Author: Rebecca Wall

Blog post written by Chamber Member Scornik Gerstein LLP

 

SCORNIK GERSTEIN LLP, a leading international cross border law firm with over four decades of continued successful practice, specialised in providing legal advice to foreign clients with their legal needs in Spain, has opened a new office in Sotogrande (Cadiz, Spain).

 

It will be led by Antonio Arenas Lopez, Managing Partner at Scornik Gerstein LLP and renowned and prestigious dually qualified Spanish Abogado & English Solicitor with over 20 years of effective practice in both jurisdictions.

 

Our new office in Sotogrande will maintain the excellence provided throughout all these years of successful practice as expected from a fully UK regulated firm (SRA’s registration number 565232) with its minimum compulsory £3 million professional negligence cover for our client’s peace of mind.

 

And, of course, your communications with us at our Sotogrande office will be handled fluently in your own language, under the protection of your own legal system, ensuring that your instructions are safely understood and promptly executed.

 

Do not hesitate to contact Scornik Gerstein LLP Sotogrande for further information:

 

Address: Pasaje San Francisco 7, PN Guadiaro, Sotogrande, 11311 San Roque – Cádiz (Spain)

Phone: +3468211003

Email: sotogrande@scornik.com

Website: Home | Scornik Gerstein LLP

 

 

Blog post written by Kathryn Walton – Events and Communications Assistant

 

The Spanish Chamber of Commerce in the UK is fortunate enough to have some of the best Spanish restaurants in London as loyal Members of our institution. As Spanish culinary experts, it goes without saying that their menus boast the most delicious croquetas in London, so we at the Chamber decided to embark on our very own Croquetas Tour to sample their take on this delicacy ourselves. From the Chamber’s office in central London, we set off to visit six of our Member restaurants on a meticulously planned route – and the croquetas went above and beyond our already high expectations!

 

👉 Click here to watch the recording: http://https://bit.ly/3DUuJt2

 

 

RESTAURANT 1: BRINDISA

 

To kick off our tour we made our way to one of the largest and oldest food markets in London, Borough Market, to sample our Member restaurant Brindisa’s authentic Ibérico ham croquetas. We were thoroughly impressed by the buzzing atmosphere, the friendly staff, and the mouth-watering croquetas that we received. What makes Brindisa particularly authentic is that it is a traditional tapas bar with no reservations. What’s more, the restaurant offers both indoor and outdoor dining, so you can choose to dine inside, or breathe some fresh air on their stylish terrace. Whilst we were there, the team decided that it was imperative to try their terrific 100% acorn-fed Ibericó ham, which was certainly favoured amongst our Spanish members.

 

 

 

RESTAURANT 2: HISPANIA

 

After a fantastic start to the afternoon, we made our way to the second stop on the tour, Member restaurant, Hispania. Located in 72-74 Lombard St, in the historic building of Lloyds Bank, Hispania provides imaginative takes on classic Spanish dishes and tapas, with a grand, tiled upstairs dining room. Already in awe at the beautiful decor, the team proceeded to sample the croquetas. We opted for the classic Ibérico ham croquetas, as well as Hispania’s contemporary wild mushroom croquetas, with the latter being a particular favourite. Hispania has a lot to offer, one can choose to dine in the main restaurant, privately upstairs, or even hire their catering services and celebrate events. The team works hard to ensure that all of their clients feel immersed in the Spanish culture and have an authentically Spanish experience.

 

 

 

RESTAURANT 3: JOSÉ PIZARRO

 

With smiles on our faces, we were anxious to get to our Patron restaurant, José Pizarro, located in Broadgate Circle. The atmosphere was vibrant and the location was superb, as it was just a few minutes’ walk away from Liverpool Street Station. For those of you who are dog lovers, it is even possible to bring your puppy pal whilst you soak up the ambience on the restaurant terrace. We were immediately welcomed by our friendly and attentive waitress who poured us some delicious glasses of Spanish cava whilst we waited for our croquetas. This time, we were recommended to try the Blue Cheese and Spinach, as well as the Chicken and Chile croquetas, both showcasing a modern twist on authentic Spanish cuisine. What’s more, José Pizarro Broadgate offers an exclusive Saturday Bottomless lunch, which features the finest cut of Iberian pork – 5J Presa Ibérica – and of course, their delicious croquetas!

