The Entrepreneur Residence Visa in Spain is a remarkable opportunity tailored for foreign individuals set to embark on innovative entrepreneurial endeavors that promise special economic significance for Spain. In this article, we delve into a comprehensive exploration of this distinctive visa category, covering a wide array of essential topics, including:
- Eligibility criteria and prerequisites
- Application process and required documentation
- Benefits and advantages of the Entrepreneur Residence Visa
- Navigating the Spanish immigration landscape with our specialized legal support
At our distinguished immigration law firm, we specialize in assisting entrepreneurs in realizing their ambitions in Spain, ensuring a smooth and legally compliant transition to embark on their entrepreneurial journey.
What is the entrepreneur visa?
An entrepreneur visa or Start Up visa, is a newly created visa in Spain. This kind of visa allows foreigners to come to Spain and start an emerging business here. Applicants normally have to meet different criteria than those applying for a traditional visa for entrepreneurs. In some countries it even allows the directors of such new companies to live and work in the country, as long as they carry out their own independent activity.
It is a more restrictive type of visa than a common work visa that aims to regulate some aspects, such as social security for foreign citizens and reduce irregular immigration.
In several developed countries, there is a growing interest in attracting highly skilled immigrants who can bring knowledge and create jobs in the local economy. However, with the exception of the United States, entrepreneurs do not receive the same immigration treatment due to the availability of point-based visa systems and/or the absence of ownership restrictions on work visas where the individual sponsors himself with venture capital.
In the case of entrepreneurs, entrepreneurial activity is understood as that which is innovative in nature with a special interest to Spain and can count on a favourable report from the Commercial Office where the investor presents the application for the visa.
entrepreneur VISA requirements
In spite of the advantages offered by the Startup Visa, the Government of Spain demands that the following minimum requirements are met:
- Not to be found irregularly on Spanish soil;
- Be over 18 years of age;
- Have no criminal record in Spain nor in the countries where you have resided in the last 5 years;
- Not to be included as rejectable in the territorial space of countries with which Spain has signed an agreement to this effect;
- To have a public insurance or a private health insurance;
- Have sufficient economic resources for themselves and their family members during their period of residence in Spain (2400,00 euros per month for the interested party and 600 euros for each dependent family member) and;
- Pay the Entrepreneur or startup visa fee.
Submitting the Documents for the Entrepreneur Visa Application
You can’t start your application unless you’re the following conditions are fulfilled. What are the basic papers that you need to submit?
- Application Form: A clear paper specifying that you would like to apply for an entrepreneur’s visa or a residence permit. The type varies, as we have seen before, based on one of the two directions you pursue. In this post, you will find certain documents attached in their particular pages.
- Copy of your passport.
- Evidence that the corresponding invoice has been paid.
- Proof that you comply with all the requisite requirements: that you have reasonable economic means, social welfare, etc.
- Business Plan for your Company. You will need to apply your business plan in which you detail your operation carefully and how it will help the Spanish economy. As we have already stated, the focus in this document must be put on job creation, creativity and the positive effect of the country’s socio-economic development. It needs to be transmitted to the Commercial Office.
- Favourable Report. Your proposal would be deemed to be of economic importance to Spain if the business plan is accepted by the Commercial Office. In order to get your startup visa, you will then have green light to submit your clearance document to the corresponding Immigration Office.
The Business Plan for the Entrepreneur Visa
You have to write a business plan to secure a Spanish entrepreneur’s visa. The Spanish Government demands that the following outline be used: Spanish Business Plan Outline Outline.
Before it is accepted, the business proposal must be considered of economic importance to Spain, that is:
- A large number of new jobs are being generated in Spain.
- It is a field of strategic significance to Spain. There are: ICT, green energy, the atmosphere, water and water treatment , health sciences, biotechnology and aeronautics / aerospace.
The BUSINESS strategy must involve:
- The CV of the entrepreneur and potential role in the organisation.
- A overview of the project, including: the expected start date, the location, the legal framework of the project, the market, the economic effect of the investment, the approximate number and type of jobs that it would generate.
- Definition of the supplied good or service, stressing what makes it creative.
- Business research, including market size, prospects for growth and possible competitors.
- Detailed schedule for publicity.
- Investment is needed to start the venture.
- Detailed financial statements: balance sheet, cash flow over three years and expectations over profit and loss (P&L).
If you want to know the details involved in creating a business, read our guide creating a business in Spain as a foreginner.
Benefits and advantages of the Startup Visa in Spain
here are some benefits and advantages of the Entrepreneur Residence Visa:
- Legal Residency: The Entrepreneur Residence Visa grants legal residency in Spain, allowing entrepreneurs to reside in the country while they pursue their innovative business projects.
- Path to Permanent Residency: After successfully running their business for a certain period, visa holders can apply for permanent residency, offering long-term stability in Spain.
- Ease of Travel: Visa holders can freely travel within the Schengen Area, which comprises 26 European countries, making it convenient for business and leisure.
- Access to the European Market: Spain’s strategic location provides access to the European market, creating opportunities for expansion and growth.
- Innovative Business Ventures: The visa is designed for entrepreneurs with innovative business ideas, encouraging creativity and economic growth.
- Job Creation: Entrepreneurs are encouraged to create employment opportunities for Spanish citizens, contributing to the local economy.
- Family Reunification: The visa allows for family reunification, so entrepreneurs can bring their immediate family members to Spain.
- Quality of Life: Spain offers an exceptional quality of life, with a pleasant climate, rich culture, and a diverse lifestyle.
- Educational Opportunities: Entrepreneurs and their families can access quality education in Spain, including international schools and universities.
- Expert Legal Support: Partnering with an immigration law firm like MySpanishResidency.com ensures expert legal guidance throughout the visa application process, simplifying the journey for entrepreneurs.
How to renew the Spanish Entrepreneur Visa?
Basically, you would also need to follow all the conditions you faced for the original application in order to renew your business set-up visa. Basically , this means that your project is already developing the Spanish economy and promoting the creation of new jobs. If your company has a strong forecast, it will quickly renew your entrepreneur visa. The extension of the Entrepreneur Visa would allow you to continue for two additional years in the country lawfully.
Does the family of the applicant can take advantage of the entrepreneur visa?
It is important to point out that the possibility of processing the residence visa is extended to the spouse and to children under 18 years of age, or adults who are not able to provide for their own needs due to their state of health, when they join or accompany the applicants.
Consequently, they may jointly and simultaneously or successively apply for a family residence visa, subject to proof of compliance with the requirements set out above.
Does the applicant need to be present for the application?
The presence of the visa applicant is not required, they may apply for and collect the residence visa through duly accredited representatives.
How much time does it take to process the entrepreneur visa?
Even the ICEX (a division of the Spanish Ministry of Economy and Competitiveness) claims that the process takes about 20 days, our experience tells us that normally the process lasts up to 30 working days.
What should I include in my business plan?
In order to have more chances of success when applying for the entrepreneur visa, you need to prove that there is a genuine commercial demand for your project to thrive, that the good
or service you want to offer will be reasonably valuable for your target buyers, and that you have identified clear sources of funding. To have your organisation running successfully, you must include a
financial forecast with the specific sources of funding you will receive.
If you need help with the general application for the entrepreneur visa, renewal, or even with the creation of your business plan (so that it matches the interest of the Commercial Office), do not hesitate to leave a comment. We will be glad to answer any question!