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					      New Enterprise, Ltd.
business creation

                     the easy way

            the best start
                      New Enterprise, Ltd.

   To promote the creation of more SMEs, more
   simply, more quickly, and with a better start
   in life

   By simplifying the administrative process
   and providing integral, tailored advisory
   services for newly created SMEs
                            New Enterprise, Ltd.

Key elements of the project:

     1. “New Enterprise” Limited Company Act (Act 7/2003)

     2. Simplified Accounting Regime (Royal Decree 296/2004)

     3. Information Centre and Business Creation Network
        CIRCE (Royal Decree 682/2003)
                               “New Enterprise” Limited Company Act

AIM:   To create a simplified legal framework specially geared to the needs and operational
       structures of small firms, providing a fast, simple start-up formula.

 A new variant of the Private Limited Company (S.L. in Spain), with capital stock divided into equity
 units. Owners are not personally liable for the debts of the company.

 “New Enterprise” companies are set up for an unlimited duration.

 “New Enterprise” companies can have up to five incorporating members, who must all be natural
 persons. However, this number can later be increased indefinitely via the transfer of units.

 The minimum capital is the same as for any Private Limited Company (€3,012) and must be paid
 up in cash. The ceiling capital level is set at €120,202.

 Their corporate purpose is stated in general terms (so they have the flexibility to perform different
 business activities without having to amend their memorandum of association).

 They can use a standard memorandum of association, enabling the company to be set up in 48

 They can use an accounting model especially adapted to the reality of microfirms, which complies
 with financial and tax reporting rules and also serves as a management tool.
                                     Information Centre and
                         Business Creation Network - CIRCE

The CIRCE Information Centre and Business Creation Network:

  CIRCE is an information system for the online registration of “New
  Enterprise” limited companies.

Component elements:

   a) A nationwide network of Enterprise Creation Advisory and Initiation
      Points (PAITs)

   b) The CIRCE portal

   c) The Electronic Processing System (STT)
                             Information Centre and
         Business Creation Network – CIRCE (Contd)

PAITs. Enterprise Creation Advisory and Initiation Points

      a) Public and private agencies

      b) Information and advice service

      c) Starting point for online registration of “New
          Enterprise” ventures

      d) PAIT set-up agreement
                                  Information Centre and
              Business Creation Network – CIRCE (Contd)

Electronic Processing System

   The IT system for processing business creation applications based
   on the Single Electronic Document (SED).

   The SED is an electronic instrument uniting all the data that must be
   provided to legal registries and to the official departments in charge of
   approving the creation of “New Enterprise” limited companies.

 The SED has the following characteristics:

       A one-stop document: uniting all the paperwork needed to create and start
       up a “New Enterprise” limited company. Replaces the 15 forms previously

       Electronic-online application: making intensive use of ICTs to radically
       reduce the lead time to business start-up.
  Face-to-face                         Online

                                    CIRCE            Notary Public              Social

                 Log on
PACDUE                            Workflow and                                                Inland
  user                            Documentation                                              Revenue

                                  Correspondence   Mercantile
                                   and Signature   Registry
PACDUE                                                                                     Regional
  user                                Manager
                                                                                                     STT-CIRCE Actors and process

                                                                                                                               .ES Registry

                                                                                                           Internet domain

                                              Details of vessel                        PAIT
                                                                                                                    Fishing licence
           Directorate General of the Merchant Navy
                                                                                   Step 1                                     General Secretariat of Fisheries

                                Co. name reservation

                                   Certificate/Bill                           STT-CIRCE              SED                                                    Step 3
  Central Mercantile Registry                                                                                                           Certificate/Bill
                                  Print notification                          Company name
                                                                                                                                       Print notification
                                                             Step 2                                                                   Unregistered deed
                                                                              Print notification
                                                                                                                                        Provisional tax
                                                                             Unregistered deed
                                                                                                                                         Transfer tax-
                                                                               Provisional tax                                           Stamp duty
                             Transfer tax-Stamp duty                               number
        AUTONOMOUS                                                                                                                    PMR entry number
         COMMUNITY                                                           Start-up declaration
                                                                                                                                      Submission receipt
                                                       Step 5              Transfer tax-Stamp duty
                                                                               Social Security
                                                                                                                                       Registered deed
                                                        Step 7                  Registration                                                                Step 8

                            Social Security                                  Submission receipt
                            enrollment data                                                                                     Step 4
                                                                               Registerd deed
                                                                                 Definitive tax                                  Provisional tax
                                                                               Identity number                                      number

                                                                                                                               Start-up declaration
                                    Registration submission
                                                                                                                                  Definitive tax
                                       Submission receipt

                                             Resolution           Step 6                                                          Step 9

Provincial Mercantile Registry (PMR)
Simplified legal and accounting framework. (Act 7/2003 of 1 April on
the “New Enterprise” limited company and Simplified accounting regime)

One-stop shops for business creation. (PAITs)

One-stop form for business creation. (Single Electronic Document -

Simplification of administrative formalities. (Use of ICT)

Adaptation of tax law. (Tax measures contained in the
New Enterprise Act)

A fast, streamlined incorporation process. (Coordination
between government departments)
                                       Work in progress
Extension of the online registration option to all private limited

Free change of company name. (Article 25 of the Productivity

Rollout of a Mentoring Programme (TUTELA) for firms setting
up by electronic means.

PI+D+i network (PAITS to serve also as information points on official
R&D and Innovation subsidies).

Coordination between PAIT network and the One-Stop Shop

                   Thank you