2019 meetings and board of directors\u2019 meetings.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-3a05782d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a05782d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1cddcde4\" data-id=\"1cddcde4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1909bd9 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"1909bd9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f65e6e0 elementor-widget elementor-widget-toggle\" data-id=\"2f65e6e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7951\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-7951\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Corporate Secretarial Services<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-7951\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-7951\"><ul><li>Advice to the general shareholders\u2019 meeting and the company\u2019s directors on corporate matters.<\/li><li>Compliance with commercial obligations, maintenance and legalization of corporate books, domiciliation services, and monitoring and upkeep of corporate records and obligations.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7462fb51\" data-id=\"7462fb51\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-435e76 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"435e76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4789dcad elementor-widget elementor-widget-toggle\" data-id=\"4789dcad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1201\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1201\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Fiduciary services<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1201\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1201\"><p>We act on behalf of our clients in board meetings and general shareholders\u2019 meetings of both domestic and foreign companies. We provide services as board secretaries and in equivalent positions, always in the best interest of our clients.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-274704cb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"274704cb\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b3b4ea4\" data-id=\"b3b4ea4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7560e631 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"7560e631\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2aeb51ce elementor-widget elementor-widget-toggle\" data-id=\"2aeb51ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7201\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-7201\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Entity Health check<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-7201\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-7201\"><p>Periodic review of the corporate structure to adjust or improve our clients\u2019 level of compliance with commercial obligations, including the control of powers of attorney, appointment of auditors, and revocation of officers.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-40b41448\" data-id=\"40b41448\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-505cdab elementor-section-stretched elementor-reverse-tablet elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"505cdab\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68d8717\" data-id=\"68d8717\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7e34d8f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e34d8f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-6a4d5af\" data-id=\"6a4d5af\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-38fe995 elementor-view-default elementor-widget elementor-widget-global elementor-global-2259 elementor-widget-icon\" data-id=\"38fe995\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"fas fa-quote-left\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7dac250c elementor-widget elementor-widget-heading\" data-id=\"7dac250c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">GOOD CORPORATE GOVERNANCE IN COMMERCIAL COMPANIES<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e5c08e0 elementor-widget elementor-widget-text-editor\" data-id=\"3e5c08e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Corporate governance refers to the set of rules, principles and instructions that regulate the composition and work of the governing bodies of a company. Good corporate governance reinforces the vision of third parties outside the company of its possibilities through the confidence of customers, investors, employees and suppliers, which results in greater profitability of the company in any business it starts or in which it intervenes, favors credibility with third parties and the permanence and loyalty of these, promoting business growth and the generation of profits that are the basis for proper management of the company.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f30f277 elementor-widget elementor-widget-toggle\" data-id=\"f30f277\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-2541\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2541\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Read more<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2541\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2541\"><p>The regulation of good corporate governance in Spain is mainly based on the\u00a0<em>Ley de Sociedades de Capital<\/em>, which regulates the principles of compliance and the duties of directors. The Unified Code of Good Corporate Governance, which is mandatory for listed companies in Spain, establishes a comply or explain principle. But fundamentally, the regulation of good corporate governance is based on corporate policy, since internal rules must come before the legal imperative.<\/p><p>As for Portugal, good corporate governance is mainly based on the\u00a0<em>C\u00f3digo das Sociedades Comerciais<\/em>. Although in 2016 the Portuguese Securities Markets Commission (CMVM) Code was revoked, giving way to market self-regulation, and the establishment of the\u00a0<em>C\u00f3digo de Governo das Sociedades<\/em>\u00a0of the Portuguese Institute of Corporate Governance (IPGC), which promotes the use of the standards of good corporate governance, without being a binding code.<\/p><p>Based on the above, the basic principles and recommendations of good corporate governance could be summarized as follows:<\/p><ul><li>Information: there should be clear information on whether or not the established good practices are being complied with.<\/li><li>Transparency: meetings should be clear and all those involved should be aware of the appropriate information.<\/li><li>Participation: the company should facilitate participation in the meetings and enhance the right to attend.<\/li><li>Responsibility: the governing body should act diligently and responsibly.<\/li><li>Periodic evaluation: the administrative body should carry out a process of periodic evaluation of compliance with the principles of good governance.<\/li><li>Respect for time: the management body should be responsible for time management.<\/li><li>Risk prevention: provide the company with a compliance department that is independent from the rest of the company and detects risks, problems and misconduct.<\/li><li>Encourage what is different: a variety of ideas should be encouraged in the administrative body.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-391074f elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"391074f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b37538\" data-id=\"7b37538\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1adc523 elementor-widget elementor-widget-heading\" data-id=\"1adc523\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">For more information, view the frequently asked questions about Corporate Governance.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6046964 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"6046964\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#faqs\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW FAQs<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-af3e5a2 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"af3e5a2\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-20156693\" data-id=\"20156693\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9269761 elementor-widget elementor-widget-heading\" data-id=\"9269761\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Download other publications<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-07e578a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"07e578a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ca3c944\" data-id=\"ca3c944\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f627acc elementor-skin-carousel elementor-arrows-yes elementor-pagination-type-bullets elementor-pagination-position-outside elementor-widget elementor-widget-media-carousel\" data-id=\"f627acc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;speed&quot;:1000,&quot;space_between&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:18,&quot;sizes&quot;:[]},&quot;slides_per_view&quot;:&quot;3&quot;,&quot;skin&quot;:&quot;carousel&quot;,&quot;effect&quot;:&quot;slide&quot;,&quot;show_arrows&quot;:&quot;yes&quot;,&quot;pagination&quot;:&quot;bullets&quot;,&quot;autoplay&quot;:&quot;yes&quot;,&quot;autoplay_speed&quot;:5000,&quot;loop&quot;:&quot;yes&quot;,&quot;pause_on_hover&quot;:&quot;yes&quot;,&quot;pause_on_interaction&quot;:&quot;yes&quot;,&quot;space_between_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:10,&quot;sizes&quot;:[]},&quot;space_between_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:10,&quot;sizes&quot;:[]}}\" data-widget_type=\"media-carousel.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-swiper\">\n\t\t\t\t\t<div class=\"elementor-main-swiper swiper\" role=\"region\" aria-roledescription=\"carousel\" aria-label=\"Diapositivas\">\n\t\t\t\t<div class=\"swiper-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/01\/Guide_settingup_company.pdf\" target=\"_blank\">\t\t<div class=\"elementor-carousel-image\" role=\"img\" aria-label=\"Guide settingup company\" style=\"background-image: url(&#039;https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Guide_settingup_company-1.jpg&#039;)\">\n\n\t\t\t\n\t\t\t\t\t<\/div>\n\t\t<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/03\/Guide_Representation_proxy_services.pdf\" target=\"_blank\">\t\t<div class=\"elementor-carousel-image\" role=\"img\" aria-label=\"Guide fiduciary services\" style=\"background-image: url(&#039;https:\/\/seegman.com\/wp-content\/uploads\/2025\/03\/Guide_fiduciary_services.jpg&#039;)\">\n\n\t\t\t\n\t\t\t\t\t<\/div>\n\t\t<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/10\/Formalities_Convening_General_Shareholders_Meeting.pdf\" target=\"_blank\">\t\t<div class=\"elementor-carousel-image\" role=\"img\" aria-label=\"Formalities_Convening_General_Shareholders_Meeting\" style=\"background-image: url(&#039;https:\/\/seegman.com\/wp-content\/uploads\/2025\/10\/Formalities_Convening_General_Shareholders_Meeting.jpg&#039;)\">\n\n\t\t\t\n\t\t\t\t\t<\/div>\n\t\t<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/wp-content\/uploads\/2026\/03\/AML_report.pdf\" target=\"_blank\">\t\t<div class=\"elementor-carousel-image\" role=\"img\" aria-label=\"AML_report\" style=\"background-image: url(&#039;https:\/\/seegman.com\/wp-content\/uploads\/2026\/03\/AML_report.jpg&#039;)\">\n\n\t\t\t\n\t\t\t\t\t<\/div>\n\t\t<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-swiper-button elementor-swiper-button-prev\" role=\"button\" tabindex=\"0\" aria-label=\"Previous\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"eicon-chevron-left\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-swiper-button elementor-swiper-button-next\" role=\"button\" tabindex=\"0\" aria-label=\"Next\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"eicon-chevron-right\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-pagination\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-99b3bc6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"99b3bc6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-32fc562\" data-id=\"32fc562\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-89ea25e elementor-widget elementor-widget-menu-anchor\" data-id=\"89ea25e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"form\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9d10682 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9d10682\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-acd9b37\" data-id=\"acd9b37\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ed97ae elementor-widget elementor-widget-heading\" data-id=\"5ed97ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Contact persons<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c8a7d55 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c8a7d55\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-f38e850\" data-id=\"f38e850\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e88b988 elementor-widget elementor-widget-image\" data-id=\"e88b988\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/en\/our-team\/carmen-garcia-arredondo\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"640\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Carmen_Garcia2.jpg\" class=\"attachment-large size-large wp-image-14817\" alt=\"Carmen_Garcia2\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Carmen_Garcia2.jpg 