Every resident in Spain who holds assets outside the country exceeding €50,000 is required to report them annually using Form 720. This obligation complies with EU regulations but does not involve any tax payment.
This is a common question among those who plan to start a new business. Spain has one of the highest self-employed contribution fees. Many people wonder whether it is worth paying this fee especially if they only work a few hours each month.
Annually each company (and self- employed person) has to report to the Hacienda every other business with which they had a volume of transactions over 3,000€ in the year.
Very often entrepreneurs find the amount of legal and administrative obligations required to start up a business daunting. Some hurry to get their business up and running to be able to care for these expenses which can lead to making serious errors in the process.