外国对西班牙初创企业的投资。法律和实践指南

CREDITSCREDITS Madrid, April 2026Madrid, April 2026 © ICEX ESPAÑA EXPORTACIÓN E INVERSIONES@ ICEX ESPANA EXPORTACION E INVERSIONES Paseo de la Castellana 278, 28046 MadridTel.: (34) 91 349 71 00https://www.icex.es/es/contactohttps://www.icex.esPaseo de la Castellana 278, 28046 MadridTel.: (34) 91 349 71 00https:/www.icex.es/es/contactohttps://www.icex.es AEDC (Spanish Association for the Defenseof Competition)Tel.: (34) 660 767 247secretaria@aedc.es https://www.aedc.es/AEDC (Spanish Association for the Defenseof Competition)Tel.: (34) 660 767 247secretaria@aedc.eshttps://www.aedc.es/ SPAINCAPSPAINCAP C/ Principe de Vergara 55, 4ºD 28006 MADRIDTel.: (34) 914 119 617info@spaincap.orghttps://www.spaincap.org/C/ Principe de Vergara 55, 4°D 28006 MADRIDTel.: (34) 914 119 617info@spaincap.orghttps://www.spaincap.org/ AEDC AUTHORING TEAM AEDC AUTHORING TEAM This document is a collective work created and editedat the initiative of ICEX Spain Trade and Investmentand AEDC, in collaboration with SPAINCAP, and hasbeen prepared with contributions from various AEDCspecialists. This work is for informational purposesonly, and its content may not be invoked in support ofany claim or appeal. It does not constitute legal advicenor does it replace specific advice provided bylawyers. ICEX Spain Trade and Investment assumesno responsibility for any information, opinion, or actionbased on such content, notwithstanding that everypossible effort has been made to ensure the accuracyof the information contained herein. All rights reserved.
 This document is a collective work created and editedat the initiative of ICEX Spain Trade and Investmentand AEDC, in collaboration with SPAINCAP, and hasbeen prepared with contributions from various AEDCspecialists. This work is for informational purposesonly, and its content may not be invoked in support ofany claim or appeal. It does not constitute legal advicenor does it replace specific advice provided bylawyers. ICEX Spain Trade and Investment assumesno responsibility for any information, opinion, or actionbased on such content, notwithstanding that everypossible effort has been made to ensure the accuracyof the information contained herein. All rights reserved Marcos AraujoPresident.Lawyer. Marcos AraujoPresident. Lawyer. Borja Martínez CorralVicePresident(President‑elect).PartneratFieldfisher. Borja Martinez CorralVice President (President-elect)Partner at Fieldfisher. Patricia VidalPatricia Vidal VicePresident(Outgoing President).PartneratUríaMenéndez.Vice President (Outgoing President)Partner at Uria Menéndez Enrique FerrerEnrique Ferrer Secretary.LawyeratA&O Shearman.Secretary. Lawyer at A&O Shearman. Ainhoa VeigaBoardMember.PartneratAraoz &Rueda. Ainhoa VeigaBoard Member. Partner at Araoz &Rueda. No part of this work may be reproduced, stored in aretrieval system, or transmitted in any form or by anymeans (electronic, mechanical, photocopying,recording, or otherwise) without the prior writtenpermission of the copyright holders. Any infringementof these rights may constitute an offense againstintellectual property.No part of this work may be reproduced, stored in aretrieval system, or transmitted in any form or by anymeans (electronic, mechanical, photocopying,recording, or otherwise) without the prior writtenpermission of the copyright holders. Any infringementof these rights may constitute an offense againstintellectual property. Alfredo GómezAlfredo Gomez BoardMember.PartneratRamón yCajal. Board Member. Partner at Ramon yCajal. Fernando Las NavasFernando Las Navas BoardMember.LawyeratGarrigues.Board Member. Lawyer at Garrigues. TABLE OF CONTENTSTABLE OF CONTENTS A.Context – Legal Framework for Foreign DirectInvestment in Spain (FDI)A.Context - Legal Framework for Foreign DirectInvestment in Spain (FDI) 1.Introduction012.Screening mechanism021. Introduction012. Screening mechanism02 B.Setting up a Venture Capital Company (Sociedad deCapital Riesgo or SCR) in SpainSetting up a Venture Capital Company (Sociedad deCapital Riesgo or SCR) in Spain 1.General framework of Venture CapitalCompanies (SCR)?072.Key Legal Requirements093.Administrative Process: Step-by-Step124.Timeline: From Drafting to Operations135.Costs Overview141. General framework of Venture CapitalCompanies (SCR)?072. Key Legal Requirements603. Administrative Process: Step-by-Step124.Timeline: From Drafting to Operations135. Costs Overview14 C.Direct Investment or Co-Investment by a ForeignVenture Capital entity in a Spanish Startup and otherSpanish non-listed companies or assetsDirect Investment or Co-lnvestment by a ForeignVenture Capital entity in a Spanish Startup and otherSpanishnon-listedcompanies orassets 1.Standard vs. Regulated Path162.Legal requirements for a foreign SCR orsimilar entity investing or co-investing inSpain under the Standard Path193.Legal requirements for a foreign SCR orsimilar entity investing or co-investing inSpain under Law 22/2014211. Standard vs. Regulated Path162.