Andorra Approves Draft Law Regulating Economics and Business Professions
The law updates the framework for economic, financial, accounting, and tax sectors, enhancing client protections, service quality, and professional standards with uniform rules and a new registry.
Key Points
- Defines exclusive activities for economists like valuations, solvency studies, and financial reports.
- Regulates tax advisory services for economists and lawyers, requiring specific training.
- Establishes Registry of Companies overseen by Official College of Economists.
- Includes 18-month transition period for adaptation.
The Andorran government has approved a draft law to regulate professions in economics and business, aiming to update the legal framework for a sector playing a key role in the country's economic activity while providing stronger guarantees for clients.
The legislation sets uniform rules for professional practice in economic, business, financial, accounting, and tax fields. It reinforces service quality, legal certainty, and client protection. For the first time, it clearly defines activities reserved exclusively for economists—such as specific economic and financial reports, company valuations, expert appraisals, solvency studies, and work on consolidated accounts—when the law expressly requires them.
Many other economic and business functions will continue to be shared with qualified professionals from other disciplines, avoiding overly restrictive interpretations. The law also regulates qualified tax and fiscal advisory services, which both economists and lawyers may provide. This includes analysis and interpretation of tax regulations, fiscal planning, and technical defence of client interests, but excludes purely administrative or processing tasks. Economists offering this specialisation must prove specific training and experience.
A shared framework of rights and obligations applies across these professions, centred on technical competence, independence, responsibility, confidentiality, and conflict-of-interest prevention. It covers ongoing training, professional secrecy, civil liability insurance, and incompatibility rules to ensure high service standards.
The draft establishes the Registry of Companies Providing Professional Services in Economics and Business, overseen by the Official College of Economists of Andorra. Companies offering these services under their own name must register, demonstrate a real presence in the country, possess necessary resources, and clearly identify responsible professionals.
An 18-month transitional period allows professionals and companies to adapt before the requirements take full effect, ensuring a gradual rollout.
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