If you are interested in setting up of company in Andorra, you have landed at the right place. This guide will help you know the fundamentals of creating a company in this low-cost European country. As the revised foreign investment regulations come out with enough relaxation, anybody can own a company in Andorra without even living there.
Steps required in commencing business in Andorra
First, the partners have to acquire Andorra’s Administrative Identification Number. Then it’s time for getting the company name reservations to serve your corporate purposes. After that, the most important part is informing the Andorran Government about the business partners and getting the authentication of the investment plan.
Now, the company has to deposit at least € 3,000 in any Andorra bank to initiate the incorporation process. As soon as the capital gets deposited, company registration will start. This will take 15 days in approx for the process to complete. Here the last step of commencing consultoría y gestoría en Andorra, i.e., the process of acquiring a commercial permit, will be initiated for successfully creating a limited company in Andorra. The business partners need a residence permit to claim as an Andorran resident.
For that, they must be in the administrative body and possess a minimum of 21% of the company share. This is when the business partners get entitled to a security deposit of € 15,000 in the Andorran Financial Authority.
Is it beneficial for company creation in Andorra?
Considering the ongoing COVID-19 pandemic situation, the Andorran companies get much support from the Government. The benefits of setting up a company in Andorra include payment of a maximum € 800 personal income tax and a corporate tax maximum of 10%. Thus, owning a consultoría y gestoría en Andorra in Andorra is all worthwhile compared to other countries.