Did you know that you can get a visa for entrepreneurs in Spain? Since 2007, the number of foreign entrepreneurs in Spain has been increasing year after year, and in 2021 the number of foreign affiliates to the RETA (Special Regime for Self-Employed Workers) increased by 834. Our country remains a referent for entrepreneurship, and that is why many entrepreneurs who create new businesses choose Spain. If you also want to set up a company in Spain and get your residency, you should know the options that exist and the requirements you must meet. We will tell you all the details in this post.
If you want to start a business in Spain and obtain the residency for entrepreneurs you have two options:
- Apply for a visa if you live outside Spain and you need to come to carry out the necessary formalities and start the activity. It is valid for one year.
- Request an authorization if you are outside Spain and you want to start your business remotely. It is valid for two years and can be renewed for two more years.
What is the Entrepreneur Visa?
The entrepreneur’s visa is a permit that will allow you to live in Spain (if you are from a country outside the European Union) and obtain a residence permit for a period of two years, if you start a business that favors innovation and the general interest of the Spanish economy.
For a project to be of general interest for the Spanish economy, it must meet a series of conditions: it has to create jobs, even if that is in the long term, generate investment opportunities for Spanish people and foreigners, and to provide technological innovation, among other aspects.
The visa can be requested by the entrepreneur or an authorized representative. If you are outside Spain, you can apply for a residence visa for entrepreneurs at the Spanish Consulate in the country where you reside. If you are a legal resident in Spain and have an entrepreneur visa, you can apply for the entrepreneur residence authorization at the Unit of Large Companies and Strategic Sectors.
In addition to the entrepreneur himself/herself, his/her spouse or common-law partner, his/her minor or adult children who are economically dependent on the applicant and his/her dependent ascendants may apply for the authorization or visa.
What is it reviewed to obtain the visa?
The Directorate-General for International Trade and Investment will assess the following aspects in order to grant the entrepreneur visa:
- Your professional profile, the training you have and the professional experience you have acquired and your involvement in the project you want to create.
- The business plan of the company. It should have the following content:
- Description of the activity to be developed, start date, what legal form the company will have, where it will be located, the number of jobs it is likely to create, the economic impact of the investment and the sales strategy, among other aspects.
- Description of the product or service and the innovation involved.
- Market study: situation, evolution, competitors, potential buyers, etc.
- Necessary financing for the project, sources of financing and financial plan of the company.
What documents must be submitted to apply for the entrepreneur visa in spain?
If you meet the requirements we have seen above, you will need to prepare and submit the following documents to apply for the entrepreneur’s visa:
- Entrepreneur visa application form. This is an official document in which you indicate that you want to apply for the entrepreneur’s visa.
- Public or private health insurance with an entity operating in Spain.
- Certificate of criminal record.
- Proof that you have sufficient financial means.
- If you are going to apply for a visa you must present a favorable report from the Economic and Commercial Office of the Spanish Embassy.
- Proof of payment of the corresponding fee.
- In the case of authorization: business plan with the content we have seen above.
Once you’ve submitted all the documentation, the plan must be approved by the Commercial Office mentioned above, and if it is approved, you can apply for the entrepreneur visa at the Immigration Office. As you have seen, this is a very interesting way of working and living in Spain for foreign entrepreneurs. If you want to create a company in Spain, it is important that you ask for the help of a consultancy expert in helping foreigners who want to open a business in Spain. In LEIALTA we will study your situation, we will offer you several alternatives to set up your company in Spain and we will carry out all the procedures to get your business up and running as quickly as possible. We have a team of expert professionals who know the Spanish regulations in depth and have handled numerous cases of foreigners who want to set up a company in Spain.
Links to include in each publication:
Leialta website: https://www.leialta.com/en/
Blog for doing business in Spain: https://www.leialta.com/en/blog-for-doing-business-in-spain/