BUDDING entrepreneurs setting up businesses in Spain had better be patient.
A report by the World Bank has shown that it takes three times as long as setting up elsewhere in the western world.
The delay, the report says, is down to problems with the transfer of foreign money and the opening of bank accounts and registering with social security.
In Spain it takes an average of 61 days to get set up, compared with a mere 21 days in other countries which belong to the Organisation for Economic Cooperation and Development (OECD).
And even for Spaniards it takes more than six weeks to start up a company, as opposed to less than two weeks in countries like France, the USA and Britain.
Where most countries have an option for registering a new company online, Spain does not offer this and the process takes around two weeks at the bank.
The World Bank says Spain has “excessively restrictive and obsolete laws” that stand in the way of foreign investment.