{"id":8689,"date":"2026-10-15T07:50:04","date_gmt":"2026-10-15T05:50:04","guid":{"rendered":"https:\/\/merac.es\/?p=8689"},"modified":"2026-10-15T11:53:32","modified_gmt":"2026-10-15T09:53:32","slug":"requisitos-para-repartir-dividendos","status":"publish","type":"post","link":"https:\/\/merac.es\/en\/requisitos-para-repartir-dividendos\/","title":{"rendered":"What requirements must be met when dividends are distributed?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A question that frequently arises in companies is how shareholders can personally benefit from their investment in the company. For legal advice on these matters, having a <a class=\"\" href=\"https:\/\/merac.es\/en\/abogados-especializados-en-asesoramiento-fiscal-para-particulares-en-malaga\/\" rel=\"noopener\" data-start=\"346\" data-end=\"375\">tax lawyer in M\u00e1laga<\/a> can be key. Merac has <a href=\"https:\/\/merac.es\/en\/servicios\/abogados-mijas\/\">lawyers in Mijas<\/a> y <a href=\"https:\/\/merac.es\/en\/servicios\/abogados-en-benalmadena\/\">lawyers in Benalm\u00e1dena<\/a>.<\/span><br \/>\n<span style=\"font-weight: 400;\">In this regard, it is important to take into consideration that <\/span><b>the only way a shareholder can receive money from the company, in their capacity as shareholder, is through the distribution of dividends.\u00a0<\/b><\/p>\n<p>&nbsp;<\/p>\n<div class=\"toc\">\n<p>Table of Contents<\/p>\n<ul>\n<li><a href=\"#seccion1\">What are dividends?<\/a><\/li>\n<li><a href=\"#seccion2\">Distribution of dividends from the allocation of profit<\/a><\/li>\n<li><a href=\"#seccion3\">Distribution of dividends charged to reserves<\/a><\/li>\n<li><a href=\"#seccion4\">Interim dividends charged to the current year's profit<\/a><\/li>\n<li><a href=\"#seccion5\">How are dividends distributed?<\/a><\/li>\n<li><a href=\"#seccion6\">What is the deadline and method for paying the agreed dividends?<\/a><\/li>\n<li><a href=\"#seccion7\">What happens if the distribution of dividends does not meet the necessary requirements?<\/a><\/li>\n<li><a href=\"#seccion8\">Final considerations on the distribution of dividends<\/a><\/li>\n<\/ul>\n<\/div>\n<p>&nbsp;<\/p>\n<h2 id=\"seccion1\"><span style=\"font-weight: 400;\">What are dividends?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Dividends are the <\/span><b>profits generated by the company that are distributed among its shareholders.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, the <\/span><b>main requirement for a distribution of dividends to be carried out is that the company has generated profits, either in previous years or during the current year.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, depending on what the dividend distribution is charged to, we can distinguish between the different types of dividend distribution, each of which must meet a series of requirements.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 id=\"seccion2\"><span style=\"font-weight: 400;\">Distribution of dividends from the allocation of profit\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As we know, within six months of the end of the financial year, shareholders must meet at an Ordinary General Meeting to approve the annual accounts for the previous year and decide on the allocation of profit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the event that <\/span><b>the company has generated profits during the year, a distribution of dividends may be agreed, provided that the following requirements are met:\u00a0<\/b><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-weight: 400;\">Funding of the legal reserve and statutory reserves<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Before distributing dividends <\/span><b>the legal reserve and the reserves provided for in the Articles of Association must be funded.<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">In the case of the <\/span><b>legal reserve<\/b><span style=\"font-weight: 400;\">, in accordance with article 274 of the Capital Companies Act, <\/span><b>10% of the year's profit must be allocated to this reserve until it reaches at least 20% of the share capital.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, if the legal reserve has not been funded up to 20% of the share capital, at least 10% of the profits obtained must be allocated to the legal reserve before any distribution of dividends is agreed.\u00a0<\/span><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-weight: 400;\">Research and Development (R&amp;D) expenses<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If research and development expenses are recorded as assets on the balance sheet, <\/span><b>dividends may not be distributed unless the amount of available reserves is equal to the amount of those R&amp;D expenses recorded as assets.\u00a0<\/b><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-weight: 400;\">Equity<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Another requirement to take into account is that, under no circumstances, after the distribution of dividends, <\/span><b>may equity be lower than the share capital.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">So, <\/span><b>if there were losses from previous years that made equity lower than the share capital, dividends may not be distributed, and the profit must be used to offset losses from previous years. <\/b>For specific tax and corporate advice, a <a class=\"\" href=\"https:\/\/merac.es\/en\/servicios\/asesoria-fiscal-marbella\/\" rel=\"noopener\" data-start=\"3131\" data-end=\"3159\">tax lawyer in Marbella<\/a> is essential support.