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What are Shelf Companies and what are they used for?
Shelf companies are the kind of companies that do not engage in economic activities after their establishment process. The main purpose of their set up is to exclusively manage the assets incorporated inside during its establishment, but they do not take on a business or activity; they simply act as “empty shells” keeping the assets hereof mentioned.
What are they used for?
Establishing and registering a company in the Spanish Commercial Registry implies accomplishing with formalities and forms that in specific cases can take time. Therefore, the application of shelf companies in those cases can be helpful to avoid this process and save time.
Taking a first sight, we can notice that the establishment of a new shelf company also implies formalities to accomplish, bylaws to take into account, notarial autentifications, etc… All this process can bring the duration of the establishment of the company up to 8 weeks until it finally gets into the Commercial Register.
By purchasing all the shares of a shelf company that has already been created with its own tax number and standard bylaws, the re-establishment can be made in less than 24 hours. It is as simple as, once all the shares are purchased, adapt the bylaws to the new company’s purpose and disclose the activation of the shelf company in the Spanish Commercial Register.
Watch out:
It is important not to confuse them with shell companies. The second ones are companies that used to be active, but they are not anymore and have not been removed from the Commercial Registry.
How can Lexidy Help?
At Lexidy we can help you establish a Shelf company in a record time or help you buy the shares of another shelf company. Contact us and get a free consultation.
