You can create and participate in a Variable Capital Investment Company (SICAV) most easily with the assistance of Bankia Private Banking.
SICAVs are companies in which the principal can be increased or decreased up to 10 times, through the sale or purchase of its own shares.
Some basic characteristics of a Spanish SICAV are:
- Minimum capital of 2.4 million euros.
- Contribution in the MAB.
- Minimum of 100 shareholders before it can be quoted.
- Company management by a Board of Directors.
As a Collective Investment Institution, a SICAV benefits from a fixed 1% Corporation Tax rate on the yield obtained during the tax period.
With respect to shareholders, we must differentiate between:
- Individuals: capital gains derived from the transmission of shares in a SICAV are subject to personal income tax on the taxable savings base at a rate of 19% for the first € 6,000, 21% for between € 6,000.01 and € 50,000 and 23% from € 50,000.01, regardless of the period of generation.
- Legal persons: positive income generated is added to the taxable income for the corporate tax.
Procedure for constitution
The creation of a SICAV requires numerous steps and procedures, and Bankia Private Banking handles all the paperwork.
- Application for company name from the Central Commercial Registry.
- Authorisation of the draft statutes.
- Public deed of constitutionand registry with the Commercial Registry.
- Application for acceptance for market listing and registration with the Collective Investment Institution Registry of the CNMV.
- Approval and acceptance for listing by the MAB Governing Body.