<\/p>\n<p><span style=\"font-weight: 400;\">To clarify the above, below is an example of the amount that could be distributed as dividends in a company whose profit for the year whose accounts are approved by the General Meeting is \u20ac8,000:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"2\"><strong>TOTAL ASSETS<\/strong><\/td>\n<td>15.500,00 \u20ac<\/td>\n<td colspan=\"2\"><strong>EQUITY<\/strong><\/td>\n<td>15.500,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td>R&amp;D expenses<\/td>\n<td><\/td>\n<td>2.000,00 \u20ac<\/td>\n<td>Share capital<\/td>\n<td><\/td>\n<td>10.000,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td>Other items<\/td>\n<td><\/td>\n<td>13.500,00 \u20ac<\/td>\n<td>Legal reserve<\/td>\n<td><\/td>\n<td>500,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>Negative results from previous years<\/td>\n<td><\/td>\n<td>-3.000,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>Profit for the year<\/td>\n<td><\/td>\n<td>8.000,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>LIABILITIES<\/td>\n<td><\/td>\n<td>&#8211; \u20ac<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\"><strong>TOTAL ASSETS\u00a0<\/strong><\/td>\n<td colspan=\"3\"><strong>TOTAL EQUITY + LIABILITIES<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\">15.500,00 \u20ac<\/td>\n<td colspan=\"3\">15.500,00 \u20ac<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In this case, the maximum amount that could be distributed would be as follows:\u00a0<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allocation of profit (\u20ac8,000):\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">To legal reserve (10% of the profit obtained until reaching 20% of share capital): \u20ac800.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">To reserves (for R&amp;D expenses): \u20ac2,000<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"2\"><b>Dividends to be distributed: \u20ac5,200<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After the distribution, the balance sheet would be as follows:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"2\"><strong>TOTAL ASSETS<\/strong><\/td>\n<td>10.300,00 \u20ac<\/td>\n<td colspan=\"2\"><strong>EQUITY<\/strong><\/td>\n<td>10.300,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td>R&amp;D expenses<\/td>\n<td><\/td>\n<td>2.000,00 \u20ac<\/td>\n<td>Share capital<\/td>\n<td><\/td>\n<td>10.000,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td>Other items<\/td>\n<td><\/td>\n<td>8.300,00 \u20ac<\/td>\n<td>Legal reserve<\/td>\n<td><\/td>\n<td>1.300,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>Negative results from previous years<\/td>\n<td><\/td>\n<td>-3.000,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>Reserves<\/td>\n<td><\/td>\n<td>2.000,00 \u20ac<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>LIABILITIES<\/td>\n<td><\/td>\n<td>&#8211; \u20ac<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\"><strong>TOTAL ASSETS\u00a0<\/strong><\/td>\n<td colspan=\"3\"><strong>TOTAL EQUITY + LIABILITIES<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\">10.300,00 \u20ac<\/td>\n<td colspan=\"3\">10.300,00 \u20ac<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In this case, equity is higher than the share capital; if it had been lower, part of the profit would have had to be used to offset losses from previous years.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 id=\"seccion3\"><span style=\"font-weight: 400;\">Distribution of dividends charged to reserves<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In this case, the distribution of dividends can be agreed either at the Ordinary General Meeting itself (approving the annual accounts) or at an Extraordinary General Meeting, provided that <\/span><b>the Company has freely available reserves.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In this case, the <\/span><b>requirements to be met would be the same as for the distribution of dividends from the allocation of profit<\/b><span style=\"font-weight: 400;\">, set out in the previous section.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, as we have indicated, dividends may be distributed from reserves only if those reserves are available, since there may be situations in which the company generated profits in previous years and allocated them to reserves, but those reserves subsequently became restricted for various reasons, some of which are set out below:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>If a reduction in share capital has been agreed to offset losses, in order for the company to distribute dividends once the share capital has been reduced, the legal reserve must reach at least 10% of the new capital (art. 326 LSC).<\/li>\n<li>In the case of a capital reduction with return of contributions, if a reserve has been created from profits or free reserves for an amount equal to that received by the shareholders, in order to exclude them from any joint and several liability for the amount returned, that reserve will be restricted for a period of five years from the publication of the reduction resolution in the BORME and therefore may not be distributed.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 id=\"seccion4\"><strong>Interim dividends charged to the current year's profit<\/strong><\/h2>\n<p>The law allows interim dividends to be distributed among shareholders.