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SME and freelance consulting

At Global Mind Advisors, we specialize in providing advice to SMEs (Small and Medium-sized Enterprises) and self-employed individuals.

We believe that having a good advisory service is crucial for ensuring efficient and successful business management.
Services

Tax advisory

We offer continuous support in tax management, including tax declaration preparation and filing, advice on the best tax strategies, as well as financial resource planning and management.

Accounting Advisory

We handle the maintenance of financial records, preparation of financial reports, and annual account filing.

Labor Area

Assistance in human resources management, including contract management, payroll processing, social security contributions, employee hire and dismissal, and other matters related to labor regulations.
Self-Employed Individuals

What is considered self-employment in Spain?

A self-employed individual or a freelancer is a person who works independently and does not have an employer-employee relationship with any company or employer. They organize their work schedule and use their own materials and structure to carry out their work.

Within the category of self-employed individuals, there are three main classifications of activities based on their IAE (Tax Activities Index):

1

Business Activities

Small business owners who operate their own businesses such as shops or restaurants.
2

Professional Activities

Independent professionals, such as doctors, lawyers, consultants, graphic designers, programmers (among others), whose work requires a professional qualification.
3

Artistic Activities

Musicians, athletes, and film actors (among others).
Main Obligations of Self-Employed Individuals in Spain
In Spain, self-employed individuals have several legal and tax obligations that they must fulfill.

Some of the main ones include:

All self-employed individuals must register in the Special Regime for Self-Employed Workers of the Social Security, either in person or through the Social Security Electronic system.

Self-employed individuals are required to make monthly Social Security contributions based on their contribution base.

Self-employed individuals must submit quarterly tax declarations, including the VAT (model 303) and quarterly income tax (model 130). Additionally, they must file the annual income tax return (model 100) like any other citizen.

Self-employed individuals must issue invoices for the services they provide and maintain a detailed record of all their transactions.

Self-employed individuals are obligated to keep accounting records of their income and expenses, as well as retain all receipts and invoices related to their activities. The main official books include:

  • Sales and Income Register
  • Purchases and Expenses Register
  • Investment Asset Register

Depending on the type of activity they engage in, self-employed individuals may need to obtain specific licenses and permits to operate legally.

It's important to comply with the obligations mentioned above. Non-compliance can lead to sanctions or fines by the relevant authorities.
SMEs

What is considered an SME in Spain?

n Spain, an SME (Small and Medium-sized Enterprise) is defined based on the number of employees and annual turnover or total value of the balance sheet.

According to Spanish legislation, a company is considered an SME if it meets the following criteria:

Microenterprise

Fewer than 10 employees and an annual turnover or total annual balance not exceeding 2 million euros.

Small Enterprise

Fewer than 50 employees and an annual turnover or total annual balance not exceeding 10 million euros.

Medium Enterprise

Management and filing of tax declarations in Spain and coordination with advisors in the home country.
It's important to comply with the obligations mentioned above. Non-compliance can lead to sanctions or fines by the relevant authorities.
Obligations of SMEs in Spain
Complying with current regulations and the obligations outlined therein is our top priority to provide excellent service to our clients.

Below are some of the most important obligations:
  • Communications and notifications
    According to Law 39/2015, all legal entities are required to communicate electronically with public administrations.
  • FNMT
    Obtaining a certificate issued by the National Mint and Stamp Factory (FNMT) is essential to identify yourself before any public authority when carrying out electronic procedures.
  • Inventory and Annual Accounts Book
    This book is opened with the initial balance of the company and records, at least quarterly with totals, the closing balances of the fiscal year and the Annual Accounts, including the Balance Sheet, Profit and Loss Account, and the Notes.
  • Accounting journal Book
    This book records daily transactions related to the company’s activities. It is also possible to make a joint entry of the totals of operations for periods not exceeding one month, in case that the details are reflected in other books.
  • Minutes Book
    This book records the minutes of meetings of shareholders held within the company, which must be properly signed and legalized with the corresponding Commercial Registry and the Autonomous Community for the relevant fiscal year.
  • Shareholder Register Book
    This book records the social participation of each shareholder within the company.
  • Legalization of Books
    The deadline for legalizing books is 4 months from the fiscal year-end date. For example, most clients close their fiscal year on December 31st, so the book submission deadline is April 30 of the following year.
  • Filing and approval of annual accounts
    Companies are required to prepare, approve, and file their annual accounts with the Commercial Registry within the established deadlines. This process includes the preparation of financial statements and their approval by the General Meeting. Proper compliance with these obligations is essential to avoid penalties and ensure the company’s legal security.
  • Registration with the State Tax Agency (AEAT)
  • Business activity Tax (IAE)
  • Monthly or Quarterly Declarations: VAT, Personal Income Tax (IRPF)
  • Annual Declaration: Corporate Income Tax (IS)
  • Notify the hiring, variation, or dismissal of employees.
  • Pay social security contributions for employees.
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