 

 

 

RESTAURANT 4: CAMINO

 

Our next stop was to Member restaurant, Camino. Inspired by a life-changing road trip in the summer of 1984, Camino is an assemblage of wonderful memories and journeys that reflects the true nature of Spain. Camino boasts a total of four restaurants, each one offering something unique. Our team decided to eat at their restaurant in Shoreditch, where we were swiftly directed to our table, marked by our very own ‘Croquetas Tour’ sign. This was a much-appreciated personal touch that exemplifies the brilliant character of the restaurant and its staff. When it came to ordering our croquetas we were pleased to hear that Camino offers the option to add grated manchego cheese on top of their Ibérico ham croquetas, so of course, that’s what we did. The team were particularly impressed by the authenticity of the food, as well as the hand-selected bottle of wine that was delivered to our table.

 

 

 

RESTAURANT 5: SAGARDI

 

Our penultimate stop consisted of a visit to our Member restaurant, Sagardi, a restaurant that pays tribute to its roots, the Basque Country. Their chef, Iñaki López de Viñaspre brings sincerity and authenticity to each and every one of their fine products. Sagardi also offers a range of private dining experiences in which the rooms are based on the Basque “txokos” (gastronomical societies), where the Basques come together to cook, experiment with new ways of cooking, eat and socialise. As we made our way into the restaurant, our attention was immediately caught by the fantastic selection of Basque, red meat, the txuletón, showcased in Sagardi’s Butcher. The open and friendly dining room was the perfect place for us to relax and try some of their Ibérico ham croquetas. Unsurprisingly, they were delicious. The relaxing and cool ambience of the restaurant, coupled with the affability of the staff, made Sagardi the perfect addition to our afternoon.

 

 

 

RESTAURANT 6: BOQUERIA

 

Our final Member restaurant was Boqueria, with two locations in Battersea and Acre Lane, the restaurant is inspired by the Mercat (Market) de la Boqueria in Barcelona, a top-quality food market in Spain presenting the finest quality produce of the country. The restaurant décor was both contemporary and unique, with the dining room featuring hanging grape baskets, a concept by Spanish designer Erico Navazo. The team proceeded to sample three varieties of croquetas. The first were a delicious batch of Ibérico ham croquetas, the second consisted of a fabulous chicken filling, and the third and favourite variation containing truffle and boletus. For those of you who do not drink alcoholic beverages, Boqueria have a number of non-alcoholic options, including Benefactor Estrella Galicia’s 0.0, which boasts the golden colour of a typical Pilsner style beer.

 

 

 

 

 

 

 

Our new series, ‘Success Stories’ aims to highlight the subsequent success of various companies since becoming a Member of the Spanish Chamber through a number of interviews. To kick of the series, we were thrilled to interview Chamber Member Paella Fella to learn more about the thriving catering business.

 

1. Could you briefly describe Paella Fella and what sparked your initial interest in making the company a Member of the Spanish Chamber?

 

Paella Fella is a specialist event caterer providing premium quality paella and tapas for a variety of events from landmark birthdays and weddings to corporate functions – all on a scale for gatherings of 50 to 350 people or even more.

Ever keen to share our love and passion for entertaining with paella, tapas and all things Iberian, we approached the Spanish Chamber of Commerce and found they offered a unique proposition for networking opportunities as well as developing useful new business contacts across and throughout the Chamber members.

