Nowadays there are many foreigners looking to start their own business in a country of opportunities such as Spain and, among the requirements to do so, obtaining a residence permit is essential. Did you know that it is possible to apply for an entrepreneur visa? Do you want to know the application process? Read on and find out in this article!
What is the entrepreneur visa in Spain?
As its name indicates, the entrepreneur visa is a residence permit that authorizes non-EU foreign entrepreneurs to live in Spain for a period of two years.
In this sense, the visa applies to those who wish to start an innovative project or company in the country and that is of interest or contributes to the Spanish economy.
In addition, it is important to take into account that there is really no minimum investment or job creation required to obtain the permit. Therefore, an individual analysis of your project, as well as your business plan, is carried out.
How is the application process?
If you feel that you might be an ideal candidate for an entrepreneur visa, then you will be interested to know that there are two possible ways to apply:
1. Application from your home country
To carry out the procedure outside Spain, you must apply for the visa at the Spanish Consulate in your country of residence and wait for a response from the authorities to process your Foreigner Identification Card (TIE).
2. Application directly in Spain
In this case, if you are legally in Spain as a tourist, you must apply for a visa through the Large Companies and Strategic Collectives Unit (UGE-CE).
Regardless of which way you apply, after providing the necessary documentation, there is usually a period of approximately 20 days for the authorities to evaluate your application.
Afterwards, you can go to the immigration office and register your fingerprints to obtain your Alien Identification Card, which usually takes about 20 to 30 days to be issued.
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Entrepreneur visa requirements
According to Law 14/2013, visas granted in Spain for entrepreneurship will be thoroughly evaluated. That is why, when you decide to apply for your visa, you should take into account that the experts of the General Directorate of International Trade and Investors will basically evaluate three key aspects:
1. Your profile as a professional
It sounds obvious, but many times people forget such an essential point as your cover letter. Basically, it is about explaining those skills, knowledge and experience in the area that make you stand out in the business world.
Also, take the time to specify what your project involves, as well as your track record so far in your home country.
2. Your business plan
In this step, be sure to describe perfectly the project you want to propose. That is, talk about the business activity to be developed, include a market analysis to support your decision making.
It goes on to specify the legal form envisaged for the company, the potential economic impact, what are the products and services to be marketed, highlighting the innovative aspect.
Finally, do not forget to comment on the financing of your project: what is the required investment, the available sources of financing, as well as the financial action plan to be followed.
3. Added value
When talking about added value it is relevant to ask yourself what impact will my project have on the Spanish economy?
In this way, we mean that you must demonstrate that within your strategies there is an intrinsic benefit to Spain; specifically in economic terms. Likewise, it is also favorable to inform about possible jobs that may be generated by the business you plan to create.
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What documents do you need to submit?
In order to successfully complete your application for an entrepreneur visa, you will have to submit a series of documents for future approval. Below, we tell you what they are:
Public or private health insurance operating in Spain
Certificate of criminal record
Accreditation of economic means that validate your capacity to maintain and develop your business.
Favorable report on your venture proposal
Payment of the corresponding application fee
Favorable Report issued by the Economic and Commercial Office of the Spanish Embassy where you reside.
Is it possible to renew the entrepreneur visa in Spain?
As we have already mentioned, the entrepreneur visa allows the person to reside legally in Spain for only two years, unlike other types of residency that allow a stay for a maximum of one year.
Now, is it possible to renew this entrepreneur visa? The answer is yes, but the authorities will establish certain evaluation criteria to allow you to continue in Spanish territory.
Thus, in the renewal process you will have to present the same requirements used in your first application and, in addition, since you already have a business operating in the country for two years, its performance will be evaluated, and you will be required to demonstrate your performance and future projections.
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Advantages of the entrepreneur visa
In order to contribute to the internalization and help entrepreneurs in the process of setting up their businesses, the Entrepreneurs Law was created in Spain and, along the same line of ideas, the possibility of applying for an entrepreneur visa in advance was created.
The truth is that this visa undoubtedly represents a procedure that provides several advantages such as:
Works like a work permit
No minimum investment required, which is not common in the rest of Europe.
It is not a strict requirement to start your business generating jobs in the country, so you can start alone and grow progressively.
You are allowed to move within the Schengen area countries.
You do not need to apply in person.
Allows a joint application in which family members (parents, spouse, children under 18 years old) can be included in the same application.
Starting your business in Spain is now possible by obtaining the entrepreneur visa. However, you should know that running a business requires being up to date with multiple social, fiscal or legal regulations, for which we put at your disposal our team of experts at TAS Consultancy. Do you have doubts to clarify? Contact us here!