CITIZENSHIP BY INVESTMENT

SPANISH ENTREPRENEUR VISA.

What is the Spanish entrepreneur visa program? This law has existed for at least six years (law 14/2013). As early as the 1970s, a few countries like Australia began attracting entrepreneurs who could bring new innovations to help create jobs within the country’s local economy. One by one, different countries, including the USA have implemented specific visas for entrepreneurs and startup founders.

Even though the law is not openly advertised, the Spain entrepreneur visa plan offers a fast-track immigration route known as Ley de Emprendedores. It is a new law that opens Spain’s door to entrepreneurs to live and work in Spain by starting a developing business.

This Visa Act can be applied for by investors, entrepreneurs, experienced professionals, researchers, and innovative workers who are willing to start an inter-company business to support the Spanish economy. Family members like spouses, children under 18 years of age, children over 18 years of age who are economically dependent and dependent ascendants are included

There are different criteria under the Spain entrepreneur visa program that differs from the ton of paperwork in applying for a traditional visa. Firstly, there is less paperwork and documents to submit, and your residency is welcomed within an accelerated system.

As an example of the success of the Spain entrepreneur visa program, Chile’s startup program is working with over 2,000 entrepreneurs and has increased the economy of their country by $100 million in private capital investments.

Finally, the Spain entrepreneur visa is an efficient and faster way to integrate migrants and ensure they contribute to the local economy. After all, migrant entrepreneurs have to pay taxes and learn the business rules of the country faster than any other worker.

Applicant Guidelines for entrepreneur visa in Spain

We should distinguish two choices:

  •  A startup/entrepreneur visa, if you are in your country and you need to come to Spain to make the necessary preparatory arrangements to do business here. Before making the appointment at the Spanish consulate in the country of residence, the Business Plan must be assessed by the Spanish Economic and Commercial Office in your current country. If approved, you will receive a report, then you need to prepare all the legal paperwork to apply for your startup/ entrepreneur visa at the Spanish Consulate in the country of origin or residence.

After you fulfil the legal requirements, you can receive your visa within ten days. This visa is granted for 1 year.

  • A residence permit, if you are legally in Spain at the moment of the application and can set up the business.

Residence permit applications must be submitted electronically at the UGE. After you fulfil the requirements, residence permits decisions are made within 30 working days

and It is granted for 2 years. The business Plan and all the legal paperwork are assessed at the same time electronically to the UGE (unlike the entrepreneur visa which is done at two different times).

Additional applicant guidelines and residence permit information include the following:

  • Passport
  • Must be 18 years of age or older
  • You should not have a criminal record. Criminal record certificate where you have resided in the last 5 years.
  • You should not have a Spanish illegality record
  • You must take out public or private health insurance with a health insurance company operating in Spain (without copayments)
  • Proof that you have ample financial resources to support yourself and any dependents (for 2021, €564,90 monthly for yourself and €564,90 for each family member).
  • Pay the minimum visa application fee
  • In case of visas: Report on entrepreneurial activity issued by the Spanish Economic and Commercial Office in the same area where the visa is requested.
  • In case of residence permits: business plan.
  • All submitted documents must be translated into Spanish by a sworn translator.

Additional Requirements

If your new business does not fit into any of the Spanish industry environments, your chances of securing an entrepreneur visa are slim. To be accepted as a new business in Spain, you must fulfil the following contexts:

  • Your business must create employment for Spaniards and be a positive stimulus for the country’s economy: the applicant’s professional profile, his/her training and professional experience as well as his/her involvement in the project are important.
  • Your business must constitute a good investment opportunity.
  • Your business must fit into Spain’s improved technology environment and the country’s social-economic development.
  • The business plan should include at least:
  1. Description of the project: business activity to be performed, start-up date, location, planned legal form of the company, potential economic impact of the investment, description of the estimated number of jobs that may be created and their duties and qualification, planned promotion activities and sales strategy.
  2.  Description of the product or service: the description shall be detailed and include the innovative aspects.
  3.  Market analysis: assessment of the market and expected evolution, description of the possible competitors, assessment of potential consumers and analysis of supply and demand.
  4.  Financing: investment required, sources of financing and financial plan
  5. The added value for the Spanish economy.