640w, https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Carmen_Garcia2-300x300.jpg 300w, https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Carmen_Garcia2-150x150.jpg 150w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-e6acba2\" data-id=\"e6acba2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-646b9cd elementor-widget elementor-widget-heading\" data-id=\"646b9cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/seegman.com\/en\/our-team\/carmen-garcia-arredondo\/\" target=\"_blank\">Carmen Garc\u00eda Arredondo<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3e40a9 elementor-widget elementor-widget-text-editor\" data-id=\"c3e40a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"mailto:cgarciaarredondo@seegman.com\">cgarciaarredondo@seegman.com<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-6760fe1\" data-id=\"6760fe1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-50c25d2 elementor-widget elementor-widget-image\" data-id=\"50c25d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/en\/our-team\/estefania-garcia-sanchez\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"640\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Estefania_garcia2.jpg\" class=\"attachment-large size-large wp-image-14827\" alt=\"Estefania_garcia2\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Estefania_garcia2.jpg 640w, https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Estefania_garcia2-300x300.jpg 300w, https:\/\/seegman.com\/wp-content\/uploads\/2025\/02\/Estefania_garcia2-150x150.jpg 150w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-97071b6\" data-id=\"97071b6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0202083 elementor-widget elementor-widget-heading\" data-id=\"0202083\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/seegman.com\/en\/our-team\/estefania-garcia-sanchez\/\" target=\"_blank\">Estefan\u00eda Garc\u00eda S\u00e1nchez<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5c4037 elementor-widget elementor-widget-text-editor\" data-id=\"b5c4037\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"mailto:egarcia@seegman.com\" target=\"_blank\" rel=\"noopener\">egarcia@seegman.com<\/a>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-86be89e elementor-section-content-middle elementor-section-stretched elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"86be89e\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;shape_divider_top&quot;:&quot;triangle&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-shape elementor-shape-top\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M500,98.9L0,6.1V0h1000v6.1L500,98.9z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5abd0798\" data-id=\"5abd0798\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-226e1b0 elementor-widget elementor-widget-heading\" data-id=\"226e1b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Let us help you<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0bebbbb elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"0bebbbb\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;button_width&quot;:&quot;25&quot;,&quot;step_next_label&quot;:&quot;Siguiente&quot;,&quot;step_previous_label&quot;:&quot;Anterior&quot;,&quot;button_width_tablet&quot;:&quot;40&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"Corporate Governance Form \" aria-label=\"Corporate Governance Form \" novalidate=\"\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"9968\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"0bebbbb\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"Corporate Governance\" \/>\n\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"queried_id\" value=\"9968\"\/>\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-name elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-name\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tName\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[name]\" id=\"form-field-name\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Name\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\temail\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"email\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-select elementor-field-group elementor-column elementor-field-group-field_dccbcd8 elementor-col-100 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_dccbcd8\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tCountry\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field elementor-select-wrapper remove-before \">\n\t\t\t<div class=\"select-caret-down-wrapper\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"eicon-caret-down\"><\/i>\t\t\t<\/div>\n\t\t\t<select name=\"form_fields[field_dccbcd8]\" id=\"form-field-field_dccbcd8\" class=\"elementor-field-textual elementor-size-sm\" required=\"required\">\n\t\t\t\t\t\t\t\t\t<option value=\"Spain\">Spain<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"-\">-<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Afghanistan\">Afghanistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Akrotiri\">Akrotiri<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Albania\">Albania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Algeria\">Algeria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"American Samoa\">American Samoa<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Andorra\">Andorra<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Angola\">Angola<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Anguilla\">Anguilla<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Antarctica\">Antarctica<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Antigua and Barbuda\">Antigua and Barbuda<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Argentina\">Argentina<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Armenia\">Armenia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Aruba\">Aruba<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ashmore and Cartier Islands\">Ashmore and Cartier Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Australia\">Australia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Austria\">Austria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Azerbaijan\">Azerbaijan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bahamas, The\">Bahamas, The<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bahrain\">Bahrain<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bangladesh\">Bangladesh<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Barbados\">Barbados<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bassas da India\">Bassas da India<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Belarus\">Belarus<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Belgium\">Belgium<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Belize\">Belize<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Benin\">Benin<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bermuda\">Bermuda<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bhutan\">Bhutan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bolivia\">Bolivia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bosnia and Herzegovina\">Bosnia and Herzegovina<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Botswana\">Botswana<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bouvet Island\">Bouvet Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Brazil\">Brazil<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"British Indian Ocean Territory\">British Indian Ocean Territory<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"British Virgin Islands\">British Virgin Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Brunei\">Brunei<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Bulgaria\">Bulgaria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Burkina Faso\">Burkina Faso<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Burma\">Burma<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Burundi\">Burundi<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cambodia\">Cambodia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cameroon\">Cameroon<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Canada\">Canada<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cape Verde\">Cape Verde<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cayman Islands\">Cayman Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Central African Republic\">Central African Republic<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Chad\">Chad<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Chile\">Chile<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"China\">China<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Christmas Island\">Christmas Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Clipperton Island\">Clipperton Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cocos (Keeling) Islands\">Cocos (Keeling) Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Colombia\">Colombia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Comoros\">Comoros<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Congo, Democratic Republic of the\">Congo, Democratic Republic of the<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Congo, Republic of the\">Congo, Republic of the<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cook Islands\">Cook Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Coral Sea Islands\">Coral Sea Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Costa Rica\">Costa Rica<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cote d&#039;Ivoire\">Cote d&#039;Ivoire<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Croatia\">Croatia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cuba\">Cuba<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Cyprus\">Cyprus<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Czech Republic\">Czech Republic<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Denmark\">Denmark<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Dhekelia\">Dhekelia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Djibouti\">Djibouti<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Dominica\">Dominica<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Dominican Republic\">Dominican Republic<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ecuador\">Ecuador<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Egypt\">Egypt<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"El Salvador\">El Salvador<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Equatorial Guinea\">Equatorial Guinea<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Eritrea\">Eritrea<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Estonia\">Estonia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ethiopia\">Ethiopia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Europa Island\">Europa Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Falkland Islands (Islas Malvinas)\">Falkland Islands (Islas Malvinas)<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Faroe Islands\">Faroe Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Fiji\">Fiji<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Finland\">Finland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"France\">France<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"French Guiana\">French Guiana<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"French Polynesia\">French Polynesia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"French Southern and Antarctic Lands\">French Southern and Antarctic Lands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Gabon\">Gabon<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Gambia, The\">Gambia, The<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Gaza Strip\">Gaza Strip<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Georgia\">Georgia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Germany\">Germany<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ghana\">Ghana<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Gibraltar\">Gibraltar<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Glorioso Islands\">Glorioso Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Greece\">Greece<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Greenland\">Greenland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Grenada\">Grenada<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guadeloupe\">Guadeloupe<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guam\">Guam<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guatemala\">Guatemala<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guernsey\">Guernsey<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guinea\">Guinea<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guinea-Bissau\">Guinea-Bissau<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Guyana\">Guyana<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Haiti\">Haiti<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Heard Island and McDonald Islands\">Heard Island and McDonald Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Holy See (Vatican City)\">Holy See (Vatican City)<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Honduras\">Honduras<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Hong Kong\">Hong