 

2. How has Paella Fella changed and advanced since joining the Chamber?

 

Our membership of the Chamber has had and continues to have a very positive significant impact on Paella Fella’s business.  It has opened up to us a range of new corporate customers from across the membership which has helped us shape and refine both our onsite catering and large scale delivery based services.

 

3. Has joining the Spanish Chamber given your business access to new clientele, or do you have any success stories that you can share?

 

Joining the Chamber has opened up a range of different opportunities for Paella Fella to cater for new clientele.  This has included sponsoring a tapas/food station at the Spanish Chamber of Commerce’s Copa del Rey de Golf Tournament in 2018 and catering for both Ferrovial SA/Laing Construction’s Thames Tideway Project Inauguration and Tunnel Completion phases on two separate occasions.  I do not believe these unique opportunities would have been open to us without being part of the Spanish Chamber of Commerce.

 

4. Could you highlight some of the main factors that you would attribute to the success of your company?

 

Creating a unique happy and hassle-free catering experience end to end for our customers I would say is key to the success of Paella Fella.  The difference comes from having a fun-loving dedicated team of staff serving up a blend of premium quality paellas and tapas both traditional and fusion based, that brings sunshine and happiness to every event.

 

5. Finally, what would you say to somebody who’s on the fence about signing up to become a Member of the Chamber?

 

I would say: go ahead and join because the combination of benefits available are significant i.e. the different networking opportunities offered, together with the contacts, reach and sphere of influence that the Spanish Chamber has, far outweighs not being part of the family.

 

 

Blog Post Written By Chamber Member ClimateTrade

ClimateTrade, the world’s first blockchain-powered climate solutions provider, is now a member of the Spanish Chamber of Commerce in the United Kingdom, with the goal of supporting the net zero efforts of its members.

ClimateTrade was born out of a desire to empower large-scale decarbonisation through constant innovation, with technological solutions that facilitate transparent carbon and climate offsetting. The company already counts several Chamber of Commerce members as clients, including Banco Santander, Banco Sabadell, Mapfre, Melia Hotels and Telefonica.

The ClimateTrade marketplace allows companies around the world to offset their climate impact transparently and efficiently by purchasing carbon, plastic and biodiversity offsets, as well as renewable energy certificates or iRECs. These credits are sourced directly from more than 60 projects in over 20 countries, all certified by recognised standards such as Verra, Gold Standard or the Clean Development Mechanism (CDM).

Available projects include nature-based solutions, green energy, community development, reforestation and more, and all are aligned with the UN Sustainable Development Goals (SDGs), with the marketplace giving buyers the option to filter projects by type, location, vintage or desired SDGs.

Blockchain technology brings unique added value by guaranteeing full transparency, speed and lower costs for all transactions, while delivering a groundbreaking user experience. Carbon offsetting activities are fully traceable, with buyers and sellers communicating directly through the platform, and proof of carbon credit cancellation being required for sellers to receive payment. This gives companies the comfort of knowing that their money is generating the desired impact and contributing to the mitigation of climate change.

The ClimateTrade API, Widget and Whitelabel allow clients to integrate marketplace functionalities into their own platform, automatically calculating the carbon footprint of a product or service and giving customers the option to offset it at or after

check-out. Essentially, ClimateTrade’s software solutions can help clients tackle their scope 3 emissions and support their net zero strategy.

Offsetting carbon footprint through ClimateTrade solutions always results in the issuance of a personalised certificate with information about the project that generated the associated carbon credits, as well as a blockchain key for traceability. This functionality makes it easier to report on carbon offsetting activities and fulfil ESG requirements.

To date, ClimateTrade has allowed the offsetting of more than 3 million tons of CO2, and its client portfolio includes renowned brands such as Santander Bank, Cabify, Telefonica, Melia Hotels, Lavazza and many others as clients.

ClimateTrade is also spearheading disruptive innovation in the decarbonisation sector: its Digital Measurement, Reporting and Verification system, for instance, makes it possible to streamline and digitise the certification of carbon mitigation projects. Additionally, the company is supporting the digitisation of national carbon registries through blockchain, increasing their efficiency and transparency.

