What you need to know about Spain’s visa for entrepreneurs? Third-country nationals looking to move to Spain to set up a business can do so through the Spanish government’s Entrepreneurs Law. Here’s everything you need to know about the process, the perks and who is eligible to apply.
Those looking to live in Spain via a residency visa for entrepreneurs and business activities, also known as the visado de emprendedor in Spanish, can apply for a one year visa in order to start a business here, however there are several requirements and a lot of hoops to jump through before it’s granted.
Entrepreneurial activity is considered as anything of innovative character with special economic interest for Spain. This means that it must create employment opportunities in the future, even if it doesn’t straight away. It could also mean that it creates good investment opportunities or that it involves a high level of technology to enhance the socio-economic development of Spain.
However, there are no minimum capital requirements like there are in some other countries or a minimum number of jobs that your business must create. Instead, each application will be assessed on a case-by-case basis.
Even though there are lots of requirements and documents to submit with your application, the good news is that you will get an answer within 10 working days as to whether it’s been granted or not.
What is Eligibility Criteria?
In order to apply you must fulfil following criteria:
You must be over 18 years old
While, You must be from a non-EU country
You are not living in Spain illegally
Not have a criminal record in Spain or any country where you have lived in the past five years
Must not have been barred from Spain or any other countries with which it has an agreement.
Have the necessary economic resources for yourself and for the members of your family during the period of residency in Spain (€2,151.36 each month for the applicant and €537.84 for each family member who you are providing for).
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Important Point for Application Process
Visa applications must be made at the Spanish Consulate in the country of origin or residence.
Although these are the pre-requisites, there are several other factors that decide whether your visa will be granted or not.
Firstly, you will have to demonstrate that you have the right qualifications and professional experience to carry out your business. Be aware that if you need to have your qualifications verified by the Spanish Ministry of Education if you work in a regulated field, it will require a further painstaking process, which currently takes two years on average.
Secondly, you will have to present a business plan and get it approved before you can apply for your visa. It will be up to the Directorate-General for International Trade and Investments to assess the viability of your plan.
What should I include in my business plan?
According to the Spanish government, your business plan should include the following things:
A description of the project, such as business activity to be performed, start date, location, planned legal form of the company, potential economic impact of the investment, description of the estimated number of jobs that may be created and their duties and qualification, planned promotion activities and sales strategy.
While, A description of the product or service you will be offering, including the innovative aspects.
A market analysis – an assessment of the market and expected evolution, description of the possible competitors, assessment of potential consumers and an analysis of supply and demand.
Financing – including the investment required, sources of financing and a financial plan.
You must also show what added value your business will have to the Spanish economy.
While, You may want to include things such as patents and recommendation letters to ensure it will be accepted.
You must submit it to the Spanish Economic and Commercial Office in the same area where you request the visa.
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Can I bring my family members along?
Yes, one of the good things about this visa is that you can apply for residency for you and for your family simultaneously.
You are able to bring your spouse or unmarried partner, children under 18 years old and parents who are dependent on you.
You must make sure you have the sufficient funds mentioned above to support them.
How to apply?
In order to apply you will need to submit following documents:
1): The relevant completed application form and fee.
2): Background checks.
3): Proof of sufficient funds.
4): Your business plan and the favourable report on it from the Spanish Economic and Commercial Office.
5): Proof of private health insurance with no co-payments.
All this must be sent to the Spanish consulate in your country of origin or residence.
Can I renew the visa?
Yes, you are able to renew it. In order to renew it, you will need to continue to meet all the requirements you met for the initial application. You will also have to prove that your business still enhances the Spanish economy.
This renewal will enable you to continue living in Spain for a further two years.
What if I’m already in Spain on a different visa?
If you’re already legally living in Spain and want to change over to a residence permit in order to set up a business you can also do so.
According to the Spanish government, you will need to send your application to Large Business and Strategic Groups Unit (Unidad de Grandes Empresas y Colectivos Estratégicos (UGE-CE).
While, You will need the form or modelo EX-07.
The requisites are similar in that you need to prove that you have the relevant qualifications and experience, proof that you have sufficient economic investment.
You will also need to create and present a business plan and will need to submit it to one of these following organisations for approval.
- Federación Nacional de Asociaciones de Empresarios y Trabajadores Autónomos (ATA)
- Unión de Profesionales y Trabajadores Autónomos (UPTA)
- Confederación Intersectorial de Autónomos del Estado Español (CIAE)
- Organización de Profesionales y Autónomos (OPA)
- Unión de Asociaciones de Trabajadores Autónomos y Emprendedores (UATAE)
Your residence permit will also be initially for two years, instead of one. The only downside is that it will take 30 working days to process, rather than 10.
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What about Spain’s new law for start-ups?
Spain’s new Startups Law, announced in 2021, hopes to attract foreign companies by making it easier for startups to choose Spain by giving them tax reductions. It will also entice foreign remote workers and digital nomads to Spain by creating a new special visa for them, however this is different from the current entrepreneur visa.
The Spanish government hasn’t released all the details concerning the start-up law yet or the new remote workers visa and whether this will be connected in any way to the entrepreneurship visa, but we will be sure to keep you updated when they do.
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