Kong<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Hungary\">Hungary<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Iceland\">Iceland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"India\">India<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Indonesia\">Indonesia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Iran\">Iran<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Iraq\">Iraq<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ireland\">Ireland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Isle of Man\">Isle of Man<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Israel\">Israel<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Italy\">Italy<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Jamaica\">Jamaica<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Jan Mayen\">Jan Mayen<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Japan\">Japan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Jersey\">Jersey<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Jordan\">Jordan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Juan de Nova Island\">Juan de Nova Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kazakhstan\">Kazakhstan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kenya\">Kenya<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kiribati\">Kiribati<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Korea, North\">Korea, North<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Korea, South\">Korea, South<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kuwait\">Kuwait<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Kyrgyzstan\">Kyrgyzstan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Laos\">Laos<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Latvia\">Latvia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Lebanon\">Lebanon<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Lesotho\">Lesotho<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Liberia\">Liberia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Libya\">Libya<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Liechtenstein\">Liechtenstein<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Lithuania\">Lithuania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Luxembourg\">Luxembourg<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Macau\">Macau<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Macedonia\">Macedonia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Madagascar\">Madagascar<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Malawi\">Malawi<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Malaysia\">Malaysia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Maldives\">Maldives<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mali\">Mali<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Malta\">Malta<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Marshall Islands\">Marshall Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Martinique\">Martinique<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mauritania\">Mauritania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mauritius\">Mauritius<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mayotte\">Mayotte<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mexico\">Mexico<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Micronesia, Federated States of\">Micronesia, Federated States of<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Moldova\">Moldova<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Monaco\">Monaco<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mongolia\">Mongolia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Montserrat\">Montserrat<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Morocco\">Morocco<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mozambique\">Mozambique<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Namibia\">Namibia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Nauru\">Nauru<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Navassa Island\">Navassa Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Nepal\">Nepal<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Netherlands\">Netherlands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Netherlands Antilles\">Netherlands Antilles<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"New Caledonia\">New Caledonia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"New Zealand\">New Zealand<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Nicaragua\">Nicaragua<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Niger\">Niger<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Nigeria\">Nigeria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Niue\">Niue<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Norfolk Island\">Norfolk Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Northern Mariana Islands\">Northern Mariana Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Norway\">Norway<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Oman\">Oman<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Pakistan\">Pakistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Palau\">Palau<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Panama\">Panama<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Papua New Guinea\">Papua New Guinea<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Paracel Islands\">Paracel Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Paraguay\">Paraguay<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Peru\">Peru<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Philippines\">Philippines<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Pitcairn Islands\">Pitcairn Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Poland\">Poland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Portugal\">Portugal<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Puerto Rico\">Puerto Rico<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Qatar\">Qatar<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Reunion\">Reunion<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Romania\">Romania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Russia\">Russia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Rwanda\">Rwanda<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Helena\">Saint Helena<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Kitts and Nevis\">Saint Kitts and Nevis<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Lucia\">Saint Lucia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Pierre and Miquelon\">Saint Pierre and Miquelon<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saint Vincent and the Grenadines\">Saint Vincent and the Grenadines<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Samoa\">Samoa<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"San Marino\">San Marino<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sao Tome and Principe\">Sao Tome and Principe<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Saudi Arabia\">Saudi Arabia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Senegal\">Senegal<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Serbia and Montenegro\">Serbia and Montenegro<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Seychelles\">Seychelles<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sierra Leone\">Sierra Leone<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Singapore\">Singapore<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Slovakia\">Slovakia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Slovenia\">Slovenia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Solomon Islands\">Solomon Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Somalia\">Somalia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"South Africa\">South Africa<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"South Georgia and the South Sandwich Islands\">South Georgia and the South Sandwich Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Spratly Islands\">Spratly Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sri Lanka\">Sri Lanka<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sudan\">Sudan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Suriname\">Suriname<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Svalbard\">Svalbard<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Swaziland\">Swaziland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Sweden\">Sweden<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Switzerland\">Switzerland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Syria\">Syria<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Taiwan\">Taiwan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tajikistan\">Tajikistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tanzania\">Tanzania<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Thailand\">Thailand<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Timor-Leste\">Timor-Leste<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Togo\">Togo<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tokelau\">Tokelau<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tonga\">Tonga<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Trinidad and Tobago\">Trinidad and Tobago<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tromelin Island\">Tromelin Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tunisia\">Tunisia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Turkey\">Turkey<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Turkmenistan\">Turkmenistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Turks and Caicos Islands\">Turks and Caicos Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Tuvalu\">Tuvalu<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Uganda\">Uganda<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Ukraine\">Ukraine<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"United Arab Emirates\">United Arab Emirates<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"United Kingdom\">United Kingdom<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"United States\">United States<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Uruguay\">Uruguay<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Uzbekistan\">Uzbekistan<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Vanuatu\">Vanuatu<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Venezuela\">Venezuela<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Vietnam\">Vietnam<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Virgin Islands\">Virgin Islands<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Wake Island\">Wake Island<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Wallis and Futuna\">Wallis and Futuna<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"West Bank\">West Bank<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Western Sahara\">Western Sahara<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Yemen\">Yemen<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Zambia\">Zambia<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Zimbabwe\">Zimbabwe<\/option>\n\t\t\t\t\t\t\t<\/select>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-textarea elementor-field-group elementor-column elementor-field-group-message elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-message\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tMessage\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t<textarea class=\"elementor-field-textual elementor-field  elementor-size-sm\" name=\"form_fields[message]\" id=\"form-field-message\" rows=\"4\" placeholder=\"Message\"><\/textarea>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-acceptance 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class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frequently asked questions (FAQs)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-ba73106 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ba73106\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-d763efa\" data-id=\"d763efa\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-96a510e elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"96a510e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d76c8e3 elementor-widget elementor-widget-toggle\" data-id=\"d76c8e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2251\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2251\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">1.\tWhat are the main differences between a Public Limited Company (SA) and a Limited Liability Company (SL), particularly in terms of minimum capital requirements?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2251\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2251\"><p>The fundamental difference lies in the fact that a Public Limited Company (SA) requires a minimum capital of \u20ac60,000, designed for large corporations, whilst a Limited Liability Company (SL) can be incorporated with as little as \u20ac1, making it suitable for more flexible corporate structures. SLs account for almost 97% of companies recently incorporated in Spain, due to their lower capital requirements and greater organisational flexibility.<\/p><p>Below, we detail the main corporate and capital differences:<\/p><table><tbody><tr><td><p>Legal Feature<\/p><\/td><td><p>Public Limited Company (SA)<\/p><\/td><td><p>Limited Liability Company (SL)<\/p><\/td><\/tr><tr><td><p>Minimum Capital<\/p><\/td><td><p>\u20ac60,000<\/p><\/td><td><p>\u20ac1 (specific reserve rules apply if less than \u20ac3,000).