More than half a million 'shell companies' operate in Spain without filing accounts

Analysis of Commercial Transparency

A study by Informa D&B reveals that 520.505 companies in Spain have failed to file their accounts in the last two years. Madrid, Andalusia, and Catalonia account for more than half of these companies, representing a high risk of fraudulent activity within the business sector.

A recent study prepared by INFORMA D&B S.A.U. (S.M.E.), a subsidiary of Cesce, figure in 520.505 the 'phantom companies' existing in EspañaThe report defines these entities as those that, despite their registration, have not complied with their obligation to publish annual accounts during the last two financial years, a situation that generates considerable uncertainty in commercial transactions.

The latent risk of inactive societies

The lack of account filings is an indicator of inactivity, but it doesn't always imply the company's demise. According to Nathalie Gianese, Director of Studies of Informa D&B, "more than half a million companies in España They have failed to comply with their obligation to file accounts, with no evidence of activity, which poses a risk as they could be used fraudulently, although it is also true that not all of them end up disappearing.” In fact, the study indicates that around 55.500 companies that were in this category in 2024 have resumed their activity, although 72% remain unchanged.

Madrid, Andalusia and Catalonia, epicenters of the phenomenon

The geographical distribution shows a high concentration of the problem in three autonomous communities. Madrid (19%), Andalucía (18%) and Cataluña (17%) account for more than half of all these companies. At the opposite end of the spectrum are Cantabria, La Rioja, Melilla y Ceutawith percentages below 1%. However, when analyzing the penetration rate (shell companies as a percentage of total active companies), Navarra It leads with 58%, followed by País Vasco (38%) and Melilla (36%).

By sector, Construction and Real Estate activities account for approximately 25% of these companies, followed by Trade , with slightly over 20%. Further behind are Business Services (14%) and Hospitality (8%).

Profile of the 'phantom company': low capitalization and age

The analysis reveals a characteristic profile for these companies. 23,5% were established between 1975 and 2000 , and nearly 26% began operations in the last century, suggesting a long history. Regarding their financial structure, precariousness is the norm: 65% of these companies declare share capital equal to or less than €5.000 , while only 10% have more than €60.000 in capital.

The data for this study were extracted from the Database of INFORMA D&Bwhich has 6,3 million registered national companies and uses official sources such as the BOE and the Registro Mercantil.

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