More than 1,500 companies leave Spain's Catalonia

Over 1,501 companies have left Spain's northeastern region of Catalonia amid fears of the region's independence from Spain, local media reported recently, citing sources from the College of Mercantile Registers of Spain.

Between Oct. 2 and Oct. 24, a total of 1,501 businesses decided to leave Catalonia, while only on Tuesday, 107 companies decided to move their headquarters from Catalonia to other places.

It is in response to the fears for a unilateral declaration of independence after the region held a self-determination referendum on Oct. 1.

The referendum had been declared illegal by the Spanish Constitutional Court as it breaches the Spanish constitution.

The Spanish government passed a decree after the referendum that made it easier for companies to leave Catalonia and move their headquarters to other places in Spain, as the decision does not need to be passed by the shareholder meeting, unless the company's statutes say the opposite.

(ASIA PACIFIC DAILY)