<\/p><\/td><\/tr><tr><td><p>Division of Capital<\/p><\/td><td><p>Shares (bearer or registered), which may be traded on the stock market.<\/p><\/td><td><p>Shareholdings (shares), which are non-negotiable securities.<\/p><\/td><\/tr><tr><td><p>Transferability<\/p><\/td><td><p>Freely transferable by nature, with limited and temporary restrictions permitted under the articles of association.<\/p><\/td><td><p>Restrictive regime by default, with free transferability usually permitted only between partners, spouses, immediate family members and group companies.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2252\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-2252\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">2.\tWhat corporate alternatives exist for operating in Spain without the need to set up a subsidiary with its own legal personality?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2252\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-2252\"><p>Foreign investors can operate in Spain without setting up their own corporate entity through branches, representative offices, partnership agreements such as <em>joint ventures<\/em>, or through commercial agreements with local third parties. At Seegman, our presence in Madrid and Lisbon enables our team to provide comprehensive advice on the implementation of these structures, optimising cross-border taxation and operations throughout the Iberian Peninsula.<\/p><p>The main legal structures for operating without independent legal personality include:<\/p><ul><li>Branches: Secondary establishments operating on a permanent basis on behalf of the foreign parent company.<\/li><li>Representative Offices: Establishments focused on preparatory, ancillary and instrumental tasks.<\/li><li>Joint Ventures (JV) and Economic Interest Groupings (EIG): Partnership vehicles designed to carry out specific projects or improve the economic performance of the partners.<\/li><li>Joint ventures: Agreements in which investors contribute capital or assets to a business managed by a third party, sharing profits and losses.<\/li><li>Commercial Agreements: Agency, distribution, franchise or one-off collaboration agreements with Spanish companies.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2253\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-2253\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">4.\tWhat are Temporary Joint Ventures (UTE) and Economic Interest Groupings (AIE) as forms of joint venture?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2253\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-2253\"><p>Both UTEs and EIGs are forms of business cooperation (<em>joint ventures<\/em>) provided for under Spanish law, differing mainly in the duration of their term and their liability regime.<\/p><p>At a corporate level, their legal structure is defined as follows:<\/p><ul><li>Temporary Joint Ventures (UTE): These lack legal personality of their own and are formed exclusively for the execution of specific services or projects, being the standard consortium arrangement for the award of construction contracts or major engineering projects.<\/li><li>Economic Interest Groupings (AIE): Their purpose is to promote, facilitate or increase the profitability of their members\u2019 activities, and they are commonly used to provide centralised services to a corporate group. The partners of an AIE assume joint and several liability towards third parties for debts incurred, although this is subsidiary to the grouping itself.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2254\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-2254\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">5.\tWhat are the legal requirements for the initial payment of share capital at the time of incorporation for a public limited company (SA) compared to a private limited company (SL)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2254\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-2254\"><p>Company law requires that the shares of an SL be fully paid up at the time of incorporation, whilst the shares of an SA require an initial payment of just 25% of their nominal value. At Seegman, we structure transactions for foreign companies, ensuring strict compliance with the rules governing cash and non-cash contributions, thereby mitigating any risk of corporate liability.<\/p><p>The rules on capitalisation vary substantially between the two vehicles:<\/p><table><tbody><tr><td><p>Regulatory Requirement<\/p><\/td><td><p>Public Limited Company (SA)<\/p><\/td><td><p>Limited Liability Company (SL)<\/p><\/td><\/tr><tr><td><p>Initial Payment Requirement<\/p><\/td><td><p>It is mandatory to pay up at least 25% of the nominal value of each share issued at the time of incorporation.<\/p><\/td><td><p>The share capital must be fully subscribed and paid up at the time of incorporation.<\/p><\/td><\/tr><tr><td><p>Monetary Contributions<\/p><\/td><td><p>It is mandatory to provide a bank certificate before a notary public certifying the deposit of the funds.<\/p><\/td><td><p>A bank certificate is not required if the shareholders expressly assume joint and several liability for such contributions vis-\u00e0-vis the company and third parties.<\/p><\/td><\/tr><tr><td><p>Dividend Liabilities and Non-Cash Contributions<\/p><\/td><td><p>The outstanding capital must be contributed in accordance with the agreed deadlines; in the case of non-monetary contributions, the payment must be completed within a maximum of five years.<\/p><\/td><td><p>Not applicable, as full and immediate payment is required.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2255\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-2255\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">6.\tWhat are the differences in the valuation and review of non-monetary (in-kind) contributions required of shareholders in a public limited company (SA) compared to a private limited company (SL)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2255\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-2255\"><p>The fundamental difference regarding non-monetary contributions lies in the fact that a Public Limited Company (SA) requires an independent expert\u2019s report for their valuation, whilst a Private Limited Company (SL) waives this requirement in exchange for imposing joint and several liability on the shareholders.<\/p><p>To streamline the incorporation of corporate vehicles, the SL allows assets to be contributed without an official valuation, with the shareholders and directors assuming the valuation risk vis-\u00e0-vis the company and third parties. Conversely, the SA prioritises creditor protection through formal and rigorous scrutiny. At Seegman, we structure transactions for foreign companies by strategically assessing whether the transactional agility of an SL outweighs the assumption of this joint and several liability by investors.<\/p><table><tbody><tr><td><p>Legal Requirement<\/p><\/td><td><p>Public Limited Company (PLC)<\/p><\/td><td><p>Limited Company (SL)<\/p><\/td><\/tr><tr><td><p>Independent Valuation<\/p><\/td><td><p>Mandatory. Requires an expert report assessing the value of the contribution in kind.<\/p><\/td><td><p>Not required. The expert report is dispensed with to streamline the process.<\/p><\/td><\/tr><tr><td><p>Liability Regime<\/p><\/td><td><p>The expert report provides greater legal certainty and protection against third parties.<\/p><\/td><td><p>The founding partners (and directors in the case of capital increases) assume joint and several liability for the assigned value.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2256\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-2256\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">7.\tHow does the law regulate restrictions on the free transfer of shares in a limited liability company (SL) compared to the transfer of shares in a public limited company (SA)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2256\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-2256\"><p>The law imposes a restrictive regime by default for the transfer of shares in an SL, whilst enshrining broad freedom of transfer for shares in an SA.<\/p><p>In an SL, transfers <em>inter vivos <\/em>to third parties are heavily restricted and may only be restricted for a maximum of five years. In contrast, restrictions in an SA apply only to registered shares and may never completely block a shareholder\u2019s liquidity.<\/p><table><tbody><tr><td><p>Type of Company<\/p><\/td><td><p>Legal Regime Governing Transferability<\/p><\/td><\/tr><tr><td><p>Limited Liability Company (SL)<\/p><\/td><td><p>Free transferability only between partners, spouses, immediate family members and companies within the same group. Any other transfer is subject to the articles of association or the law.<\/p><\/td><\/tr><tr><td><p>Public Limited Company (SA)<\/p><\/td><td><p>Free transfer by nature. Restrictions must be set out in the articles of association, apply only to registered shares and must never completely prevent their sale (with the exception of a maximum <em>lock-up period <\/em>of two years following incorporation).<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2257\" class=\"elementor-tab-title\" data-tab=\"7\" role=\"button\" aria-controls=\"elementor-tab-content-2257\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">8.\tWhat are the legal limits and conditions for the acquisition of own shares (treasury shares) in an SL and an SA?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2257\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"region\" aria-labelledby=\"elementor-tab-title-2257\"><p>The acquisition of treasury shares in a public limited company (SA) is permitted up to a general limit of 20% of the share capital, whereas in a limited liability company (SL) it is only legal under specific and exceptional circumstances.<\/p><p>Spanish legislation drastically restricts derivative acquisitions in SLs to prevent the asset stripping of the entity. SAs enjoy much greater financial flexibility, facilitating corporate and market transactions to accommodate investment funds and venture capital.<\/p><ul><li>Treasury shares in an SL: There is no fixed percentage limit, but it is only authorised in very restricted cases: acquisitions free of charge, transfers <em>by reason of death<\/em>, court awards, capital reductions or due to the exclusion\/withdrawal of a partner.<\/li><li>Treasury shares in SAs: Broadly permitted provided certain financial conditions are met, with a legal limit of 20% of the total share capital, which is reduced to 10% if the company is listed on the stock exchange.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2258\" class=\"elementor-tab-title\" data-tab=\"8\" role=\"button\" aria-controls=\"elementor-tab-content-2258\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">9.\tUnder what specific exceptions may a public limited company (SA) provide financial assistance to third parties for the acquisition of its own shares, and does this apply to a limited liability company (SL)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2258\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"region\" aria-labelledby=\"elementor-tab-title-2258\"><p>A public limited company (SA) may only circumvent the strict prohibition on financial assistance in two legally defined exceptions, whereas a private limited company (SL) faces an absolute and insurmountable corporate prohibition.<\/p><p>Financial assistance (loans, guarantees or advances to acquire own shares) is categorically prohibited in an SL. Our presence in Madrid and Lisbon enables Seegman to advise on complex cross-border acquisition financings (LBOs), structuring guarantee packages for foreign investors without breaching this mandatory company law provision.<\/p><table><tbody><tr><td width=\"161\"><p>Cases of Financial Assistance<\/p><\/td><td width=\"406\"><p>Applicable Regulation<\/p><\/td><\/tr><tr><td width=\"161\"><p>Prohibition in the SL<\/p><\/td><td width=\"406\"><p>No exceptions whatsoever. The SL may not finance or guarantee the acquisition of its own shares or those of its corporate group.<\/p><\/td><\/tr><tr><td width=\"161\"><p>Exceptions in the SA<\/p><\/td><td width=\"406\"><p>Permitted in only two scenarios: (i) assistance to facilitate the purchase of shares by company employees, and (ii) ordinary financial transactions carried out by banks and credit institutions.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2259\" class=\"elementor-tab-title\" data-tab=\"9\" role=\"button\" aria-controls=\"elementor-tab-content-2259\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">10.\tWhat are the financing restrictions on an SL regarding its listing on the stock exchange or the issue of convertible bonds compared to an SA?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2259\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"region\" aria-labelledby=\"elementor-tab-title-2259\"><p>The SL is legally prohibited from listing on stock markets and issuing bonds convertible into shares, structural restrictions that do not apply at all to the SA.<\/p><p>Although SLs may issue or guarantee standard debt instruments subject to certain legal restrictions, their closed nature blocks access to floating capital. The SA is the corporate vehicle par excellence designed to leverage growth through the capital markets.