<\/p>\n<p>In this case, it does not need to be agreed by the General Meeting; it may be agreed by the Meeting or, where applicable, by the directors, provided that the following conditions are met:<\/p>\n<ul>\n<li><strong>There must be sufficient liquidity for the distribution; <\/strong>to this end, the management body will prepare a financial statement showing that there is liquidity. <strong>This statement must subsequently be included in the Notes to the accounts for the year in which the distribution is agreed.<\/strong><\/li>\n<li>The <strong>amount to be distributed may not exceed the results obtained since the end of the last financial year, after deducting<\/strong>: (i) losses from previous years; (ii) the amounts to be allocated to reserves required by law or by the articles of association and (iii) the estimated tax payable on those results.<\/li>\n<\/ul>\n<p>Therefore, the above items must be deducted from the profits generated during the current year and, once deducted, we will obtain the maximum amount that could be distributed as an interim dividend, provided that there is sufficient liquidity and this is reflected in the financial statement prepared by the management body.<\/p>\n<p>&nbsp;<\/p>\n<h2 id=\"seccion5\"><strong>How are dividends distributed?<\/strong><\/h2>\n<p>The <strong>dividends are distributed among shareholders in proportion to their holding in the share capital, unless there is a provision to the contrary in the articles of association or different classes of shares within the company<\/strong>, for example, if some shares are granted greater economic rights, in which case the distribution will not be proportional.<\/p>\n<p>Likewise, if the articles of association establish a per capita distribution, the distribution is not in proportion to their holding in the share capital but equal among all shareholders.<\/p>\n<p>It is therefore necessary to know in detail the type of shares in a company and their rights, in order to determine the dividends each shareholder is entitled to receive.<\/p>\n<p>&nbsp;<\/p>\n<h2 id=\"seccion6\"><strong>What is the deadline and method for paying the agreed dividends?<\/strong><\/h2>\n<p>The time and method of payment will be determined by the general meeting itself, and a cash or in-kind dividend may be agreed.<\/p>\n<p>However, as regards the deadline, article 276 LSC establishes that dividends must be paid in full within a <strong>maximum period of twelve months from the date of the general meeting resolution approving their distribution<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<h2 id=\"seccion7\"><strong>What happens if the distribution of dividends does not meet the necessary requirements?<\/strong><\/h2>\n<p>In this regard, it is important to note that article 278 of the Capital Companies Act <strong>expressly establishes that any distribution of dividends or interim dividends that does not meet the established requirements must be returned by the shareholders who received it, with the corresponding legal inter<\/strong>est, provided that the company proves that the recipients knew of the irregularity of the distribution or that, given the circumstances, they could not have been unaware of it.<\/p>\n<p>&nbsp;<\/p>\n<h2>Considerations<\/h2>\n<p>Regardless of the type of dividend distribution chosen, the following must be taken into account when agreeing on the distribution:<\/p>\n<ul>\n<li>If there is a\u00a0<strong>preferred dividend<\/strong>\u00a0in favour of certain shares within the company, this priority dividend must be covered before the distribution.<\/li>\n<li>The\u00a0<strong>time and method of payment<\/strong>\u00a0of the agreed dividends must be established. The\u00a0<strong>maximum period<\/strong>\u00a0for full payment of the dividends will be\u00a0<strong>twelve months from the date of the resolution<\/strong>\u00a0of the general meeting at which their distribution was agreed.<\/li>\n<li>For any further queries and specialised advice, do not hesitate to contact our <a href=\"https:\/\/merac.es\/en\/\">lawyers in M\u00e1lag<\/a>a.<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Una cuesti\u00f3n que se plantea con frecuencia en las empresas es la forma en la que los socios pueden obtener personalmente beneficios por la inversi\u00f3n realizada en la sociedad. Para asesor\u00eda legal en estos temas, contar con un abogado tributario M\u00e1laga puede ser clave. Merac cuenta con abogados en Mijas y abogados en Benalm\u00e1dena. A [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":9102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-8689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mercantil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00bfQu\u00e9 requisitos se deben de cumplir cuando se distribuyen dividendos?<\/title>\n<meta name=\"description\" content=\"Conoce los requisitos para repartir dividendos esenciales en tu empresa: desde cubrir la reserva legal hasta asegurar un patrimonio positivo.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/merac.es\/en\/requisitos-para-repartir-dividendos\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00bfQu\u00e9 requisitos se deben de cumplir cuando se distribuyen dividendos?\" \/>\n<meta property=\"og:description\" content=\"Conoce los requisitos para repartir dividendos esenciales en tu empresa: desde cubrir la reserva legal hasta asegurar un patrimonio positivo.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/merac.es\/en\/requisitos-para-repartir-dividendos\/\" \/>\n<meta property=\"og:site_name\" content=\"MERAC Legal &amp; 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