Curiosity sparks understanding—your questions pave the way to clarity and progress.
Business Center
What services do you offer?
In addition to access to coworking spaces, we provide high-speed fiber Wi-Fi, cable internet, cleaning, utilities, printing services, reception, and assistance. Services include:
- Company domiciliation (includes correspondence reception).
- Private office spaces (hourly, daily, weekly, or monthly).
- Meeting rooms (hourly or full-day rental).
- Additional services (e.g., printing).
- Airport transfer.
- Various consultations tailored to your needs.
What are the prices for coworking services?
Company Domiciliation: €150/month (includes correspondence reception with immediate notification via email or SMS).
Private Offices:
- Half day: €60
- Full day: €90
- Fixed weekly half-day (minimum 6 months): €160/month
- Fixed weekly full-day (minimum 6 months): €280/month
Meeting Room:
- Half day: €90
- Full day: €120
How can I contact you for more information?
- Email: info@syskrack.com
- Phone: +34 608 974 377
Consulting
Does SysKrack recommend accountants, labor consultants, real estate agencies, HR, and other services?
Yes, of course! We are here to handle all necessary processes for you from the very beginning.
Is the cost of hiring employees high in the Canary Islands?
In general, labor costs in Spain are lower than in Italy, primarily due to reduced taxes and contributions.
What is the IGIC tax?
The IGIC is a tax similar to VAT but applies only to goods and services traded within the Canary Islands. The standard rate is 7%. For goods or services sold outside the Canary Islands, this tax does not apply, and there is total exemption from indirect taxes, including both VAT and IGIC.
What are the VAT rates in the Canary Islands?
There is no VAT in the Canary Islands. The Canary Islands are a VAT-free territory, similar to San Marino, the Vatican, or other specific regions within the EU that use the euro but are exempt from VAT. Instead, the Canary Islands apply the IGIC tax, a localized equivalent of VAT.
Can a non-resident in Spain open a bank account?
Yes. A passport and documents proving residence in the country of origin and the source of funds are required. Each bank will have its own verification system based on anti-money laundering regulations.
How much does it cost to establish a limited liability company?
The costs depend on the number of documents required, but in general, the average costs are lower than in Italy.
What documents are needed to open a corporate or personal bank account?
First, you need documents proving the legal source of the funds deposited into the account. Additionally, personal documents of the account holder or company administrator are required.
Can a company be established through a notarized power of attorney?
Yes, absolutely. It is necessary to sign a power of attorney in front of a notary in favor of a third party who will sign the notarial act in Spain for the company’s establishment. The power of attorney must be translated and certified.
What documents are needed to establish a company?
- Certificate with the name (legal entity) of the new company.
- Personal documents of the partners.
- Deposit of share capital in a bank account in the company’s name (blocked until registration).
- Draft of the Articles of Association and bylaws.
After registration, communications and filings must be made with public administrations, which are typically handled by an accountant or tax consultant.
How long does it take to establish an SL or SA?
If all necessary documents are in order and the Articles of Association are pre-drafted, the process takes about 30 days. However, this timeframe assumes assistance from a professional familiar with the process. Otherwise, it may take longer.
Does the director of a limited liability company residing abroad need to pay social security contributions?
No, only residents in Spain are required to pay contributions to Seguridad Social (the equivalent of INPS in Italy).
Can the director of a limited liability company be a non-resident in Spain or the Canary Islands?
Yes, it is possible. However, they must have an NIE (Foreigner Identification Number). For ZEC companies, at least one director must reside in the Canary Islands.
Are there simplified limited liability companies with a minimum share capital of €1?
No, simplified limited liability companies do not exist.
What is the minimum share capital for a limited liability company?
The minimum share capital for an SL (sociedad limitada) is €3,000, which must be fully paid. An SL can be owned by a single partner holding 100% of the capital. In this case, the acronym becomes S.L.U. (Sociedad Limitada Unipersonal).
What is the minimum share capital for a joint-stock company?
The minimum share capital for an SA (sociedad anónima) is €60,000, with at least 25% of it paid in.
Real Estate
Does SysKrack help me find the perfect property?
Absolutely! Whether you're looking for a hotel, apartment, or commercial space, we organize visits and appointments tailored to your specific needs.
If I invest in a property to rent out to tourists or residents, can I leave it under management?
Yes, of course. We can recommend specialized agencies or individuals who manage these services. Costs typically range between 10% and 30% of rental income, or a fixed monthly fee starting at €150, depending on the property.
If I buy a property in the Canary Islands or Spain and live in Italy, do I need to declare the transfer of capital abroad?