ClimateTrade’s vision is to be the world’s first exponential climate organisation, generating large-scale positive impact for our planet and future generations. The company has already partnered with several chambers of commerce around the globe, offering them a digital carbon offsetting portal for their members. This is one of the initiatives ClimateTrade hopes to put in place through its membership with the Spanish Chamber of Commerce UK, as well as participating in several events and educational webinars.

Learn more at www.climatetrade.com.

 

 

 

 

 

Since 2018, the Spanish Chamber of Commerce in the United Kingdom has published an Annual Report each year, offering a comprehensive overview of our work and achievements. 

Within each edition, you will find: 

• A detailed overview of the Chamber’s services
• An in-depth summary of all events and activities organised throughout the year, highlighting the participation of our Member
• Exclusive interviews with Members
• An updated directory with the latest contact details of all Chamber Members
   

These reports serve both as a reflection of the past year and as a valuable resource for our community. 

You can explore each edition below: 

 

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2019/07/annual_report_2018.pdf” newwindow=”yes”] Annual Report 2018[/button]

 

[button link=”https://www.yumpu.com/en/document/read/63093813/annual-report-2019-spanish-chamber-of-commerce-in-the-uk” newwindow=”yes”] Annual Report 2019[/button]

 

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2021/04/AnnualReport_2020-1.pdf” newwindow=”yes”] Annual Report 2020 [/button]

 

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2022/09/AnnualReport_2021_adjusted_final.pdf” newwindow=”yes”] Annual Report 2021[/button]

 

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2023/07/AnnualReport_2022.pdf” newwindow=”yes”] Annual Report 2022[/button]

 

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2024/06/AnnualReport_2023.pdf” newwindow=”yes”] Annual Report 2023[/button]

 

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2025/07/AnnualReport_2024_1-1.pdf” newwindow=”yes”] Annual Report 2024[/button]

 

 

 

 

 

 

 

BLOG POST WRITTEN BY CHAMBER MEMBER QUALITY LANGUAGES LTD

BLOG POST WRITTEN BY KATHRYN WALTON – EVENTS AND COMMUNICATIONS ASSISTANT 

 

Here at the Spanish Chamber of Commerce in the UK, we understand the importance of business networking and its many benefits. Networking actively facilitates career and business growth through trading information and helps to foster long-term relationships. Resultantly, a strong network has proven to be a fundamental tool for success for many businesses. Find out how you can get the most out of networking at the Chamber with some of our top tips:

 

1. Familiarise yourself with other Chamber Members

One of the main benefits of the Chamber with regards to networking is that you have access to the extensive list of fellow Members via our Members Directory. We certainly recommend taking a look through and familiarising yourself with companies and their respective representatives. This will make it easier for you to encounter Member companies with mutual interests and similar values.

2. Attend events

The Chamber hosts a number of events in collaboration with fellow Members that provide insightful information as well as the opportunity to network. Keeping up to date with the latest events advertised on our website and attending them regularly will help you to build trust and establish a rapport with fellow Members. Successful and long-term networking is oftentimes a slow and steady process. At the Chamber we offer a number of events including corporate events that bring together between 250-300 senior representatives from an expansive variety of Spanish, British, and other international companies, as well as government representatives and other influential figures from both countries. What’s more, there is no better place to network than at our Meliá Business Breakfast, a monthly series where a notable guest speaker from the business or political sphere gives a briefing on a relevant topic. This event is always followed by an open discussion with participants and a networking breakfast.

3. Utilise social media

Social networking has become one of the most popular and convenient ways to connect with businesses and customers. In a technologically driven world, it is all the more important to have a regular and up-to-date social media footprint. Two of the best social media platforms to expand your network are LinkedIn and Twitter. If you don’t already have an account, our advice is to not only create one, but to stay as active as possible. It will ensure your company receives visibility and will help you to encounter a network of people that are most suited to you.

