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Representative OfficeA representative office is an office opened by a non-resident in order to promote a particularactivity of the company represented through the office. The representative office cannot generateany income, being only a source of expenses due to the need to maintain the office. Arepresentative office is not subject to taxes in Spain (exception is made with municipality taxes).Joint VenturesThere are three types of join-venture structures in Spain, namely:1. Temporary Joint Venture, which is not a corporation. They are useful for specificprojects, especially for constructions or engineering projects. Despite they do not havelegal capacity, their registration is compulsory.2. Limited partnership agreement, which includes two types of members, i.e., theentrepreneur who contributes to a project and the managing participant. The first one hasthe right to participate in a percentage of the total benefit made by the project. It doesnot require any formality and one of its main characteristics is that the non-managinginvestors do not become shareholders.3. European Economic interest groupings (EEIGs) which are non-profit legal entities,incorporated by notarial deed. These types of company structures were created on 1985-07-25 under European Community (EC) Council Regulation 2137/85. It is designed tomake it easier for companies in different countries to do business together, encouragecross-border cooperation, or to form consortia to take part in EU programmes..Insurance CompaniesAct Number 50/1980 regulates insurance contracts, which are those concluded by the insurancecompany with the insured person. Moreover, Act Number 26/2006 regulates mediation ininsurances and private reassurance between mediators, insurance agents, and insurance brokerswith the insured subject.BanksRoyal Decree 1245/1995 regulates the creation of banks, transnational activities, and the legalregime of credit institutions. The Ministry of Economy and Finance, with a prior report by theBank of Spain and the Service for Prevention of Money Laundering, must authorize the creationof ex novo Banks.Payment Services ProvidersThe Spanish Act 16/2009, which transposes the directive on payment services in the internalmarket and complementary regulations establishes the minimum requirements that all payment14