It is advisable to consult your accountant. In any case, it is essential to declare income earned abroad and pay taxes accordingly.
If I rent out the property I purchase, where do I pay taxes?
Taxes are paid in the country of residence. If you live and reside in Italy, rental income must be declared and taxed in Italy.
Can I purchase a property without being physically present?
Yes, through a notarized power of attorney. The process involves signing the power of attorney with a notary in Italy, translating and certifying the document, transferring the necessary funds via bank transfer, and other steps. However, it is entirely possible.
Are utility and management costs generally high?
Not at all. Water and condominium fees are lower than in most Italian cities. Many apartments don’t require heating due to the mild winters (average winter temperature is around 20°C). Electricity costs are similar to those in Italy.
What annual taxes are paid on owned properties, and in what amounts?
Taxes include the Property Tax (IBIU) and the Solid Waste Collection Tax (Tasa recogida residuos sólidos). The amount varies based on the municipality, size, and cadastral value of the property but is generally low and not a significant expense.
What is the fee for SysKrack B-Center SLu consulting?
We typically charge fees to real estate agencies, professionals, or property owners involved in the transaction. We do not charge the client unless additional services are required to complete the sale.
How much do I pay for taxes, fees, and the notary?
The total costs are usually around 10%, often less. The registration tax is 6.5% for all transactions, plus notary, banking (for mortgages), and other costs, totaling around 10%.
How much commission would I pay to a real estate agency?
Typically, buyers do not pay anything to the real estate agency, while sellers pay a 5% commission. In commercial transactions or negotiations, terms can vary based on agreements.
What return can I expect from a property in Tenerife?
Returns can vary from 0% to 20% annually. On average, a 7% to 8% return is achievable with proper management. Key factors include property management, location, size, type, and services offered. Yields are generally much higher than in Italy.
Can I request a mortgage from a Spanish bank to buy a property if I don’t reside in Spain?
Typically, no. Banks require proof of stable and recurring income to consider a loan. Foreign income is rarely accepted. However, it’s possible to demonstrate income in your home country and request a lower mortgage percentage relative to the property value.
Is it better to rent or buy property in Tenerife?
If feasible, buying is more cost-effective than renting. Tourist demand makes rental prices relatively high, though not exorbitant. In comparison, the cost of a mortgage per square meter is lower than renting. Thoughtful investment planning is crucial, and we’re here to assist and advise you.
Canary Islands Special Zone
What is a ZEC company?
A ZEC company is a business that, by meeting specific requirements, can benefit from the highly advantageous tax regime of the Canary Islands Special Zone (ZEC), considered one of the most favorable in Europe.
What fiscal advantages does the ZEC special regime offer?
The most significant benefit of the ZEC regime is the corporate tax rate of 4%, applied to the entire taxable base.
Example: For a taxable base of €100,000, only €4,000 in tax is payable.
How do I apply for registration in the Canary Islands Special Zone (ZEC)?
You must submit an application to the ZEC administration, including a detailed memorandum with a business plan and a description of the intended activity. It is crucial to follow precise timelines for submitting documents and communications.
How long does it take to receive a response for ZEC registration?
The ZEC committee meets once a month to review and respond to registration applications.
What are the requirements to register as a ZEC company?
- Newly established companies or recently formed businesses that have not yet commenced economic activity.
- The primary business activity must fall within the sectors permitted by the ZEC guidelines (with limited exceptions).
- Companies must engage primarily in B2B relationships (exceptions exist for tourism-related B2C activities).
- At least one director must reside in the Canary Islands.
- Within six months of starting operations, companies must maintain an annual average of:
- 5 full-time employees in Tenerife or Gran Canaria, or
- 3 full-time employees in smaller Canary Islands.
- Within 18 months of starting operations, companies must invest at least:
- €100,000 in assets for businesses in Tenerife or Gran Canaria.
- €50,000 in assets for businesses in smaller islands.
- Payment of an annual ZEC fee of approximately €1,400 (updated 2021).
What happens if ZEC requirements are not met?
Failure to meet ZEC requirements can result in permanent removal from the ZEC registry, with no option for re-admission. If the company foresees an inability to comply, it must notify ZEC by the end of the fiscal year to transition to the standard Spanish tax regime for that period.
Are there time limits for suspending the ZEC regime?
Suspension must be requested annually, but there are no time limits. Suspension can be applied for consecutive years or for the company's entire lifetime. However, the annual ZEC fee must always be paid.
How much does it cost to establish a ZEC company?
The costs are slightly higher than those of forming a traditional company. However, the substantial tax benefits of the Canary Islands Special Zone regime far outweigh these costs.
