The situation of the Startups in Spain: great growth in recent years, but ballasts by the bureaucracy

The new ecosystem law of emerging companies, popularly known as Startup law, was approved last Friday at the Minister Council. According to the subsequent pre

The situation of the Startups in Spain: great growth in recent years, but ballasts by the bureaucracy

The new ecosystem law of emerging companies, popularly known as Startup law, was approved last Friday at the Minister Council. According to the subsequent press conference, the First Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, establishes a "very favorable" fiscal framework for the sector. If so, it could help Spain reach its potential in a market in which, despite having grown in recent years, it is far behind countries such as France or Germany.

The law, therefore, will seek to create an "attractive" regulatory environment that is capable of encouraging and attracting investment: there will be a special regime for digital nomads with which they seek to invest both Spaniards that take five or more years Living abroad as foreign professionals.

To achieve this, the law defines what a Startup is - innovative technological base companies - and puts in the hands of Enisa this accreditation. Getting it will allow, for example, to increase tax investment up to 100,000 euros in recent creation companies (ie, up to five years, except in the case of those dedicated to biotechnology, industry or energy, which reaches seven). The serial entrepreneurship is also contemplated, so it will be possible to avail this measure up to three occasions.

Another of these tax advantages will be a tax on societies of 15%, instead of 25%, for these companies, which will also be able to postpone the tax burdens of two interesting exercises. Likewise, the limit of purchase options for tax-free actions for employees rises up to 50,000 euros and will only be taxed by liquidating them or when ten years of their possession are met.

Studies and experts agree that, if this were a sports competition, Spain would be half a board, but with potential to get much more. Countries like France managed to improve its position precisely with a similar law. Of course, according to Raymond Torres, director of Custura and International Economics on Funches, the great contribution of it was not necessarily economic: "The streamlining of the procedures served to boost the startups even more than the fiscal share."

In his opinion, one of the current problems of Spain is that many companies are created, but also a large number of them will die as soon as possible. "This is something that, in turn, reflects a problem that we have of business growth: Companies or stop existing or staying in SMEs," he says. This is also a consequence of the temporality of the labor market and even the gaps in training.

Anyway, he believes that the main pitfalls "have to do with bureaucratic procedures", something that is perfectly seen in local incubators, who have been very successful in a multitude of territories, but whose startups meet with problems when leaving the zone. "There are a number of administrative procedures and also to differences in normatives between autonomous communities, which may make it difficult for when the baby has been born and begins to walk becomes a young man or an adult who even moves around the world," exemplifies . "We have a series of normative elements that can be a brake on business growth," he regrets the expert.

In spite of this, Torres believes that Spain has many assets, such as the quality of infrastructures, lower taxes than in several countries of the environment - to France, Italy or Portugal - and work costs either very high. This is reflected in foreign direct investment - "continues to enter a lot" - and exports.

According to the annual report of the Dealroom consultancy, the ecosystem of emerging companies in Spain has skyrocketed in recent years and has multiplied by five value since 2015. So, it has now already reached 46,000 million euros worldwide, when In the middle of the decade, it was barely 10,000 million. Growth comes from the hand of its first unicorns - ends with an assessment of an Anglo-Saxon trillion, equivalent to our 1,000 million - such as Glovo, Wallbox or Flywire.

This has also caused investment in the country, which is precisely what it wants to cement and encourage startup law, especially in Madrid and Barcelona. Of course, the year of the pandemic was very hard and the investment collapsed: in the first half of 2021 it had already been achieved more money than by all 2020.

In spite of this, DealRoom considers that there is still room to grow, especially at the international level. Investment in Startups in Spain, explains the consultant, dominate sources of Spanish origin or, as much, European and only 15% of the capital came from outside Spain by 2020.

On the other hand, the latest report of SMEs and Entrepreneurship published by the Organization for Economic Cooperation and Development (OECD) emphasizes that small companies in Spain join the digital transition and the body positively values access to high-speed networks (The country is above average), but considers that there is still a delay in the adoption of electronic commerce or cloud computing, where the percentage of penetration is around 25%.

With regard to the ease of creating businesses, the OECD places Spain among the best countries from the point of view of the simplicity and evaluation of regulations and the few administrative burdens. However, it believes that the cost is considerably high and there is a lack of technical knowledge and innovation.

In the list of 'Unicorn' elaborated by CB Insights, which leads the company China Bytedance (owner of Tiktok) with 140,000 million dollars of valuation appear four Spanish companies: Jobandalent (2,350 million), Cabify (1,400 million), Copado (1,200 Millions) and Glovo. Jobandalent and Copade entered the last four months.

The number of mythological animals of 2021 places Spain at the height of countries such as Belgium (two), Ireland (three), the Netherlands (Five), Sweden (four) or Switzerland (also four) and well above others of our Surroundings such as Portugal or Italy, which do not have companies of this type. However, if the number is compared with Germany (23), France (19), Israel (22) or United Kingdom (37) is clear that there is a lot of work ahead.

Date Of Update: 10 December 2021, 20:53

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