Registration of a company in Tenerife, as in any other jurisdiction, begins with the choice of the legal form of the enterprise. Therefore, it should be borne in mind that on the territory of the specified state you can open:

• Limited Liability Company (Sociedad de Responsabilidad Limitada or SL) – an organization that can be created by individuals or legal entities with a share capital divided into shares;
• Joint stock company (Sociedad Anonima or SA) – a company with shares divided by a certain number, which can easily be transferred to other persons;
• A private enterprise (Empresario Individual or Autonomo) is an enterprise owned by individuals or legal entities.

• have at least one director (can be both an individual and a legal entity, with no residency requirements);
• contribute the authorized capital, the amount of which will not be less than 3000 EUR;
• obtain a certificate of registration of the company name;
• receive an open deed of registration of a company in Tenerife, certified by a notary;
• apply for a company tax identification code (NIE).

An agreement is concluded with an assessor (economic lawyer) to conduct the affairs of the company;

— Three options for the name of the company are selected and through an assessor, or independently sent to the central registration authority. The names are arranged according to preference in descending order. The response time is about a month. The permission to use the company name is valid for two months;

— Upon registration of the name of the company, a savings account is opened in a Spanish bank and the full amount declared by the proposed Charter of the company is deposited into the newly opened account;

— The Charter of the society being created, prepared jointly with the assessor, is certified in the presence of all members by a notary;

— The seal of the company is made (forms, business cards and other attributes of the company are made at the discretion of the members of the company;

— The certified Charter of the company is sent for registration to the Spanish Chamber of Commerce to enter the company in the unified state register and to the fiscal authorities to obtain a tax number (CIF), and, if necessary, to the licensing authorities.

— A newly registered company can start working after the completion of registration with the above bodies.