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BOE-A-2026-13174 ·17 June 2026 ·Resolution Low impact
Tax

Commercial companies: Directorate General validates registration of capital increases with powers delegated to the Board

The Directorate General for Legal Certainty and Public Faith has resolved an appeal against a commercial registrar's refusal to register a share capital increase. The ruling examines the validity of general meeting resolutions that delegate to the Board of Directors the power to increase capital through cash contributions up to a limit of half the current capital (Art. 297.1.b LSC). The case focuses on the correct formalisation of resolutions and compliance with pre-emptive subscription rights.

In 3 key points

  1. Delegation of capital increase up to half of the current share capital, Art. 297.1.b LSC (art. 297.1.b LSC)
  2. One month period for the exercise of pre-emptive subscription rights following publication in the BORME (Hechos I)
  3. 5 year period for the execution of the capital increase authorised by the general meeting (Hechos I)

How it affects those involved

For commercial companies, the ruling confirms the viability of delegating capital increases to the Board of Directors under the terms of Art. 297 LSC, provided that pre-emptive subscription periods are respected (one month from publication in the BORME). Companies using this mechanism must ensure that general meeting resolutions precisely define the maximum amount and the execution period (in this case, 5 years) to avoid further registration refusals.

Lifecycle

2026-06-17PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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