4. Consistency is key

Once you have established a rapport with other Members don’t forget to keep in contact. Again, building a long-term relationship requires consistency and follow-ups. It could be as simple as connecting with them on social media, or sharing some information that is relevant to them.

 

 

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Since 2019, each year the Spanish Chamber of Commerce in the UK has published a Barometer report on the Climate and Outlook for Spanish Investment in the UK. The Barometer contains the results from a survey that is sent to more than 100 companies, both Members and non-Members of the Chamber, and aims to analyse views and overall appetite for investment of Spanish companies in the UK. The results are presented at an event held at the Embassy of Spain in London, where senior guest speakers from both the British and Spanish Governments are welcomed. The event is also attended by the Ambassador of Spain, as well as high-level panellists from key Spanish companies investing in the UK. Each edition of the report can be accessed below:

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2019/07/barometer_2019.pdf” newwindow=”yes”] I BAROMETER – 2019[/button]

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2020/11/II_Barometer.pdf” newwindow=”yes”] II BAROMETER – 2020[/button]

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2021/11/SCC_III_Barometer.pdf” newwindow=”yes”] III BAROMETER – 2021[/button]

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2022/11/IV_barometer_2022.pdf” newwindow=”yes”] IV BAROMETER – 2022[/button]

[button link=”https://spanish.en-desarrollo.net/wp-content/uploads/2023/12/Barometer_2023_web.pdf” newwindow=”yes”] V BAROMETER – 2023[/button]

SUMMARY OF EACH EDITION

I Barometer

The I Barometer was held on the 26th February 2019. The event welcomed the Spanish Minister for Trade, Ms. Xiana Méndez; the British Minister for Investment, the Rt. Hon. Graham Stuart MP; and H.E. Carlos Bastarreche, the Ambassador of Spain to the UK. The key findings from the report were presented by Mr. Gonzalo García Andrés, Chief Economist at Analistas Financieros Internacionales (Afi). The report showed that despite the substantial uncertainty surrounding Brexit, interest from Spanish investors in the UK market had not declined significantly since the 2016 referendum. Regarding the financial climate in the age of Brexit, the report’s findings showed that free trade in goods and services is considered by Spanish companies to be of the utmost importance in the Brexit negotiations, with a view of mitigating the impact on economic relations between Spain and the UK. The panelists who took part in the round table to discuss the Spanish investment climate in the UK were: Mr. Ramón Ramírez, Managing Director, IDOM UK; Mr. Michael Charlton, Managing Director & Chief Investment Officer, DIT; Mr. Ignacio Casajús, CEO, Exolum; Mr. Michael Harfleet, UK Chairman, CEREALTO SIRO; and Mr. Albert Coll, Head of Sabadell UK. This panel was moderated by Mr. James Murray, Bloomberg.

Click here to see the highlights.

II Barometer

The II Barometer was held on the 27th October 2020 as a hybrid event. The keynote speakers at this event were the Spanish Minister for Trade, Ms. Xiana Méndez; the Minister for Investment from the DIT and BEIS, Lord Gerry Grimstone; as well as H.E. the Ambassador of Spain, Mr. Carlos Bastarreche. The key findings from the report were presented by Mr. Gonzalo García Andrés, Chief Economist from Afi. The results showed that a comparison with the figures from the 2019 Barometer evidenced how the UK’s position as a destination for Spanish investment had remained stable despite Brexit. However, the expectations of Spanish companies currently active in the UK pointed to a drop in activity in 2020, although with an expected rebound in 2021 in terms of turnover, employment and investment. Expectations had also been affected by the impact of the crisis caused by Covid-19. The panel discussion in 2020 was moderated by Mr. Constantin Cotzias, Director of Bloomberg Europe. The companies’ perspective were shared by Mr. Karl Goose, UK and Ireland Managing Director at Ferrovial Construction; Mr. Ignacio Casajús, CEO, Exolum; and Mr. Alfonso Álvarez, Deputy Managing Director at Cellnex UK. Mr. Álvaro Nadal, Head of the Economic and Commercial Office, Spanish Embassy and Mr. Michael Charlton, Managing Director & Chief Investment Officer, DIT, participated in a second panel discussion by sharing the public sector viewpoint.

