This paper examines trade flows between Spanish regions to assess whether the location of company headquarters affects regional trade flows. To achieve this, various gravity models are used to assess whether economic and geographical factors influence the intensity of trade flows. This study utilises European regional data, provided by the EUREGIO database, focusing specifically on Spanish regions. The results show that factors such as inertia, territorial contiguity, economic attraction between regions, and the location of company headquarters play a significant role in determining the intensity of GVA trade flows between Spanish regions.