Crea y Crece Law: Who Qualifies and What You Get
Learn how the Crea y Crece Law introduces mandatory electronic invoicing for B2B service providers in Spain to help reduce payment delays.
The Crea y Crece Law is a regulation designed to speed up payments between businesses by making electronic invoicing mandatory for certain transactions.
Who it's for
This scheme applies to all providers of services in B2B (business-to-business) transactions.
What you get
The law introduces mandatory electronic invoicing, known locally as Factura electrónica. This digital system is intended to reduce the time it takes for businesses to receive payments and to minimize delays in professional transactions.
What it costs you
To comply with the law, you will need to implement invoicing software that meets the required technical standards. You may need to invest in new software or upgrade your current systems to ensure they are compliant.
The catch to know
Many businesses may face confusion during the transition period, specifically regarding the exact technical standards required for the electronic invoicing software.
How to apply
- Check your current invoicing software to see if it supports electronic formats.
- Ensure your systems can meet the specific technical standards required by the regulation.
- Update your business processes to accommodate the mandatory digital invoicing flow.