Click here to see the highlights.

III Barometer 

The III Barometer was presented and discussed on the 10th November 2021.The Chamber once again welcomed the Spanish Minister for Trade, Ms. Xiana Méndez; Lord Gerry Grimstone; as well as H.E. José Pascual Marco, Spanish Ambassador to the UK. For this edition, we were also joined by H.E. Hugh Elliott, British Ambassador to Spain. Mr. José Manuel Amor, Partner at Afi, presented the key findings of the III Barometer. The report found that the UK had retained its position as the most important destination for Spanish outward investment. Although over half of Spanish companies invested in the UK rated the British business climate in the wake of Brexit as ‘acceptable’ or ‘good’, their perception of the labour market had deteriorated: one-quarter of the firms surveyed reported not being able to find the skills they needed. Though the new UK-EU TCA had put an end to uncertainties over Brexit, one third of the respondents rated transport and energy services as ‘inadequate’, as well as increasing perceived barriers to entry into the market. The panel discussions were moderated by Mr. Peter Foster, Public Policy Editor at the Financial Times. Panellists Mr. John Carroll, Head of International, Santander UK; Mr. Ignacio Casajús, CEO, Exolum; Mr. Alfonso Álvarez, Deputy Managing Director, Cellnex; and Mr. Esteban García de Motiloa, Manager, Corporate Diplomacy & European Affairs, Gestamp, shared intelligent and thought-provoking opinions and ideas. The second panel discussion focused on the public view on the climate and outlook for Spanish investment in the UK. The panel was made up of Mr. Álvaro Nadal, Head of the Economic and Commercial Office of Spain in the UK and Ms. Lucy Buzzoni, Director Investment (interim), DIT.

Click here to see the highlights.

IV Barometer 

The IV Barometer was held on the 16th November 2022. The event was opened by the Spanish Minister for Trade, Ms. Xiana Méndez; the Minister of State, the Rt Hon Greg Hands MP and was hosted by H.E the Spanish Ambassador, Mr. José Pascual Marco and the President of the Spanish Chamber of Commerce, Mr. Eduardo Barrachina. The highlights from the report were displayed by Mr. José Manuel Amor, Partner at Analistas Financieros Internacionales (Afi).

Despite global challenges like inflation and geopolitical tensions, the UK remains a key place for Spanish investment. In 2020, it made up 13% of Spanish foreign investment, creating 170,000 jobs.

Recent data shows ups and downs in Spanish investment, with €155.8 billion coming into the UK since 1993. There was a surge in 2021, but a significant drop in the second quarter of 2022. Despite past uncertainties due to Brexit, Spanish businesses in the UK feel positive about the business environment. Looking forward, there’s optimism among Spanish companies, expecting more growth in the UK in 2023. The enduring strength of economic ties and the strategic importance of the UK market continue to drive confidence and investment.
Three round tables about the energy crisis and the net-zero transition in the UK, the public side view and the UK economy two years after Brexit; and were moderated by Mr. Peter Foster, Public Policy Editor at the Financial Times.

The panellists that took part were: Mr. Anselmo Andrade, UK Country Manager, BBVA UK, Mr. Karl Goose, CEO of Ferrovial Construction, Mr. Alfonso Álvarez, Deputy Managing Director at Cellnex UK, Ms. Hazel Gulliver, Director of Engagement at Scottish Power; Ms. Andrea Lamadrid, Sustainable Finance & ESG Advisory, Caixabank; Mr. Fernando Navarro, Partner at White & Case; Mr. Álvaro Nadal, Head of the Economic and Commercial Office, Spanish Embassy and Mr. Gus Wiseman, Deputy Director Investment Opportunities & Propositions at Department of International Trade

Click here to see the highlights.