How To Apply for Spanish entrepreneur visa

Just a note of caution, do not confuse the Spain entrepreneur visa, for a travel visa that allows you to visit Spain for general business purposes. If your travel purpose is to temporarily work with an existing business then you must apply for a Spanish Schengen visa for entry into the country.

If starting a business in Spain sounds promising and you are not living in Spain but will be moving to Spain from another country, then you must apply for the entrepreneur visa at the Spanish Embassy and the Business Plan must be assessed by the Spanish Economic and Commercial Office in your current country.

You will be required to submit a thorough business plan to them. It will take 10 days for a final decision on your strategy and economical plan for Spain. If approved, you will receive a report that will ask you for a report known as the Entrepreneurial Activity of Interest – a very important document in the final approval of your business visa.

Importantly, it is highly suggested that you apply around three months before you plan to travel to Spain. This gives you enough time to gather all your paperwork and documentation that will help speed you through the entrepreneurial visa process.

What Is Your Strategic Plan For Spain?

Your operational plan must convince the Spanish officials that your success will help provide additional funding for the country as well as enticing new investors. When it comes to submitting an inter-operational proposal for your company, the plan must be succinctly detailed about how your business will operate and more importantly how it will help the Spanish economy.

To convince the country of Spain that your operational plan should be accepted in order to secure an entrepreneurial visa in Spain, you must include an impressive curriculum vitae (CV) noting your title and role within the company. If there are several managers or partners, each participant will be assessed. As long as your business brings innovation to Spain you will be a welcome industry.

There should be other topical areas like a succinct overview of your business that includes the legal framework of your company, its potential market growth, the types of jobs that your business will yield, and the number of employees required.

You should provide the creative background or description of your business meaning the type of goods and services that will help to support the Spanish economy. Importantly to the country of Spain, your financial paperwork should include what the investment amount is to start the business, a balance sheet, a cash flow sheet from at least three years, and the future forecast of your profit and loss report.

The business plan will then be submitted to the Spanish Commercial Office. In turn, when everything passes, you will have a clear path to the Immigration Office to receive your entrepreneur visa.

Renewing Your Entrepreneur Visa

As previously noted, as a successful business owner now operating in Spain, you can renew your entrepreneurial visa status. Simply put, you must continue to meet all of the initial requirements. If your company is favourably adding to the Spanish economy, then this will allow you to remain in Spain for another two years.

As a potential permanent resident, after five years in Spain, the entrepreneur can apply for a long-term residence permit. A long-term resident permit will likely be granted if the business owner has fulfilled all the requirements in creating jobs with a sound economical business in Spain.

Spain Offers Assistance

The country of Spain will not leave entrepreneurs stranded. The country opens its government arms to any innovative business. Spain cooperates with the private sector to attract innovative entrepreneurs from other countries. Under the entrepreneur visa program, the country has created initiatives called “Starting-up in Spain” and the “Invest in Spain.”

They help with providing free working space in the cities of Barcelona and Madrid. Experts are provided to meet with entrepreneurial businesses to talk about market entry strategies, sources of financing, connections with investors, customers, and more. The initiatives further direct start-up businesses with financial assistance. (if you would like more information about this point, do not hesitate to contact our professionals).

You may not only want to work as a freelancer and for that, you have the freelance visa that we can help you to obtain.

Different Types of Spain under Entrepreneurial Support Act of 27 September 2013 (Ley 14/2013).

  • Investors: There are several types of investor visas, the most common of which is for investors who buy a property worth €500.000 or more, free of liens and encumbrances ( so-called, “Golden Visa”).
  • Highly qualified foreign professionals visas: the company which intends to hire Highly qualified professionals (HQP) should apply for it.
  • R&D&I and training residence permit
  • Intra-corporate transferees of third-country nationals (non-EU)