<\/p><ul><li>Restrictions on the SL: Absolute prohibition on listing on the stock exchange and prohibition on issuing or guaranteeing bonds convertible into equity.<\/li><li>Capabilities of the SA: Total flexibility to raise finance on the stock markets, including the sale\/issue of shares, bonds and other negotiable instruments, notably the unrestricted issue of bonds convertible into shares.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22510\" class=\"elementor-tab-title\" data-tab=\"10\" role=\"button\" aria-controls=\"elementor-tab-content-22510\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">11.\tIn which cases of accumulated losses is it legally mandatory to reduce the share capital of an SA, and does this same obligation apply to the SL?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22510\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"10\" role=\"region\" aria-labelledby=\"elementor-tab-title-22510\"><p>An SA is required by law to reduce its share capital when accumulated losses reduce its net assets to less than two-thirds of said capital for more than one full financial year.<\/p><p>This mandatory requirement for capital restructuring seeks to protect the interests of corporate creditors against technical insolvency in public limited companies. In contrast, limited liability companies (SLs) benefit from a different protection scheme and are not subject to any provision requiring the mandatory reduction of share capital due to accumulated losses. Although there is no obligation to reduce capital due to losses in an SL, Spanish law does impose an obligation on both types of company to dissolve if net assets fall below 50% of the share capital.<\/p><table><tbody><tr><td><p>Mandatory Capital Reduction<\/p><\/td><td><p>Legal Fact<\/p><\/td><\/tr><tr><td><p>Public Limited Company (SA)<\/p><\/td><td><p>Mandatory if losses reduce net assets to below two-thirds of the share capital and this situation persists for more than one financial year.<\/p><\/td><\/tr><tr><td><p>Limited Liability Company (SL)<\/p><\/td><td><p>Non-existent. There is no legal obligation for a mandatory capital reduction triggered automatically by accounting losses.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22511\" class=\"elementor-tab-title\" data-tab=\"11\" role=\"button\" aria-controls=\"elementor-tab-content-22511\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">12.\tUnder what circumstances do creditors have the right to object to a capital reduction in a public limited company (SA), and how are creditors protected in a private limited company (SL)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22511\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"11\" role=\"region\" aria-labelledby=\"elementor-tab-title-22511\"><p>The right of creditors to object to a capital reduction is a legally enforceable prerogative in Public Limited Companies (SA), whereas in Limited Liability Companies (SL) creditor protection is provided through the assumption of joint and several liability by the partners.<\/p><p>The legal framework for the protection of third parties against asset stripping is structured differently:<\/p><table><tbody><tr><td><p>Protection Mechanism<\/p><\/td><td><p>Public Limited Company (SA)<\/p><\/td><td><p>Limited Liability Company (SL)<\/p><\/td><\/tr><tr><td><p>Right of Objection<\/p><\/td><td><p>Certain creditors have one month to object to the capital reduction intended to repay capital contributions, demanding security for their claims.<\/p><\/td><td><p>No period for lodging an objection or publication of the reduction resolution is required, unless otherwise provided for in the articles of association.<\/p><\/td><\/tr><tr><td><p>Liability and Reserves<\/p><\/td><td><p>The right to object lapses if the reduction is made against profits or freely available reserves, creating a restricted reserve for the reduced nominal value.<\/p><\/td><td><p>The shareholders assume joint and several liability for the company\u2019s debts up to the amount repaid, unless the company sets aside a reserve from profits or freely available reserves for that amount.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22512\" class=\"elementor-tab-title\" data-tab=\"12\" role=\"button\" aria-controls=\"elementor-tab-content-22512\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">13.\tWhat are the differences in the notice periods and the quorums required to hold general meetings in an SL compared to an SA?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22512\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"12\" role=\"region\" aria-labelledby=\"elementor-tab-title-22512\"><p>The main operational difference lies in the fact that a Public Limited Company (SA) requires a one-month notice period and a minimum quorum of 25%, whereas a Limited Liability Company (SL) reduces the notice period to 15 days and removes the legal requirement for an initial quorum. At Seegman, we optimise the corporate governance of foreign subsidiaries by drafting articles of association that adapt these majorities and notice periods to the control standards required by the international parent company.<\/p><p>At the corporate level, the rules on incorporation and voting are as follows:<\/p><table><tbody><tr><td><p>Corporate Governance Rule<\/p><\/td><td><p>Limited Liability Company (SL)<\/p><\/td><td><p>Public Limited Company (SA)<\/p><\/td><\/tr><tr><td><p>Notice Period<\/p><\/td><td><p>At least 15 days prior to the date set for the general meeting.<\/p><\/td><td><p>At least 1 month prior to the date set for the general meeting.<\/p><\/td><\/tr><tr><td><p>Quorum for the meeting<\/p><\/td><td><p>None; the law does not require a minimum attendance quorum.<\/p><\/td><td><p>At the first meeting, the attendance of at least 25% of the subscribed share capital with voting rights is required.<\/p><\/td><\/tr><tr><td><p>Voting Majorities<\/p><\/td><td><p>A simple majority of valid votes, provided that they represent at least one third (1\/3) of the total voting rights.<\/p><\/td><td><p>Resolutions are adopted by a simple majority of the votes present or represented at the meeting.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22513\" class=\"elementor-tab-title\" data-tab=\"13\" role=\"button\" aria-controls=\"elementor-tab-content-22513\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">14.\tDo minority shareholders have a legal right to proportional representation on the board of directors in a public limited company (SA) and a limited liability company (SL)?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22513\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"13\" role=\"region\" aria-labelledby=\"elementor-tab-title-22513\"><p>Company law grants minority shareholders of a public limited company (SA) the inherent right to proportional representation on the board of directors, a strategic privilege that is excluded by default in a private limited company (SL).<\/p><p>The structuring options for minority protection vary significantly depending on the chosen vehicle:<\/p><ul><li>Protection in the SA: The law expressly guarantees that minorities may pool their shares to appoint members to the board of directors in proportion to their shareholding.<\/li><li>Restriction in the SL: Minority shareholders do not have an automatic legal right to demand proportional representation on the board of directors.<\/li><li>Via the Articles of Association: To achieve this organic protection in an SL, investors are obliged to agree and expressly reflect this right to proportional representation in the company\u2019s own articles of association.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22514\" class=\"elementor-tab-title\" data-tab=\"14\" role=\"button\" aria-controls=\"elementor-tab-content-22514\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">15.\tWhat are the essential procedures and documents (powers of attorney, tax identification number, certificate of company name) required to incorporate a new company (NewCo) from scratch before a notary in Spain?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22514\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"14\" role=\"region\" aria-labelledby=\"elementor-tab-title-22514\"><p>The incorporation of a new company (NewCo) in Spain requires the execution of a public deed before a notary, based on the prior obtaining of tax identification numbers, the certificate of company name from the registry, and proof of payment of the share capital. Our presence in Madrid and Lisbon enables Seegman to provide comprehensive advice on the execution of these cross-border procedures, ensuring regulatory compliance in relation to anti-money laundering and the control of foreign investments.<\/p><p>The incorporation process requires the submission of the following documentation and the completion of the following procedures:<\/p><ul><li>Certificate of Name: A certificate of non-objection issued by the Central Commercial Register confirming the availability and exclusivity of the chosen corporate name.<\/li><li>Tax Identification (NIF\/NIE): Mandatory allocation of a NIF for legal entities and a NIE for individuals in respect of all foreign shareholders and future non-resident directors.<\/li><li>Notarised Powers of Attorney: If the parent company acts through a representative, powers of attorney duly legalised before a notary and apostilled (Hague Convention) or consularised are required, together with a sworn translation into Spanish.<\/li><li>Monetary Contributions: Bank deposit certificate for the SA; in the SL, this certificate may be waived if the founders assume joint and several liability towards the company and third parties for the capital contributed in the deed.<\/li><li>Public Deed and Beneficial Ownership: Notarisation of the articles of association, appointment of directors and the mandatory declaration of the identity of the \u2018beneficial owner\u2019 (natural persons who own or control more than 25% of the capital) in compliance with <em>Anti-Money Laundering <\/em>(AML) regulations.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22515\" class=\"elementor-tab-title\" data-tab=\"15\" role=\"button\" aria-controls=\"elementor-tab-content-22515\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">16.\tWhat exactly is a shelf company and what are the legal steps required to acquire and operate it immediately?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22515\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"15\" role=\"region\" aria-labelledby=\"elementor-tab-title-22515\"><p>A shelf<em> company <\/em>is an inactive legal entity, generally structured as a limited liability company (SL), which is already registered with the Commercial Register and has a Tax Identification Number (NIF), designed to be acquired immediately and to bypass the timeframes involved in a standard incorporation.<\/p><p>To acquire legal control and reactivate the commercial operations of this vehicle, investors must carry out the following corporate steps:<\/p><ol><li>Notarial Sale and Purchase and Tax Identification Numbers: Formalise the deed of sale and purchase of shares before a notary after obtaining the Tax Identification Number (NIF) or Foreigner Identification Number (NIE) of the foreign buyers and directors, providing proof of the bank transfer of the purchase price and declaring the beneficial owner.<\/li><li>Declaration of Sole Ownership: If the company had a sole shareholder, the declaration of the loss or change of identity of the sole shareholder must be notarised and registered with the Commercial Registry.<\/li><li>Organisational and Statutory Renewal: Dismiss the inactive management, appoint new directors and amend the articles of association to adapt the company name (requiring a new certificate from the Central Commercial Register), the corporate purpose and the registered office to the investor\u2019s operational needs.<\/li><li>Foreign Direct Investment (FDI) Control: Submit the required foreign investment declarations to the competent authorities.<\/li><\/ol><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22516\" class=\"elementor-tab-title\" data-tab=\"16\" role=\"button\" aria-controls=\"elementor-tab-content-22516\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">17.\tWhat obligations does anti-money laundering legislation impose regarding the identification of the \u201cbeneficial owner\u201d when incorporating or acquiring a company?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22516\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"16\" role=\"region\" aria-labelledby=\"elementor-tab-title-22516\"><p>Anti-money laundering (AML) regulations strictly require the identification and declaration before a notary of the ultimate \u201cbeneficial owner\u201d who owns or controls the corporate entity. At Seegman, our presence in Madrid and Lisbon enables our team to provide comprehensive advice on the implementation of KYC (<em>Know Your Client<\/em>) policies, ensuring a swift transaction closure without cross-border registration obstacles.