V Barometer 

The V Barometer was presented on the 13th December 2023. The event welcomed once again the Spanish Minister for Trade, Ms. Xiana Méndez; the Minister for Enterprise, Markets and Small Business, Mr. Kevin Hollinrake MP, and was hosted by H.E the Spanish Ambassador, Mr. José Pascual Marco and the President of the Spanish Chamber of Commerce, Mr. Eduardo Barrachina. The report was presented by Ms. María Romero Paniagua, Managing Partner at Analistas Financieros Internacionales (Afi). The Baroness Ludford was in charge of the closing remarks.

The report showed that in 2023, inflation emerged as the primary economic concern, prompting central banks to adjust monetary policies. While economic expansion is anticipated in 2024 at a slower pace, inflation is expected to decrease but remain above set targets. The UK solidified its position as the top destination for Spanish foreign investment, experiencing a 22% growth in 2021, reaching €73.85 billion. Despite a slowdown in 2022 and the first half of 2023, the UK remains the primary recipient of Spanish investments, with positive expectations for 2024. Despite challenges such as inflation and workforce shortages, most Spanish companies in the UK plan to increase investments and activities, underscoring the ongoing strategic importance of the British market for 91% of surveyed firms.

The panel discussions were moderated by Mr. Peter Foster, Public Policy Editor at the Financial Times. The panellists were: Ms. Selena Strudwick, UK Legal Director, Ferrovial Construction; Mr. Daniel Feliu, Head of Customers, Marketing & Strategy, Santander UK; Mr. Juan Carlos Machuca, Partner and Head of London office, Uría Menéndez; Mr. Víctor Manuel Martínez García, Director, Air Traffic Management division at Indra; Mr. Joan Sintes Segarra, EMEA Sales and Marketing VP, Plain Concepts; Mr. Juan de la Cueva, CEO, Navantia UK; Mr. Álvaro Nadal, Head of the Economic and Commercial Office, Spanish Embassy and finally Mr. David Buck, Deputy Director Investment Strategy, Performance & Environment, Department for Business & Trade.

Click here to see the highlights.

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BLOG POST WRITTEN BY SCORNIK GERSTEIN LLP

 

Pursuant to Article 8 of the Ley 27/2014, de 27 de noviembre, del Impuesto sobre Sociedades, a company is considered resident in Spain, and therefore liable to CIT, when any of the following requirements are met:

 i.  The company was incorporated according to Spanish law

 ii. The company’s registered office is within the Spanish territory

 iii. The company’s headquarters are within the Spanish territory, which will be deemed when the direction and control of all its activities are to be found within Spanish territory.

 

CIT GENERAL RATE: 25%

The CIT’s rate in Spain is 25% with the exceptions of País Vasco and Navarra territories, where the rate is 24% and 28% respectively.

 

SPANISH CORPORATE TAX REFORMS IN 2022

CIT RATE of 15% FOR COMPANIES WHOSE PROFITS ARE EQUAL TO OR OVER 20 MILLION EUROS.

On 8^th of October 2021, the Organisation for Economic Co-operation and Development (OCDE) announced an agreement, known as BEPS 2.0 [1], between its 136 member countries, which include the USA, Spain, the Republic of Ireland and the United Kingdom, to establish a common CIT of 15% for companies whose net profits are equal to or over 20 million.

This was a historic agreement achieved by 136 jurisdictions, which represent more than 90% of worldwide GDP, seeking for such companies to avoid tax evasion.

According to OECD these companies evade up to 10% of the total amount of the corporate tax due using establishments of headquarters in territories of low taxation. Even though it was envisaged that the reform would be enforceable in 2023, it is likely to be delayed until at least 2024. This situation is due to some governments who need to work out internal political issues before implementing the said tax reform.

