Countless foreigners from everywhere in the world select Spain as their new home base from which to build their new enterprise or startup. The country’s major cities have evolved into some of the most prominent European centers for entrepreneurs. Obtaining a legal residency permit or a Golden Visa Spain is one of the most important prerequisites for continuing on this adventure. This article will cover the procedures you must follow in order to establish your firm and get residence in Spain. We will discuss the entrepreneur visa’s paperwork, criteria, and application procedure.
The entrepreneur Visa
The entrepreneur visa is a two-year residence permit that permits you to live in Spain if you establish a project in the nation that is in the general benefit of the Spanish economy. This is a residency permit designed for non-EU people who wish to launch a business in Spain. The Spanish immigration law will offer you residency based on your company concept if you meet specific conditions.
Your project must meet the following requirements in order to be accepted:
- It must produce jobs for the country in the long run. Your project must produce new job opportunities and be a constructive boost to the Spanish economy.
- It must generate profitable investment possibilities.
- Its operational procedure must be technologically advanced and contribute to Spain’s socioeconomic growth.
- Having patents, recommendation letters, or clients will improve the likelihood of your application being accepted.
On September 27, 2013, the Entrepreneur’s Law was issued. Its primary goal was to assist entrepreneurs in the process of starting a new business and expanding internationally. One of the primary benefits of any Golden Visa Spain received under this rule is that it may be obtained while in Spain. In contrast to the rest of the residence permits issued under general immigration law, it allows you to stay in Spain for two years with the option of renewing. Another significant advantage of this law is its quick turnaround time. After its inception in 2013, one of the major promises of this permit was to smooth the way for enterprises seeking to relocate to Spain.
It is simple to start a business and obtain residence in Spain. The major advantages of acquiring a Golden Visa Spain permit for entrepreneurs are as follows:
- You will obtain a work permit without having to go through the complicated formalities of a standard work visa.
- No upfront investment or capital amount required.
- Although it is highly desired if your project produces jobs in the country, it is not a mandatory condition. This implies that if you begin your application on your own, the Commercial Office will not refuse it (with no other employee). This is also true for renewals: you can renew even if you did not recruit anybody else for the first two years.
- Free travel inside the Schengen region
- There is no need to travel to Spain for the application. You may simply choose a representative to apply on your behalf, eliminating the need for you to go to the nation in order to obtain your business licence.
- The application may be submitted jointly. You can apply for a Spanish residency permit for your family if just one member of the family is launching a project. The startup visa is an excellent option for families looking to relocate to Spain. You may bring your parents, spouse, and children under the age of 18.
Obtaining a Startup Visa
Living outside of Spain
Assuming you have never resided in Spain and are presently residing in your native country, you will need to apply for a Spanish entrepreneur visa, which is a two-year permit. The documents you need to provide to apply for this are available here. You will have to send the file to the Spanish Embassy’s Economic and Commercial Office in your present country. After 10 days, you will be notified if your business plan has been approved or denied. Afterwards, you must apply for a visa in order to go to Spain, where you will receive your residency card.
Living in Spain with a tourist visa or residence card
If you are already legally residing in Spanish territory, you no longer need to apply for a visa. Instead, you apply directly for a residency permit. It is essential that you are not in an irregular status in the country. Otherwise, your application will be turned down. The necessary documents must be provided to the Large Business and Strategic Sector Units and you will have to wait 20 days for a verdict on the viability of your business idea. If you do not get a response within 20 days, your application will be considered approved.
If your application is rejected
If you filed your residence application and received a negative response, you can apply for a temporary residency visa and begin working as a self-employed worker. You will need your NIE number for this. It is a similar permit that lets you establish your own firm, but in this case, there is no requirement for the business to be creative. Another viable alternative is to invest in real estate in order to get residency under the Golden Visa scheme.
Requirements for a Startup Visa
There are three primary conditions you must satisfy in order for your application to be accepted, in addition to the general standards that apply to any sort of visa.
The first thing relevant authorities will look at is your professional profile, because your capacity to execute and develop your company idea in the actual world is just as vital as the business idea itself. Your CV should explain who you are, where you studied, what your profession is, and how your experience not only relates to your project, but how it can aid in its effective implementation. The more experience, expertise, and abilities you can demonstrate, the more likely you are to be approved. Possessing a degree or a master’s degree in a field linked to the main activities that will assist your startup’s growth is critical.
The business plan is a crucial document for your Startup Visa application, which must be submitted to the Commercial Office. The information from your business plan will ultimately decide your application based on how well you articulate the creative component of your company concept.
Your business plan must incorporate a market, product/service, and financial analysis as a whole. You must demonstrate that there is genuine market potential for your project’s success, that the product or service you want to sell is valuable enough for your target consumers, and that you have identified particular finance sources. You must include a financial estimate that includes the particular sources of money you will receive to ensure that your business will keep running smoothly.
The firm you establish to obtain residency must be something new, something that does not already exist in the nation, and something that would undoubtedly benefit Spain once it is established. Your business should add value to the Spanish economy, must have tremendous potential for both domestic and foreign investment, and be extremely creative.
- You must be a citizen of a nation that is not a member of the European Union.
- The entrepreneur must be over the age of 18, the legal age in Spain.
- A clean criminal record is required. This must be true for both Spain and any other nation during the five years before the application.
- You cannot be in an irregular status in Spain at the time of your application.
- The professional who is launching the firm must have health insurance with full coverage in Spain.
- One must have sufficient funds for their family if they apply jointly. The primary applicant must pay 2.130€, and each family member must pay 532€.
- Application form
- Proof of fees payment
- Proof of financial capacity
- Business plan
- Approval of business plan
Renewing your entrepreneur visa
All of the conditions you met when you first applied must still be fulfilled. This implies that your project continues to benefit the Spanish economy and encourages the development of new jobs. Your entrepreneur visa will be readily renewed if your firm has a good forecast. This renewal will allow you to stay in the nation legally for another two years.