Create a foreign investment company in Andorra in 15 days
Good news for those who want to create a foreign investment company in Andorra. Foreign companies wishing to invest in the principality will be pleased to know that the Ministry of Economy has just promoted new legislation that will accelerate the creation of companies.
With the new law, the entire process can be completed in as little as 15 days. This is a significant reduction compared to the previous deadline, which could take months. This legislation is designed to attract more foreign investment to Andorra and make it easier for companies to do business in the country.
Once the law is applied, all companies will only have to declare the initial investment and request the authorization of the process. This is expected to lead to further economic growth and the creation of new opportunities.
The main amendments to the law have to do with liberalization and control. In this sense, it is intended that there be a much faster procedure. This will apply to foreign investments from countries with which the principality has a no double taxation agreement.
Therefore, it is expected that the control prior to the creation of companies, which until now was carried out by the Ministry of Economy and Business, will be abolished. Without a doubt, this is good news for companies hoping to establish themselves in Andorra, as it will make the process much easier and faster.
This is an advantage for those countries that have signed no double taxation agreements with Andorra. In these cases, the new expedited 15-day procedure will apply. As for the territories in which such agreements do not exist, the procedure will be the same as at present. In the same way, the previous review will be replaced by the later one. In this sense, they will not be able to create a company on the fast track.
The objective of the new law is to facilitate the entry of capital into the Principality. At the same time, however, it ensures that critical infrastructure is not compromised. The law includes a series of safeguards to protect Andorra’s energy sovereignty, public order and security.
In particular, it also requires that all investors undergo a due diligence process before being approved to invest. So there will be precautionary measures that allow the process to be suspended if the prior control has not been correctly passed.
The new law on foreign investment companies in Andorra aims to attract more companies from abroad to the principality. Another of the most significant changes is the disbursement of funds. Previously, investment proposals could only be accredited through an Andorran banking entity. Now, there is the option of doing it through a bank in a country in the SEPA zone. This opens Andorra to a wider range of potential investors and makes the process more comfortable.
On the other hand, Minister Jordi Gallardo pointed out that Andorra’s position in the international sphere is a shared responsibility between the public and private sectors. He indicated that by working together they can act as multipliers. These should help spread everything that Andorra can offer as a country for investment.
The goal is for Andorra to be an increasingly attractive destination for companies. For this reason, it should become a main option for those seeking to expand their operations in foreign markets. With its favorable business environment and friendly laws, the principality is sure to see increased investment in the coming years. That is why the new law is launched to create a foreign investment company in Andorra.