EMCC European Monitoring Centre on Change

Fiscal incentives for 'Business Angels'

Phase: Anticipation
  • Access to finance
  • Advice
  • Attracting investors
  • Matching/Networking
  • Support of SMEs
Utoljára módosítva: 26 September, 2020

Incentivos fiscales para inversor ángel/padrino inversor

Angol név:

Fiscal incentives for 'Business Angels'


This is available to small and medium enterprises (SMEs).

Main characteristics

Law No. 14/2013 to support entrepreneurship and its internationalisation established a wide range of fiscal incentives for investors and 'Business Angels' (a person who invests time, money and expertise in a company, usually SMEs). The main incentive settles that 'Business Angels' are entitled to a deduction of 30% (with a maximum of €6,000 in 2020) in the quota of the personal income tax (Impuesto sobre la Renta de las Personas Físicas, IRPF) in order to encourage the uptake by companies of new or recent creation. In Spain, there are associations such as the Spanish Association of Business Angels that bring together SMEs with private investors who have a high level of experience and strong business skills. The investors bring capital and expertise, gained from running their own company.


  • National funds

Involved actors

National government
Fiscal incentives.
Private investors.


More than 8% of investors report that they have more than €500,000 at their disposal in 2016, compared with only 3.2% in 2015. The percentage of investors placing less than €100,000 per year is only slightly lower than in 2015, indicating the need for co-investment as a means of diversification (less than 2% invest alone). With more diversified and larger portfolios, exit expectations increase. Angel investors cover a broad range of investment, from 4.6% who report an investment capacity of up to €5,000 per year to those who can invest a maximum of €5 million. In 2016, the bulk of investors gained experience primarily in two sectors: technologies (internet software, cloud services, etc.), which increased to 33%, and financial, which increased by 10 percentage points to reach 33% (including retail and investment banking and related services). The third most common sector was consultancy, with 8% of investors. In 2018, the average amount that each investor puts in a start-up has been reduced to €37,600. This represents a decrease of around 20% compared to the same values of the previous year. 16% of investors were not active in 2018. 73% made between 1 and 5 investments during that year. The software sector (56.7% of active investors) was the most popular sector, followed by biotechnology and pharmaceutical sectors (29.6%) and banking and finance (31%) (AEBAN 2016, 2017, 2018 and 2019).


This scheme involves people with investment capacity and expertise in order to encourage innovation and competitiveness and to promote economic activities during the early stages of a company's development (Soto-Moya 2016, De los Ríos and Sáenz-Díez 2017).


The Business Angels networks are neither recorded nor verified by any public or private institution. The lack of regulation can generate distrust towards Business Angels (Del Pozo and Alemany 2017).


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