[The AustralianParticipant]

I am trying to set up a Gestora de carteras (asset/portfolio management) in Spain.

Contacting the Regulator (Comisión Nacional del Mercado de Valores) has been proving useless and frustrating since each time they answer in a different way but never give the information I really need and on the phone (I had to pay a Spanish friend because they didn’t even speak a word in English) they said that they cannot answer to my questions on the phone…which is crazy since all I am asking is about the exact requirements to start the business.

Then I tried to get the information through an abrogado (lawyer). I contacted 5, some specialized in financial investments. None replied in a week.

2 days ago I filled a form on http://www.servihabitat.com requesting more info regarding payment options for a property I am interested in buying. No answer yet.

It does make me wonder if I should not move to Spain.

[AnonymousParticipant]

NO!!!

but look on the bright side, if they were super competent and efficient imagine how difficult it would be to do business here???

[katySpectator]

Spain has just dropped in the rankings as a difficult country to do business. It is behind even Tunisia and Rwanda 😯

http://www.diariosur.es/rc/20131029/economia/espana-entre-paises-mayores-201310290217.html

[GarySFBCNParticipant]

There seems to be multiple problems. Part of the problem is that those contact forms on websites are not always routed to a person – instead it is up to someone to check that account for mail and after days/weeks with no messages, it is probably only checked every month.

Another part of the problem is that when people do not know how to respond or answer your questions, they just choose not to respond.

Of course there are lazy people everywhere and that is also part of the problem.

I’ve always gotten good results from sending a text message (SMS) to someone. It’s also good to do that from a mobile phone that has What’s App.

Gary

[AnonymousParticipant]

I have been dealing with Spain for decades. They do not reply to letters, registered letter, emails, telephone calls, If you phone the person or the department is always in a meeting. If you persist as to when the meeting will finish you will not get a answer. No one will give you a straight answer & if you think that they will give anything in writing or with their signature you have a better chance of winning the lottery.

The above is a practise s Country wide irrespective of being a commercial organisation, Government/regional offices.
Doing business in Spain is not a very sensible idea the inefficiency,paper chase, lack of information, quality of information, the timing lag in obtaining the information & the super efficient system of collecting a very high social cost at the end of each month deters people from investing in Spain.

Only a large multinational takes this route as they are given tax credit & the back handers to the right people allow them to operate in the Country. The multinationals has deep packets & fat margins to sustain their investment.

[Arthur StuttardParticipant]

Earlier this year I wrote 3 letters to the AEAT and one complaining about them to the Defensor del Pueblo. The only reply I received was from the Defensor del Pueblo saying that he too had been unable to get a reply from the AEAT! One of the letters contained a cheque for my tax for 570 euros which they just sat on. It was returned to me 9 months later with a charge for interest for late payment.

[AnonymousParticipant]

In setting up a business in Spain, generally you will need to employ the services of an Asesoria, which on average you will pay 100 E per month + IVA (I use CE Consulting). When compared to an ‘Accountant’ in the UK, they provide as part of their contract, far more Value Added Services e.g. Business Plan, liaising with all official functions etc. These guys will sort that al out for you as part of their services to you and will have all the right contacts. If you are opening up a business, especially in the Finance Industry in Spain ….. you will need proper representation which you should be prepared to pay for.

Mike

[Arthur StuttardParticipant]

Just had a further email from the Defensor del Pueblo saying that he still cannot get a response from the AEAT – after 9 months. What chance have the rest of us?

[Author]

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