Download Spain: an overview

Spain: an overview
The RBS group has been present in Spain since 1980. Our
Global Transaction Services (GTS) business offers clients
cash and liquidity management, trade and supply chain
finance, and commercial cards. Our services are delivered
through a dedicated team of local banking professionals,
who are supported by regional teams and experts from
across our global network.
Capital
So, however large or small your operations in Spain, we
can offer the services and support to help you succeed.
Spanish (Castilian), Catalan, Galician and Basque.
Geography
Bilbao
Language
Economic overview
Economic indicators
2009
2010
Population
46,487,943
46,754,784
0.574
GDP
US$1.379 trillion
US$1.376 trillion
-0.22
GDP per capita US$29,800
US$29,500
-1.01
Exports
US$224 billion
US$268 billion
19.78
Spain occupies most of the Iberian Peninsula in south
western Europe, bordering France, Portugal and the
western Mediterranean. It is the second largest country in
Europe, after France 1.
Imports
US$287 billion
US$325 billion
13.18
Unemployment 18.1%
20%
10.50
Spain’s largest cities are Madrid (capital), Barcelona and
Valencia. 77% of Spaniards live in urban areas 2. Seville,
Bilbao and Zaragoza are all major industrial and research &
development centres.
Inflation
-0.3%
1.3%
-533
Public debt
53.2% of GDP
63.4% of GDP
Madrid
Barcelona
Valencia
Alicante
Seville
Cartagena
Cadiz
2
Alicante, Barcelona, Bilbao, Cadiz, Cartagena, Gijon,
Santander, Seville, Valencia and Vigo.
The Spanish economy is expected to return to growth in
2011 and unemployment and inflation to gradually fall 3.
SPAIN
1
Major ports
After an extended period of above average economic
growth, the Spanish economy had begun to slow down,
even before the world financial crisis. While Spain’s current
recession is characterised by a significant decline in the
construction sector and low levels of consumer spending,
exports continue to grow steadily. Unemployment however
had risen to 20% by 2010 2. Spanish banks remain
exposed to the collapse of the construction and real estate
sectors, despite a government restructuring package costing
US$15 billion 2.
Gijon Santander
Vigo
Madrid
UKTI: Doing Business in Spain
CIA World Factbook
Source: CIA World Factbook
3
OECD Economic Outlook
% change
19.17
Business opportunities
Imports
Imports by industry (% total imports)
Imports by country (% share)
Germany
Fuel
France
15
Vehicles
16
Italy
13
49
China
Machinery
10
44
Netherlands
7
10
Pharmaceuticals
Plastics
Other
6
5
UK
Electrical
Equipment
9
5
3 3
Organic Chemicals
5
Other
Source: International Trade Centre, Trade Performance HS, 2009
Source: CIA World Factbook, 2009
Exports
Exports by country (% share)
Exports by industry (% total exports)
Vehicles
France
Germany
19
Machinery
18
Portugal
Italy
47
11
UK
8
Pharmaceuticals
51
6
Other
9
6
Electrical
Equipment
5
8
3
4
5
Fuel
Plastics
Fruit and Nuts
Other
Source: CIA World Factbook, 2009
Strong economic growth in the last 30 years has
transformed Spain into a prosperous country with per
capita incomes on a par with France and Germany. It is
now a ready market for good quality consumer goods of
all kinds.
Spain has a mixed economy and the Spanish government
is engaged in an extensive privatisation programme.
Specific opportunities exist in the renewable energy
sector (where Spain is a world leader) and the aerospace,
automotive, healthcare, ICT and environmental sectors.
Source: International Trade Centre, Trade Performance HS, 2009
Financial information
Currency and exchange rate
Recent average 1.17 euro = £1 Sterling
Exchange controls
A minority of countries impose restrictions on the exchange
of their currency. There are no exchange controls on
business transactions in Spain. For statistical purposes
exchange of payments made in hard currency must go
through banks registered in the Bank of Spain’s official
register.
Repatriation of capital
There are no restrictions on returning capital invested in
Spain back to its country of origin.
7
Oanda.com
Tax
Standard rate of VAT: 16%. A reduced rate of 7% applies
to products such as food, water, veterinary products, seed
and fertilizer. A 4% rate applies to products such as bread,
flour, cereal, milk, cheese, eggs, fruit and vegetables,
books, periodicals and pharmaceuticals.
