How to obtain the residence for entrepreneurship in Spain?

Many people have novel entrepreneurial ideas capable of boosting the Spanish market. And, right now, there is a great need to internationalize the country’s economy. This makes it necessary to attract new talents and facilitate some procedures. In view of this, the idea of creating the residence for entrepreneurship was born. Are you interested in bringing your business idea to Spain? Find out what it is all about! 

What does the residence for entrepreneurship consist of?

The residence for entrepreneurship in Spain is a residential permit that will allow you to live and work in the country for 3 years. This is provided that you start a project or business that is in the general interest of the Spanish economy.

This residence is intended for non-EU foreigners who wish to start their business in Spain. However, such enterprise must be innovative and involve the use of new technologies that will be a source of employment in the country.

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What do you need to obtain the residence for entrepreneurship?

To obtain this permit, you must apply for a visa or a residence authorization. To do so, you must go to the Large Companies and Strategic Collectives Unit (UGE-CE). This is the agency in charge of processing and resolving applications. 

In addition to this, you must obtain a favorable report from ENISA (Empresa Nacional de Innovación). This agency evaluates your professional profile, your business plan, the added value and innovation of the project.

Among the requirements you must meet to apply for the residence for entrepreneurship in Spain are the following:

5 steps to follow to apply for the residence by entrepreneurship

Applying for the residence for entrepreneurship in Spain is a process that requires previous work. That is, you must comply with the following steps:

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How can you apply for Spanish residency for entrepreneurship?

To effectively apply for the residence for entrepreneurship, you will have to first consider where you are. That is, outside or inside Spain; below, we detail the procedure depending on the case:

Application outside Spain

If this is your case, the first thing you should do is to apply for an entrepreneur visa. With this, you will be able to carry out the previous procedures to carry out your activity in Spain.

In this sense, the requirements are those mentioned above. In addition, you must submit your application at the Economic and Commercial Office of the Spanish Embassy in the country where you reside.

Application in Spain

If you are legally in Spain, either by a tourist visa or any other temporary stay or residence permit, you must apply directly for the residence for entrepreneurship, saving the previous visa procedure.

The documentation must be submitted to the Large Business Units. After that, the wait will be 20 days to know the decision on your business plan. 

What is the entrepreneur visa?

This is a permit that will authorize you to reside in Spain for three years if you have a business idea. This must, primarily, benefit the general interest of the Spanish economy. 

In essence, this visa is designed for foreigners who do not belong to the European Union and wish to start a business in Spain. The Spanish Immigration Law grants them residency if they meet certain requirements thanks to their startup.

In case you are a citizen of the European Union, American, Icelandic, Norwegian or Swiss, you do not need to apply for this visa. You will be able to stay in the country without worrying about the length of stay. 

How do you know if your project is innovative or not?

An innovative project is a strategic plan with the objective of promoting new ideas, products or services. In addition, it drives the development of areas such as education, technology, business models, ecology, among many others.

To assess whether your project can be considered innovative, the OBS Business School of Barcelona, gives some guidelines to distinguish between an innovative project and one that is not:

• Creates a radical change in a given sector. Innovative ideas stick and become a benchmark in their field. After their appearance, everything changes. The impact they produce can be of any nature, social, cultural or economic.
• It reveals a segment that was previously unnoticed. Other times, its effect is not noticeable in a specific area. Instead, the product, service or content has such a disruptive quality that it shows a spectrum that no one had seen before.
• It has the ability to adapt to the passage of time. What is innovative is sustainable, feasible over time. Moreover, it must be flexible enough to change in response to the demands of its own context.
• It has a high level of acceptance. It is characterized by the capacity of reception it has among a specific public. When an idea does not generate an important convening power, no matter how innovative it may seem, it cannot be considered as such.
• It generates benefits for the brand that carries it out. Companies that are committed to innovation and development do not do so on a whim. Logically, they seek a benefit for the brand. This can be economic or of any other kind. 

Having mentioned the other points, it is very important that you know if your project meets the characteristics to be innovative.

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Conclusion

If you want to know more about the residence for entrepreneurship and how you can get it, we invite you to contact TAS consulting through tasconsultoria@tas-sl.es. We have a great team of professionals who can advise you on everything you need, schedule your free consultation!