In the case of Europe, Poland has blocked, at the moment, the approval of this tax reform within the European boundaries.

In this scenario, Spain has decided not to wait until the European Union achieves an agreement to implement the tax reform. Therefore, it has modified its domestic legislation approving CIT of 15% for companies whose net profits are equal to or over 20 million Euros.

This new legislation applies from 1^st of January 2022.

 

CIT RATE OF 10% FOR COMPANIES OF NEW CREATION

Another tax reform approved by the Spanish Government consists of reducing the CIT from 15% to 10%, for Companies of New Creation in their first tax period where has had benefits and in the following one.

 

WHAT IS A COMPANY OF NEW CREATION?

The Spanish Company Act (Ley de Sociedades de Capital [2]) regulates in its Articles 434 to 454 what constitutes a Company of New Creation as follows:

• Only a maximum of 5 individuals can be shareholders of the company who in addition must not already be a shareholder of another company.
• The capital of the new company must be larger than € 3,000 but not more than €120,000;
• The share capital has to be paid by monetary contributions [3];
• The name of the company must consist of the two surnames and the name of one of the founding members followed by an alphanumeric code enabling the identification of the company in a unique and unequivocal manner.

 

Laura Gallego Herráez.

Associate Spanish Lawyer and business developer at Scornik Gerstein LLP.

If you want to receive our next articles about DOING BUSINESS IN SPAIN, send us an email to: london@scornik.com

 

 

[1]https://www.oecd.org/tax/beps/

[2]https://www.boe.es/buscar/act.php?id=BOE-A-2010-10544

[3] Read our article about non-monetary contributions Non-Monetary Contributions Of Capital In Companies Incorporated In Spain | Scornik Gerstein LLP

 

We are delighted to announce that José Pizarro has recently become a Patron of the Spanish Chamber of Commerce in the United Kingdom!

The restaurant group, by critically acclaimed and award-winning José Pizarro, comprises of 6 beautiful venues, five of which are in London.

Originally from Talaván in Cáceres, Extremadura, José has now lived in London for over 20 years, and is often described as the Godfather of Spanish cooking in the UK.

In 2011, José opened his first solo venture, José Tapas Bar on Bermondsey Street, a small and cosy venue inspired by the bustling tapas bars of Barcelona.

José’s next restaurant was Pizarro Restaurant, also on Bermondsey Street. The restaurant went on to earn numerous accolades including World Food Awards Restaurant of the Year, Best Mediterranean Establishment at The Food Awards London, The Rosette Awards for Culinary Excellence, Food and Travel Magazine’s Best Newcomer of the Year and Best Restaurant of the Year.

José launched one further opening in the Capital in 2015: José Pizarro at Broadgate Circle in the bustling City of London. José’s next venture was José Pizarro The Swan Inn, in Esher, which brings José’s family cooking values to Surrey while maintaining a British Pub feel.

In August 2021, José opened two vibrant restaurants at what he describes as “London’s most precious and prestigious art space”: the Royal Academy of Arts.

This year, José embarks on perhaps his greatest adventure yet: the opening of Iris Zahara – a spectacular guest house in Zahara de Los Atunes, Andalusia. Here, guests will enjoy unique food-and-travel experiences, from private wine and sherry trips to culinary tours and exclusive cookery experiences with José in his own kitchen.

We had the pleasure of interviewing Juan, a member of the José Pizarro team, to find out more about the restaurant group as well as how they hope to benefit from our collaborations.

Click here to watch the full interview:

 

 

The contact details of José Pizarro are as follows: 

• Contact name: Juan García Pizarro
• Address: 137 Ormside Street, London, SE15 1TF
• Tel: +44 (0) 7375 100596
• Website: http://www.josepizarro.com
• Email address: juan@josepizarro.com

 

 

 

 

 

Please join us in welcoming José Pizarro to the Spanish Chamber!