<\/p><p>Individuals who meet the following criteria regarding control or management of assets are considered beneficial owners:<\/p><ul><li>Asset Control: Those individual investors who own or control, directly or indirectly, more than 25% of the share capital or voting rights of the new company (<em>NewCo<\/em>) or pre-existing company.<\/li><li>Effective Control: Those who exercise direct or indirect control over the management of the company through other operational means.<\/li><li>Directors (Deemed Control): In the absence of an individual shareholder reaching the 25% threshold, the law legally presumes that control rests with the directors. If the appointed director is a legal entity, the individual representing it must be identified without exception.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22517\" class=\"elementor-tab-title\" data-tab=\"17\" role=\"button\" aria-controls=\"elementor-tab-content-22517\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">18.\tWhat are the four legal options for structuring the board of directors that may be included in the articles of association of a limited company?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22517\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"17\" role=\"region\" aria-labelledby=\"elementor-tab-title-22517\"><p>Spanish company law allows the board of directors of a limited company to be structured in four distinct ways, ensuring excellent organisational flexibility. The articles of association may incorporate all these forms of administration simultaneously from the moment of incorporation. This strategy allows the general meeting to switch from one model to another as the business evolves, without the need for additional amendments to the articles of association.<\/p><p>The four legally permitted management structures are:<\/p><ul><li>Sole Director: A single person holds all powers of representation and business management.<\/li><li>Joint Directors: Several directors act entirely independently, each being able to bind the company vis-\u00e0-vis third parties separately.<\/li><li>Joint Directors: Several directors who are required to act and sign jointly to legally bind the company (a maximum of two in the case of a public limited company, with no limit in the case of a private limited company).<\/li><li>Board of Directors: A collegiate governing body that adopts its decisions by legal and statutory majority, suitable for complex corporate vehicles and investment funds.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22518\" class=\"elementor-tab-title\" data-tab=\"18\" role=\"button\" aria-controls=\"elementor-tab-content-22518\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">19.\tWhat do the fiduciary duties of care and loyalty consist of, which the law strictly requires of company directors in Spain?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22518\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"18\" role=\"region\" aria-labelledby=\"elementor-tab-title-22518\"><p>The fiduciary duties of care and loyalty constitute the indispensable core of directors\u2019 liability in Spain, obliging them to act as prudent businesspeople and to always prioritise the corporate interest. Breach of these duties gives rise to personal, joint and several liability on the part of the director (including the de facto or shadow director) towards the company itself, its shareholders and third-party creditors.<\/p><p>The substantive scope of both legal obligations is broken down as follows:<\/p><ul><li>Duty of Care: Requires the director to perform their duties with the level of care, attention and expertise expected of a prudent businessperson, obliging them to manage business risks (including sustainability risks) correctly and to comply with applicable regulations.<\/li><li>Duty of Loyalty: This imposes the obligation to subordinate any personal or third-party interests to the best interests of the company, operating under the principles of personal responsibility and freedom of choice. It strictly prohibits engaging in conflicts of interest, carrying out irregular related-party transactions or undertaking competitive activities, unless an express and conditional exemption is granted by the general meeting or the board.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22519\" class=\"elementor-tab-title\" data-tab=\"19\" role=\"button\" aria-controls=\"elementor-tab-content-22519\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">20.\tHow is the remuneration system for directors and those with executive functions (managing directors) legally determined and approved?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22519\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"19\" role=\"region\" aria-labelledby=\"elementor-tab-title-22519\"><p>The remuneration regime for directors requires that the remuneration system be explicitly set out in the articles of association, with the general meeting required to approve the maximum annual amount for the board as a whole. At Seegman, we structure transactions for foreign companies by drafting executive remuneration policies that safeguard compliance with the articles of association and ensure strategic alignment with the parent company.<\/p><p>The legal framework establishes different rules depending on the nature of the position held:<\/p><ul><li>Non-Executive Directors: The law presumes that the position is unpaid unless the articles of association provide for a specific remuneration system. Once the general meeting has set the maximum annual cap, it is up to the board of directors to agree on its internal distribution based on the responsibilities assumed by each director.<\/li><li>Chief Executive Officers (Executive Directors): When a director assumes executive functions, it is mandatory to enter into a commercial agreement between the director and the company. This agreement must set out the remuneration components in full, and must be strictly consistent with the systems provided for in the articles of association and fall within the maximum amount approved by the general meeting.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-22520\" class=\"elementor-tab-title\" data-tab=\"20\" role=\"button\" aria-controls=\"elementor-tab-content-22520\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">21.\tWhat are the exact deadlines required by law for the preparation, approval and filing of the annual accounts with the Commercial Registry following the end of the financial year?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-22520\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"20\" role=\"region\" aria-labelledby=\"elementor-tab-title-22520\"><p>Corporate legislation imposes a strict annual timetable requiring the accounts to be prepared within 3 months, approved within 6 months and filed with the registry within a further 1 month. Strict adherence to this accounting timetable is essential to keep the company\u2019s registration active and to protect directors from liability in the event of insolvency. Furthermore, if certain business thresholds are exceeded, these accounts must be subject to a mandatory review by an independent auditor.<\/p><p>The timeline for the financial year-end operates under the following mandatory phases:<\/p><table><tbody><tr><td><p>Accounting and Corporate Phase<\/p><\/td><td><p>Legal Deadline<\/p><\/td><td><p>Responsible Body<\/p><\/td><\/tr><tr><td><p>Preparation of the Accounts<\/p><\/td><td><p>A maximum period of 3 months from the end of the financial year.<\/p><\/td><td><p>Management Body.<\/p><\/td><\/tr><tr><td><p>Approval of the Accounts<\/p><\/td><td><p>A maximum period of 6 months following the end of the relevant financial year.<\/p><\/td><td><p>General Meeting of Members or Shareholders.<\/p><\/td><\/tr><tr><td><p>Filing with the Registry<\/p><\/td><td><p>A deadline of 1 month following the date on which the general meeting has formally approved the accounts.<\/p><\/td><td><p>Filing with the relevant Companies Register.<\/p><\/td><\/tr><\/tbody><\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"1.\\tWhat are the main differences between a Public Limited Company (SA) and a Limited Liability Company (SL), particularly in terms of minimum capital requirements?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The fundamental difference lies in the fact that a Public Limited Company (SA) requires a minimum capital of \\u20ac60,000, designed for large corporations, whilst a Limited Liability Company (SL) can be incorporated with as little as \\u20ac1, making it suitable for more flexible corporate structures. SLs account for almost 97% of companies recently incorporated in Spain, due to their lower capital requirements and greater organisational flexibility.<\\\/p><p>Below, we detail the main corporate and capital differences:<\\\/p><table><tbody><tr><td><p>Legal Feature<\\\/p><\\\/td><td><p>Public Limited Company (SA)<\\\/p><\\\/td><td><p>Limited Liability Company (SL)<\\\/p><\\\/td><\\\/tr><tr><td><p>Minimum Capital<\\\/p><\\\/td><td><p>\\u20ac60,000<\\\/p><\\\/td><td><p>\\u20ac1 (specific reserve rules apply if less than \\u20ac3,000).<\\\/p><\\\/td><\\\/tr><tr><td><p>Division of Capital<\\\/p><\\\/td><td><p>Shares (bearer or registered), which may be traded on the stock market.<\\\/p><\\\/td><td><p>Shareholdings (shares), which are non-negotiable securities.<\\\/p><\\\/td><\\\/tr><tr><td><p>Transferability<\\\/p><\\\/td><td><p>Freely transferable by nature, with limited and temporary restrictions permitted under the articles of association.<\\\/p><\\\/td><td><p>Restrictive regime by default, with free transferability usually permitted only between partners, spouses, immediate family members and group companies.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"2.\\tWhat corporate alternatives exist for operating in Spain without the need to set up a subsidiary with its own legal personality?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Foreign investors can operate in Spain without setting up their own corporate entity through branches, representative offices, partnership agreements such as <em>joint ventures<\\\/em>, or through commercial agreements with local third parties. At Seegman, our presence in Madrid and Lisbon enables our team to provide comprehensive advice on the implementation of these structures, optimising cross-border taxation and operations throughout the Iberian Peninsula.<\\\/p><p>The main legal structures for operating without independent legal personality include:<\\\/p><ul><li>Branches: Secondary establishments operating on a permanent basis on behalf of the foreign parent company.<\\\/li><li>Representative Offices: Establishments focused on preparatory, ancillary and instrumental tasks.<\\\/li><li>Joint Ventures (JV) and Economic Interest Groupings (EIG): Partnership vehicles designed to carry out specific projects or improve the economic performance of the partners.<\\\/li><li>Joint ventures: Agreements in which investors contribute capital or assets to a business managed by a third party, sharing profits and losses.<\\\/li><li>Commercial Agreements: Agency, distribution, franchise or one-off collaboration agreements with Spanish companies.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"4.\\tWhat are Temporary Joint Ventures (UTE) and Economic Interest Groupings (AIE) as forms of joint venture?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Both UTEs and EIGs are forms of business cooperation (<em>joint ventures<\\\/em>) provided for under Spanish law, differing mainly in the duration of their term and their liability regime.<\\\/p><p>At a corporate level, their legal structure is defined as follows:<\\\/p><ul><li>Temporary Joint Ventures (UTE): These lack legal personality of their own and are formed exclusively for the execution of specific services or projects, being the standard consortium arrangement for the award of construction contracts or major engineering projects.<\\\/li><li>Economic Interest Groupings (AIE): Their purpose is to promote, facilitate or increase the profitability of their members\\u2019 activities, and they are commonly used to provide centralised services to a corporate group. The partners of an AIE assume joint and several liability towards third parties for debts incurred, although this is subsidiary to the grouping itself.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"5.\\tWhat are the legal requirements for the initial payment of share capital at the time of incorporation for a public limited company (SA) compared to a private limited company (SL)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Company law requires that the shares of an SL be fully paid up at the time of incorporation, whilst the shares of an SA require an initial payment of just 25% of their nominal value. At Seegman, we structure transactions for foreign companies, ensuring strict compliance with the rules governing cash and non-cash contributions, thereby mitigating any risk of corporate liability.<\\\/p><p>The rules on capitalisation vary substantially between the two vehicles:<\\\/p><table><tbody><tr><td><p>Regulatory Requirement<\\\/p><\\\/td><td><p>Public Limited Company (SA)<\\\/p><\\\/td><td><p>Limited Liability Company (SL)<\\\/p><\\\/td><\\\/tr><tr><td><p>Initial Payment Requirement<\\\/p><\\\/td><td><p>It is mandatory to pay up at least 25% of the nominal value of each share issued at the time of incorporation.<\\\/p><\\\/td><td><p>The share capital must be fully subscribed and paid up at the time of incorporation.