- The Executive will create a regulatory framework that gives these companies a specific legal nature
- The public consultation process will be open to all citizens and ecosystem agents until January 25, 2019
- This law is part of the Spain Nation Entrepreneurship strategy in which the Government works
The Government initiates the legislative procedure of the Law of Promotion of the Ecosystem of Startups (or ‘Law of Startups’) with the opening of the process of public consultation.
The public consultation pursues that the text of the draft 'Startup Law' collects and responds to the different needs and sensitivities of the ecosystem, and requests the opinion of citizens and entities regarding issues such as the conceptual delimitation of a startup, the requirements that Private investment agents or business angels must comply, and the necessary measures to support and boost the creation and activity of startups.
The ‘Startup Law’ will recognize a specific legal nature for these companies, which present a series of singularities. In particular, the global potential of its business models, its strong innovative vocation and the specificities of its financing needs during the early stages of project life.
The objective of this standard is to create a legal framework appropriate to technology-based entrepreneurship, allowing the flexibility required by the dynamism of the innovative ecosystem and trying to provide Spain with legislation adapted to the reality of these companies.
The regulatory process has been launched by the Ministry of Economy and Business through the Secretary of State for Digital Advancement, and is an essential part of the Spain Entrepreneurial Nation strategy to convert the country's productive model through the promotion of entrepreneurship . The opening of the public consultation marks the beginning of the commitments to support the entrepreneurial ecosystem announced by the President of the Government, Pedro Sánchez, last October.
The public consultation will remain open until January 25, 2019 through the following link: www.mineco.gob.es/leystartups