Contacts
UK contacts
UK Trade and Investment
1 Victoria Street
London SW1H 0ET
Tel: 020 7215 2471
www.ukti.gov.uk
UK Government support agency dedicated to assisting UK
businesses to export. Provides sector and country specific
information and advice, trade fair and outward mission
participation and bespoke market intelligence services.
Spanish Embassy
39 Chesham Place
London SW1X 8SB
Tel: 020 7235 5555
www.maec.es/embajadas/londres/en/home
Provides basic travel and investment information including
access to advice on trading in Spain.
Local contacts
British Embassy
Torre Espacio
Paseo de la Castellana 259D
28046 Madrid
Tel: 00 34 917 146 300
www.ukinspain.fco.gov.uk
The embassy has a dedicated team, providing general
and sector related support for UK businesses wishing to
do business in Spain. The team can provide information,
guidance and access to business contacts.
British Chamber of Commerce in Spain
Calle Bruc 21
08010 Barcelona
Tel: 00 34 93 317 3220
www.britishchamberspain.com
Provides practical business services; access to trade fairs
and seminars and access to a business network.
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Oanda.com
Statutory requirements
UK regulations
The Department for Business, Innovation and Skills controls
the export of goods according to the nature of the goods
and their intended use, and also their intended destination.
For current export controls refer to: www.bis.gov.uk
Import restrictions and licences
No restrictions for goods shipped from European
Union countries. Licences may be required from nonEU countries, e.g. textiles, clothing, iron and steel and
agricultural products.
Samples
Importers generally seek to avoid paying duty on goods
entering the country solely for marketing purposes. No
restrictions for European Union goods in free circulation.
For other goods ATA carnets may be used for temporary
imports.
Marking of goods
Imported products must comply with local regulations for
the marking of goods. CE marking is required in accordance
with New Approach EU directives for certain goods. Country of origin must be displayed on all products and
some food items require specific information in Spanish.
Shipping marks
The marks and numbers on shipment packaging must be
identical to the shipping documents. There are no other
specific regulations.
Packing materials
No specific requirements.
Duties
EU goods and goods in free circulation in the EU are duty
free. Spanish tariffs are based on the harmonised system
and payment levied on the CIF value of the goods on an ad
valorem basis.
The Market Access Database (www.mkaccdb.eu) provides
comprehensive tariff details.
Insurance
No specific requirements.
rbs.co.uk/international
Documentation
Special certificates
Countries often require importers to obtain prior
authorisation to bring certain products into the country.
The Spanish government requirements include:
Consular fees
Some countries will charge a legalisation fee for documents
such as a certificate of origin. If requested to have
documents legalised, Spanish officials will generally do so
for a nominal fee.
Consular invoices
Veterinary certificates for live animals; health certificates for
some food products. Some restrictions apply to machinery,
electrical goods and spirits. For further details contact the
relevant trade association.
A consular invoice is a document certifying a shipment
of goods and shows information such as the consignor,
consignee and value of the shipment. A consular invoice is
not required in Spain.
Certificates of origin
Bills of lading
A certificate of origin is a document stating in which
country goods originated. It is not a requirement for
European Union origin goods in free circulation but is
required for non-EU imports into Spain and Spanish
territories.
A bill of lading is a document issued by a carrier to a
shipper acknowledging receipt of goods to a named place
of delivery. As some countries specify the type of bill of
lading that will be acceptable it is important to check with
the relevant customs authority. In Spain a bill of lading may
be ‘To order’.
Commercial invoices
The customer’s VAT registration must be shown on the
invoice, as per the current EU procedures. For goods
moving within the EU, no requirement for invoices
accompanying the goods exists.
For goods delivered by road, an international consignment
note (CMR) would normally be used in place of a bill of
lading.
To find out more about how RBS can support
your business needs in Spain, please contact your
relationship manager or call 0800 210 0235.
This marketing communication is for information purposes only and does not constitute a binding obligation on The Royal Bank of Scotland plc or The Royal Bank of Scotland N.V.
The Royal Bank of Scotland plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.
The Royal Bank of Scotland plc is authorised and regulated in the United Kingdom by the Financial Services Authority. The Royal Bank of Scotland N.V. is authorised by De Nederlandsche Bank and regulated by the Autoriteit Financiele Markten (AFM) for the conduct of business in the Netherlands.
The Royal Bank of Scotland plc is in certain jurisdictions an authorised agent of The Royal Bank of Scotland N.V. and The Royal Bank of Scotland N.V. is in certain jurisdictions
an authorised agent of The Royal Bank of Scotland plc.
498-0611gUK
May 2011