<\\\/p><\\\/td><\\\/tr><tr><td><p>Monetary Contributions<\\\/p><\\\/td><td><p>It is mandatory to provide a bank certificate before a notary public certifying the deposit of the funds.<\\\/p><\\\/td><td><p>A bank certificate is not required if the shareholders expressly assume joint and several liability for such contributions vis-\\u00e0-vis the company and third parties.<\\\/p><\\\/td><\\\/tr><tr><td><p>Dividend Liabilities and Non-Cash Contributions<\\\/p><\\\/td><td><p>The outstanding capital must be contributed in accordance with the agreed deadlines; in the case of non-monetary contributions, the payment must be completed within a maximum of five years.<\\\/p><\\\/td><td><p>Not applicable, as full and immediate payment is required.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"6.\\tWhat are the differences in the valuation and review of non-monetary (in-kind) contributions required of shareholders in a public limited company (SA) compared to a private limited company (SL)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The fundamental difference regarding non-monetary contributions lies in the fact that a Public Limited Company (SA) requires an independent expert\\u2019s report for their valuation, whilst a Private Limited Company (SL) waives this requirement in exchange for imposing joint and several liability on the shareholders.<\\\/p><p>To streamline the incorporation of corporate vehicles, the SL allows assets to be contributed without an official valuation, with the shareholders and directors assuming the valuation risk vis-\\u00e0-vis the company and third parties. Conversely, the SA prioritises creditor protection through formal and rigorous scrutiny. At Seegman, we structure transactions for foreign companies by strategically assessing whether the transactional agility of an SL outweighs the assumption of this joint and several liability by investors.<\\\/p><table><tbody><tr><td><p>Legal Requirement<\\\/p><\\\/td><td><p>Public Limited Company (PLC)<\\\/p><\\\/td><td><p>Limited Company (SL)<\\\/p><\\\/td><\\\/tr><tr><td><p>Independent Valuation<\\\/p><\\\/td><td><p>Mandatory. Requires an expert report assessing the value of the contribution in kind.<\\\/p><\\\/td><td><p>Not required. The expert report is dispensed with to streamline the process.<\\\/p><\\\/td><\\\/tr><tr><td><p>Liability Regime<\\\/p><\\\/td><td><p>The expert report provides greater legal certainty and protection against third parties.<\\\/p><\\\/td><td><p>The founding partners (and directors in the case of capital increases) assume joint and several liability for the assigned value.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"7.\\tHow does the law regulate restrictions on the free transfer of shares in a limited liability company (SL) compared to the transfer of shares in a public limited company (SA)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The law imposes a restrictive regime by default for the transfer of shares in an SL, whilst enshrining broad freedom of transfer for shares in an SA.<\\\/p><p>In an SL, transfers <em>inter vivos <\\\/em>to third parties are heavily restricted and may only be restricted for a maximum of five years. In contrast, restrictions in an SA apply only to registered shares and may never completely block a shareholder\\u2019s liquidity.<\\\/p><table><tbody><tr><td><p>Type of Company<\\\/p><\\\/td><td><p>Legal Regime Governing Transferability<\\\/p><\\\/td><\\\/tr><tr><td><p>Limited Liability Company (SL)<\\\/p><\\\/td><td><p>Free transferability only between partners, spouses, immediate family members and companies within the same group. Any other transfer is subject to the articles of association or the law.<\\\/p><\\\/td><\\\/tr><tr><td><p>Public Limited Company (SA)<\\\/p><\\\/td><td><p>Free transfer by nature. Restrictions must be set out in the articles of association, apply only to registered shares and must never completely prevent their sale (with the exception of a maximum <em>lock-up period <\\\/em>of two years following incorporation).<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"8.\\tWhat are the legal limits and conditions for the acquisition of own shares (treasury shares) in an SL and an SA?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The acquisition of treasury shares in a public limited company (SA) is permitted up to a general limit of 20% of the share capital, whereas in a limited liability company (SL) it is only legal under specific and exceptional circumstances.<\\\/p><p>Spanish legislation drastically restricts derivative acquisitions in SLs to prevent the asset stripping of the entity. SAs enjoy much greater financial flexibility, facilitating corporate and market transactions to accommodate investment funds and venture capital.<\\\/p><ul><li>Treasury shares in an SL: There is no fixed percentage limit, but it is only authorised in very restricted cases: acquisitions free of charge, transfers <em>by reason of death<\\\/em>, court awards, capital reductions or due to the exclusion\\\/withdrawal of a partner.<\\\/li><li>Treasury shares in SAs: Broadly permitted provided certain financial conditions are met, with a legal limit of 20% of the total share capital, which is reduced to 10% if the company is listed on the stock exchange.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"9.\\tUnder what specific exceptions may a public limited company (SA) provide financial assistance to third parties for the acquisition of its own shares, and does this apply to a limited liability company (SL)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>A public limited company (SA) may only circumvent the strict prohibition on financial assistance in two legally defined exceptions, whereas a private limited company (SL) faces an absolute and insurmountable corporate prohibition.<\\\/p><p>Financial assistance (loans, guarantees or advances to acquire own shares) is categorically prohibited in an SL. Our presence in Madrid and Lisbon enables Seegman to advise on complex cross-border acquisition financings (LBOs), structuring guarantee packages for foreign investors without breaching this mandatory company law provision.<\\\/p><table><tbody><tr><td width=\\\"161\\\"><p>Cases of Financial Assistance<\\\/p><\\\/td><td width=\\\"406\\\"><p>Applicable Regulation<\\\/p><\\\/td><\\\/tr><tr><td width=\\\"161\\\"><p>Prohibition in the SL<\\\/p><\\\/td><td width=\\\"406\\\"><p>No exceptions whatsoever. The SL may not finance or guarantee the acquisition of its own shares or those of its corporate group.<\\\/p><\\\/td><\\\/tr><tr><td width=\\\"161\\\"><p>Exceptions in the SA<\\\/p><\\\/td><td width=\\\"406\\\"><p>Permitted in only two scenarios: (i) assistance to facilitate the purchase of shares by company employees, and (ii) ordinary financial transactions carried out by banks and credit institutions.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"10.\\tWhat are the financing restrictions on an SL regarding its listing on the stock exchange or the issue of convertible bonds compared to an SA?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The SL is legally prohibited from listing on stock markets and issuing bonds convertible into shares, structural restrictions that do not apply at all to the SA.<\\\/p><p>Although SLs may issue or guarantee standard debt instruments subject to certain legal restrictions, their closed nature blocks access to floating capital. The SA is the corporate vehicle par excellence designed to leverage growth through the capital markets.<\\\/p><ul><li>Restrictions on the SL: Absolute prohibition on listing on the stock exchange and prohibition on issuing or guaranteeing bonds convertible into equity.<\\\/li><li>Capabilities of the SA: Total flexibility to raise finance on the stock markets, including the sale\\\/issue of shares, bonds and other negotiable instruments, notably the unrestricted issue of bonds convertible into shares.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"11.\\tIn which cases of accumulated losses is it legally mandatory to reduce the share capital of an SA, and does this same obligation apply to the SL?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>An SA is required by law to reduce its share capital when accumulated losses reduce its net assets to less than two-thirds of said capital for more than one full financial year.<\\\/p><p>This mandatory requirement for capital restructuring seeks to protect the interests of corporate creditors against technical insolvency in public limited companies. In contrast, limited liability companies (SLs) benefit from a different protection scheme and are not subject to any provision requiring the mandatory reduction of share capital due to accumulated losses. Although there is no obligation to reduce capital due to losses in an SL, Spanish law does impose an obligation on both types of company to dissolve if net assets fall below 50% of the share capital.<\\\/p><table><tbody><tr><td><p>Mandatory Capital Reduction<\\\/p><\\\/td><td><p>Legal Fact<\\\/p><\\\/td><\\\/tr><tr><td><p>Public Limited Company (SA)<\\\/p><\\\/td><td><p>Mandatory if losses reduce net assets to below two-thirds of the share capital and this situation persists for more than one financial year.<\\\/p><\\\/td><\\\/tr><tr><td><p>Limited Liability Company (SL)<\\\/p><\\\/td><td><p>Non-existent. There is no legal obligation for a mandatory capital reduction triggered automatically by accounting losses.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"12.\\tUnder what circumstances do creditors have the right to object to a capital reduction in a public limited company (SA), and how are creditors protected in a private limited company (SL)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The right of creditors to object to a capital reduction is a legally enforceable prerogative in Public Limited Companies (SA), whereas in Limited Liability Companies (SL) creditor protection is provided through the assumption of joint and several liability by the partners.<\\\/p><p>The legal framework for the protection of third parties against asset stripping is structured differently:<\\\/p><table><tbody><tr><td><p>Protection Mechanism<\\\/p><\\\/td><td><p>Public Limited Company (SA)<\\\/p><\\\/td><td><p>Limited Liability Company (SL)<\\\/p><\\\/td><\\\/tr><tr><td><p>Right of Objection<\\\/p><\\\/td><td><p>Certain creditors have one month to object to the capital reduction intended to repay capital contributions, demanding security for their claims.<\\\/p><\\\/td><td><p>No period for lodging an objection or publication of the reduction resolution is required, unless otherwise provided for in the articles of association.<\\\/p><\\\/td><\\\/tr><tr><td><p>Liability and Reserves<\\\/p><\\\/td><td><p>The right to object lapses if the reduction is made against profits or freely available reserves, creating a restricted reserve for the reduced nominal value.<\\\/p><\\\/td><td><p>The shareholders assume joint and several liability for the company\\u2019s debts up to the amount repaid, unless the company sets aside a reserve from profits or freely available reserves for that amount.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"13.\\tWhat are the differences in the notice periods and the quorums required to hold general meetings in an SL compared to an SA?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The main operational difference lies in the fact that a Public Limited Company (SA) requires a one-month notice period and a minimum quorum of 25%, whereas a Limited Liability Company (SL) reduces the notice period to 15 days and removes the legal requirement for an initial quorum. At Seegman, we optimise the corporate governance of foreign subsidiaries by drafting articles of association that adapt these majorities and notice periods to the control standards required by the international parent company.<\\\/p><p>At the corporate level, the rules on incorporation and voting are as follows:<\\\/p><table><tbody><tr><td><p>Corporate Governance Rule<\\\/p><\\\/td><td><p>Limited Liability Company (SL)<\\\/p><\\\/td><td><p>Public Limited Company (SA)<\\\/p><\\\/td><\\\/tr><tr><td><p>Notice Period<\\\/p><\\\/td><td><p>At least 15 days prior to the date set for the general meeting.<\\\/p><\\\/td><td><p>At least 1 month prior to the date set for the general meeting.<\\\/p><\\\/td><\\\/tr><tr><td><p>Quorum for the meeting<\\\/p><\\\/td><td><p>None; the law does not require a minimum attendance quorum.<\\\/p><\\\/td><td><p>At the first meeting, the attendance of at least 25% of the subscribed share capital with voting rights is required.<\\\/p><\\\/td><\\\/tr><tr><td><p>Voting Majorities<\\\/p><\\\/td><td><p>A simple majority of valid votes, provided that they represent at least one third (1\\\/3) of the total voting rights.<\\\/p><\\\/td><td><p>Resolutions are adopted by a simple majority of the votes present or represented at the meeting.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}},{\"@type\":\"Question\",\"name\":\"14.\\tDo minority shareholders have a legal right to proportional representation on the board of directors in a public limited company (SA) and a limited liability company (SL)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Company law grants minority shareholders of a public limited company (SA) the inherent right to proportional representation on the board of directors, a strategic privilege that is excluded by default in a private limited company (SL).