Spain’s benefit companies call for regulatory clarity
Spain’s Sociedades de Beneficio e Interés Común (SBIC) remain without a fully developed regulatory framework four years after their legal recognition, creating uncertainty for businesses seeking to combine profitability with social and environmental impact.
The issue was discussed at an event organised by Harmon, featuring Patricia Gabeiras, founding partner of Gabeiras & Asociados; María Molina, director of partnerships and impact ecosystem at SpainNAB; Alejandra Mora, consultant, partner and board member of Alas Vivienda Asequible; Carlos Balmisa, secretary-general technical of the Spanish College of Registrars; Lucas Hunter, managing director of B Lab Spain; and Sara González, professor of Commercial Law at CEU Cardenal Herrera University. The speakers called for progress on the implementing regulation, with clearer rules on impact measurement, reporting and verification.
Patricia Gabeiras, doctor of law and founding partner of Gabeiras & Asociados, argued that the regulatory framework could help companies and investors gain greater certainty. “The first decision is to approve the regulation,” she said, calling for the next government to begin consulting the sector within its first 20 days in office.
Gabeiras also highlighted the potential of SBICs to influence business practices beyond their legal status. “I believe very strongly that good policy frameworks transform society,” she said, arguing that SBICs could play an important role amid growing fragmentation and scepticism around sustainability.
She added that the proposed regulation could help prevent inconsistent interpretations of the status and establish clearer standards for measuring and verifying companies’ impact.
Building investor confidence
María Molina, director of partnerships and impact ecosystem at SpainNAB, stressed that investment decisions depend not only on legal certainty but also on confidence in the market.
“What interests me is the generation of trust in the market,” Molina said, explaining that impact investors are increasingly considering which legal structures can generate positive outcomes through their business models.
She described regulation as “an enabling infrastructure” that could help mobilise more capital towards impact-driven businesses. However, she cautioned that legal recognition would not automatically guarantee investment, as each investor would still assess opportunities against its own investment thesis.
Molina also argued that companies should not halt their efforts while waiting for regulation, highlighting the importance of greater market awareness and common frameworks for identifying and assessing impact.
Affordable housing illustrates the opportunity
The affordable housing sector offers a practical example of the model’s potential. Alejandra Mora, consultant, partner and board member of Alas Vivienda Asequible, explained that the organisation had adopted the SBIC structure to scale affordable housing while preserving its social purpose. Alas has nearly 1,700 homes in its portfolio, around 900 of which are operational.
Mora highlighted the questions investors continue to raise about the practical benefits of the status and whether specific tax incentives could make it more attractive. The discussion also explored combining the SBIC model with a SOCIMI structure to mobilise capital while safeguarding the company’s purpose.
Registrars see scope for further development
Carlos Balmisa, secretary-general technical of the Spanish College of Registrars, said SBICs had “a promising future in this automated world”, adding: “We cannot wait.”
The College has published a Code of Good Practices in the absence of implementing regulations. Balmisa argued that the model offers an opportunity to rethink corporate structures and develop stronger mechanisms for assessing companies’ purpose and impact.
Lucas Hunter, managing director of B Lab Spain, meanwhile, distinguished SBIC legal status from B Corp’s voluntary certification and impact-assessment framework, highlighting the potential benefits of purpose-led businesses in innovation, resilience and talent retention.
Participants called for the next government to prioritise the regulation, arguing that a clear framework would provide companies and investors with greater certainty and help turn Spain’s legal recognition of benefit companies into a practical tool for mobilising impact investment.
