FAQ

When looking for work, do I have to inform the company that is going to employ me that I have a disability?

No one is obliged to declare their state of health when they look for employment. However, Article 15 of the Occupational Hazard Prevention Law stipulates that employers are required to adapt the workplace to the person; or in other words, to the specific physical and personal needs of each worker.

If a worker has a disability, employers should therefore adapt their workplace to their personal circumstances. Otherwise, they might incur liability in the eyes of the Labour Inspectorate.

If a worker does not report his or her disability, this may therefore prove dertimental in such a way that it cloud even mean the termination of the employment contract due to an infringement of good faith, since the company was not informed of the disability.

It should also be noted that there are numerous subsidies for employing workers with disabilities, and companies sometimes look for workers with disabilities to improve their competitiveness by integrating diversity into their workface and/or benefiting from these subsidies, as well as to meet the required minimum of 2% in favour of people with disabilities equal to or greater than the 33% established by law for Spanish companies (or those established here) whose workforce exceeds 50 workers.

Summarising: There is NO express legal obligation for workers to inform their employers of the existence of a disability, though this seems to contradict the general principle of good faith that is required in a labour relationship, but the decision is ultimately a personal matter.

Do you receive any kind of funding or benefit for employing a worker with a disability?

Yes. Subsides for employing people with disabilities are regulated primarily in Law 43/2006 of 29 December on Improving growth and employment. The amount of subsidy will depend on the characteristics of the person with a disability, as well as the type of contract chosen by the employer.

Is the company required to adapt the workplace to the disability of a worker?

As a general rule, Article 4.2.d) of the Workers’ Statute establishes that workers have a basic right to their physical integrity and an adequate safety and hygiene policy. For its part, Article 15.d) of Law 31/1995 on Occupational Hazard Prevention establishes as a principle of prevention the adaptation of the workplace to the person. This means, as we said above, that it is the obligation of the employer, and therefore the correlative right of the worker, to adapt the workplace to the personal circumstances of the worker.

To favour this adaptation, subsidies have been legally established to help employers adjust the workplace, regulated in Royal Decree 1451/1983 on selective employment and measures for encouraging employment of workers with a disability.

If workers with a disability have to go to regular medical consultations, does the company pay them for these absences?

Article 37.3 of the Workers’ Statute sets out a list of circumstances for paid leave (paid by the employer). However, this precept does not include attending medical consultations and/or rehabilitation.

Despite the lack of generic regulation in the Workers’ Statute, there is scope for collective negotiation (sector-specific collective agreements) in order to expand upon the circumstances for paid leave.

In fact, it is normal practice to include in collective agreements the right, whether limited or unlimited, to paid leave for workers in the case of attending medical consultations, generally through an annual allowance of hours set aside for this purpose.

What is an Interim management process?

Interim management consists of outsourcing to professionals with extensive experience as company managers (financial, HR, operations…)

Appointing these professionals through an interim management process can meet temporary needs (mergers, restructuring, refloating companies…) or address structural issues (foreign subsidiaries that do not want to have a permanent structure in the country, small businesses with large projects that require experts in a field but part-time or for a few months…)

The interim management process also has the advantage of the fact that behind the professional there is a whole service and control structure, offering a comprehensive service which, if there is a need to reduce or expand the service or even change the professionals, has a flexibility and dynamism that is difficult to find in the conventional market.

Contact us and we will carry out a no-obligation assessment to evaluate how an interim management process could help your company.

Is it possible to receive a disability pension and work at the same time?

Article 141 of Roayal Legislative Decree 1/1994, approving the Revised Text of the General Social Security Law, establishes that pensions for total permanent incapacity to work will not prevent the exercise of activities that, whether lucrative of not, are compatible with the condition of the pensioner and do not represent a change in his or her capacity to work for the purposes of  review.

The problem lies in determining what activities are compatible with the pensioner’s condition, and which represent a change in his or her capacity to work, and amount to an “improvement” that can affect the benefits  received. There is no a priori list of activities that are compatible with the condition of a person with a disability; rather, it is the pensioner who, in each case, must report the work he or she is going to do to the National Social Security Institute, in order to request “authorisation” for the compatibility of the job with the pensioner’s state of health. At any rate, it is advisable to find a job and subsequently, but always before starting work, reporting this job and its working conditions to the National Social Security Institute, so that this organisation can indicate whether the work is compatible with the pensioner’s state of health, in order to avoid any unpleasant surprises that could even result in the withdrawal of the pension.

What is a partners‘/shareholders’ agreement?

The partners’/shareholders’ agreement is the agreement reached by the main shareholders in a comany to consult each other, particularly in cases in which one of them decides to sell their share.

Beyond large corporations, it is an essential instrument that regulates relationships between the instigators, the founders of a business project and the investors that acquire a minority share in the company.

The project itself remains the responsability of the entrepreneurs, but the agreement encompasses matters that must be approved by a supermajority, which gives investors the ability to influence or block decisions that affect strategic aspects of the project, the continuance of entrepreneurs, the partial or total sale of the company, etc.

IMB has a team of lawyers and economists with extensive experience negotiating and drafting shareholders’ agreements.

How can I value my company or my business project?

Depending on the level of maturity of the company or project and the sector it is in, there are numerous valuation methods that are widely used. One of the most common, particularly in start-up projects is the Discounted Cash Flow (DCF).

DCF establishes the current value of future cash flows by applying a discount on the basis of a rate that replicates the cost of the capital invested and the existing risk premium. It is often used when the company has no sales or profit history or when this is insignificant and when it is not possible to draw a comparison with other sectors or companies.

In sectors like the biotechnology industry systems like the rNPV (Risk Net Present Value) are often used to calculate the value on the basis of the future flows the project will generate, attempting to reduce the huge intrinsic risk of the R&D projects of a Bio company and the fact that they are often an all-or-nothing venture.

In addition and particularly in cases in which it is difficult to establish an objective valuation (start-up), ratchet clauses can be used, which imply that the initial value.

The aim is that value is not a problem when it comes to formalising an investment in a company and that it is recognised as the project progresses.

If you need more information on valuing companies the consultants of the IMB financial division can help you. Inquire via email. 

What kind of public and private funding is available for business projects?

Despite the readjustment of the public sector when it comes to subsidies, there are still numerous funding channels for innovative business projects, whether at the start-up stage or during expansion and growth phases in the company.

Companies that undertake R&D activities and/or with an inclination towards internationalisation are particularly qualified for funding.

Here some references of interest: CDTI, ENISA, ICF, ICEX, ACCIO.

In the IMB consultancy and finance division we find the best funding channels and undertake the complete process of requesting, managing and justifying subsidies.

What is essential in a business plan?

A solid plan and attractive business always incorporate the following variables:

  • Description of the product / service / technology that you want to bring to market
  • Plan marketing and sales
  • Plan production and logistics
  • Investment Plan
  • Plan funding and treasury
  • HR Plan

The business plan should be able to explain what need and what solves introduces innovation compared existing solutions. You should explain clearly the market, competition and how the company is positioned regarding this.

When the business plan is focused on getting funding is essential to explain well what they go for the funds provided by investors, who will win, what will the investment time horizon and above all, what mechanism will exit from the company.

In the division of consulting and finance IMB have extensive experience in developing business plans business project in innovative sectors.

Can we help you?

Contact IMBgrup so we can attend to you personally

(+34) 93 238 64 44

Businesses

IMB Grup offers a 360º service for businesses, assisting them from their creation and supporting them in their maturity, through a comprehensive package of services.

People

At IMB we have services specifically designed to assist people in any situation relating to tax, law, employment, finance and the family.