<\\\/p><p>The structuring options for minority protection vary significantly depending on the chosen vehicle:<\\\/p><ul><li>Protection in the SA: The law expressly guarantees that minorities may pool their shares to appoint members to the board of directors in proportion to their shareholding.<\\\/li><li>Restriction in the SL: Minority shareholders do not have an automatic legal right to demand proportional representation on the board of directors.<\\\/li><li>Via the Articles of Association: To achieve this organic protection in an SL, investors are obliged to agree and expressly reflect this right to proportional representation in the company\\u2019s own articles of association.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"15.\\tWhat are the essential procedures and documents (powers of attorney, tax identification number, certificate of company name) required to incorporate a new company (NewCo) from scratch before a notary in Spain?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The incorporation of a new company (NewCo) in Spain requires the execution of a public deed before a notary, based on the prior obtaining of tax identification numbers, the certificate of company name from the registry, and proof of payment of the share capital. Our presence in Madrid and Lisbon enables Seegman to provide comprehensive advice on the execution of these cross-border procedures, ensuring regulatory compliance in relation to anti-money laundering and the control of foreign investments.<\\\/p><p>The incorporation process requires the submission of the following documentation and the completion of the following procedures:<\\\/p><ul><li>Certificate of Name: A certificate of non-objection issued by the Central Commercial Register confirming the availability and exclusivity of the chosen corporate name.<\\\/li><li>Tax Identification (NIF\\\/NIE): Mandatory allocation of a NIF for legal entities and a NIE for individuals in respect of all foreign shareholders and future non-resident directors.<\\\/li><li>Notarised Powers of Attorney: If the parent company acts through a representative, powers of attorney duly legalised before a notary and apostilled (Hague Convention) or consularised are required, together with a sworn translation into Spanish.<\\\/li><li>Monetary Contributions: Bank deposit certificate for the SA; in the SL, this certificate may be waived if the founders assume joint and several liability towards the company and third parties for the capital contributed in the deed.<\\\/li><li>Public Deed and Beneficial Ownership: Notarisation of the articles of association, appointment of directors and the mandatory declaration of the identity of the \\u2018beneficial owner\\u2019 (natural persons who own or control more than 25% of the capital) in compliance with <em>Anti-Money Laundering <\\\/em>(AML) regulations.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"16.\\tWhat exactly is a shelf company and what are the legal steps required to acquire and operate it immediately?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>A shelf<em> company <\\\/em>is an inactive legal entity, generally structured as a limited liability company (SL), which is already registered with the Commercial Register and has a Tax Identification Number (NIF), designed to be acquired immediately and to bypass the timeframes involved in a standard incorporation.<\\\/p><p>To acquire legal control and reactivate the commercial operations of this vehicle, investors must carry out the following corporate steps:<\\\/p><ol><li>Notarial Sale and Purchase and Tax Identification Numbers: Formalise the deed of sale and purchase of shares before a notary after obtaining the Tax Identification Number (NIF) or Foreigner Identification Number (NIE) of the foreign buyers and directors, providing proof of the bank transfer of the purchase price and declaring the beneficial owner.<\\\/li><li>Declaration of Sole Ownership: If the company had a sole shareholder, the declaration of the loss or change of identity of the sole shareholder must be notarised and registered with the Commercial Registry.<\\\/li><li>Organisational and Statutory Renewal: Dismiss the inactive management, appoint new directors and amend the articles of association to adapt the company name (requiring a new certificate from the Central Commercial Register), the corporate purpose and the registered office to the investor\\u2019s operational needs.<\\\/li><li>Foreign Direct Investment (FDI) Control: Submit the required foreign investment declarations to the competent authorities.<\\\/li><\\\/ol>\"}},{\"@type\":\"Question\",\"name\":\"17.\\tWhat obligations does anti-money laundering legislation impose regarding the identification of the \\u201cbeneficial owner\\u201d when incorporating or acquiring a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Anti-money laundering (AML) regulations strictly require the identification and declaration before a notary of the ultimate \\u201cbeneficial owner\\u201d who owns or controls the corporate entity. At Seegman, our presence in Madrid and Lisbon enables our team to provide comprehensive advice on the implementation of KYC (<em>Know Your Client<\\\/em>) policies, ensuring a swift transaction closure without cross-border registration obstacles.<\\\/p><p>Individuals who meet the following criteria regarding control or management of assets are considered beneficial owners:<\\\/p><ul><li>Asset Control: Those individual investors who own or control, directly or indirectly, more than 25% of the share capital or voting rights of the new company (<em>NewCo<\\\/em>) or pre-existing company.<\\\/li><li>Effective Control: Those who exercise direct or indirect control over the management of the company through other operational means.<\\\/li><li>Directors (Deemed Control): In the absence of an individual shareholder reaching the 25% threshold, the law legally presumes that control rests with the directors. If the appointed director is a legal entity, the individual representing it must be identified without exception.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"18.\\tWhat are the four legal options for structuring the board of directors that may be included in the articles of association of a limited company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Spanish company law allows the board of directors of a limited company to be structured in four distinct ways, ensuring excellent organisational flexibility. The articles of association may incorporate all these forms of administration simultaneously from the moment of incorporation. This strategy allows the general meeting to switch from one model to another as the business evolves, without the need for additional amendments to the articles of association.<\\\/p><p>The four legally permitted management structures are:<\\\/p><ul><li>Sole Director: A single person holds all powers of representation and business management.<\\\/li><li>Joint Directors: Several directors act entirely independently, each being able to bind the company vis-\\u00e0-vis third parties separately.<\\\/li><li>Joint Directors: Several directors who are required to act and sign jointly to legally bind the company (a maximum of two in the case of a public limited company, with no limit in the case of a private limited company).<\\\/li><li>Board of Directors: A collegiate governing body that adopts its decisions by legal and statutory majority, suitable for complex corporate vehicles and investment funds.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"19.\\tWhat do the fiduciary duties of care and loyalty consist of, which the law strictly requires of company directors in Spain?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The fiduciary duties of care and loyalty constitute the indispensable core of directors\\u2019 liability in Spain, obliging them to act as prudent businesspeople and to always prioritise the corporate interest. Breach of these duties gives rise to personal, joint and several liability on the part of the director (including the de facto or shadow director) towards the company itself, its shareholders and third-party creditors.<\\\/p><p>The substantive scope of both legal obligations is broken down as follows:<\\\/p><ul><li>Duty of Care: Requires the director to perform their duties with the level of care, attention and expertise expected of a prudent businessperson, obliging them to manage business risks (including sustainability risks) correctly and to comply with applicable regulations.<\\\/li><li>Duty of Loyalty: This imposes the obligation to subordinate any personal or third-party interests to the best interests of the company, operating under the principles of personal responsibility and freedom of choice. It strictly prohibits engaging in conflicts of interest, carrying out irregular related-party transactions or undertaking competitive activities, unless an express and conditional exemption is granted by the general meeting or the board.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"20.\\tHow is the remuneration system for directors and those with executive functions (managing directors) legally determined and approved?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The remuneration regime for directors requires that the remuneration system be explicitly set out in the articles of association, with the general meeting required to approve the maximum annual amount for the board as a whole. At Seegman, we structure transactions for foreign companies by drafting executive remuneration policies that safeguard compliance with the articles of association and ensure strategic alignment with the parent company.<\\\/p><p>The legal framework establishes different rules depending on the nature of the position held:<\\\/p><ul><li>Non-Executive Directors: The law presumes that the position is unpaid unless the articles of association provide for a specific remuneration system. Once the general meeting has set the maximum annual cap, it is up to the board of directors to agree on its internal distribution based on the responsibilities assumed by each director.<\\\/li><li>Chief Executive Officers (Executive Directors): When a director assumes executive functions, it is mandatory to enter into a commercial agreement between the director and the company. This agreement must set out the remuneration components in full, and must be strictly consistent with the systems provided for in the articles of association and fall within the maximum amount approved by the general meeting.<\\\/li><\\\/ul>\"}},{\"@type\":\"Question\",\"name\":\"21.\\tWhat are the exact deadlines required by law for the preparation, approval and filing of the annual accounts with the Commercial Registry following the end of the financial year?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Corporate legislation imposes a strict annual timetable requiring the accounts to be prepared within 3 months, approved within 6 months and filed with the registry within a further 1 month. Strict adherence to this accounting timetable is essential to keep the company\\u2019s registration active and to protect directors from liability in the event of insolvency. Furthermore, if certain business thresholds are exceeded, these accounts must be subject to a mandatory review by an independent auditor.<\\\/p><p>The timeline for the financial year-end operates under the following mandatory phases:<\\\/p><table><tbody><tr><td><p>Accounting and Corporate Phase<\\\/p><\\\/td><td><p>Legal Deadline<\\\/p><\\\/td><td><p>Responsible Body<\\\/p><\\\/td><\\\/tr><tr><td><p>Preparation of the Accounts<\\\/p><\\\/td><td><p>A maximum period of 3 months from the end of the financial year.<\\\/p><\\\/td><td><p>Management Body.<\\\/p><\\\/td><\\\/tr><tr><td><p>Approval of the Accounts<\\\/p><\\\/td><td><p>A maximum period of 6 months following the end of the relevant financial year.<\\\/p><\\\/td><td><p>General Meeting of Members or Shareholders.<\\\/p><\\\/td><\\\/tr><tr><td><p>Filing with the Registry<\\\/p><\\\/td><td><p>A deadline of 1 month following the date on which the general meeting has formally approved the accounts.<\\\/p><\\\/td><td><p>Filing with the relevant Companies Register.<\\\/p><\\\/td><\\\/tr><\\\/tbody><\\\/table>\"}}]}<\/script>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Corporate Governance Let us help you We have extensive experience assisting international clients with the corporate maintenance of their investment vehicles. Our work includes recurring tasks such as supporting general shareholders\u2019 meetings and boards of directors, as well as advising on business-related operations. Our expertise includes advising numerous international clients on the corporate maintenance of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-9968","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Corporate Governance<\/title>\n<meta name=\"description\" content=\"Seegman provides legal support to businesses on all stages of development, to maintain corporate structures in a simple and thorough way.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seegman.com\/en\/corporate-governance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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