Spanish Act to Promote the Startup Ecosystem introduces significant changes affecting venture capital industry, entrepreneurs and impatriates

Spanish Act to Promote the Startup Ecosystem introduces significant changes affecting venture capital industry, entrepreneurs and impatriates
On December 1, 2022, the Congress of Deputies (lower house of parliament) approved the Act to Promote the Startup Ecosystem, known as the “Startup Act” (the “Startup Act”), aimed at establishing a specific regulatory framework to support the creation and growth of startups. It will be published in the coming days in the Official Gazette of the Spanish State (“BOE”).
The act is expected to enter into force on the day following its publication in the BOE, although the main tax developments will not apply until January 1, 2023.
We indicate the main new developments introduced by the Startup Act for: (i) management companies and funds; (ii) startups, their investors and entrepreneurs; and (iii) impatriates.
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