Getting an entrepreneur visa is a good way to obtain a residence permit in Spain. This type of visa allows you to work and live in Spain. Entrepreneur visa is for all the people who are willing to open up a business in Spain. The benefits of this type of visa are the following: ability to work in Spain, no official minimum investment required to obtain the visa, you can also travel having free movement inside the Schengen area, and that you can apply for the visa also from abroad and you can also file an application for your family. One additional bonus is that you can reside in Spain for two years and renew it, if you still meet all of the requirements.
In order to apply for an entrepreneur visa, you have to prepare certain documents to prove the authorities that the reason why you want to obtain it, is to start a business in Spain. The first requirement is that the business that you start has to be in the general interest of the Spanish economy. In this case, the general interest means that it creates employment, it is innovative and it enhances the socio-economic development of the country. Additionally, if the business creates investment opportunities, or has patents or recommendation letters, it is more likely that the application will be approved. However, the requirement regarding the employment opportunities can be sometimes flexible, meaning that if you start as a sole trader and expand your business later on to create employment opportunities, the visa can still be granted for you.
Your business plan reveals, whether your business is in the general interest of Spain. AvaLaw helps you to analyse your business plan and to modify it, if necessary.
Spanish Entrepreneur Visa: How to apply for a StartUp Visa.
There are certain requirements that the applicant has to meet in order to obtain the visa:
- Applicant is a non-European citizen
- Applicant is over 18 years old
- Applicant has clear criminal records for the past 5 years
- Applicant not in an irregular situation in Spain
- Applicant is fully covered with a health insurance
- Applicant has sufficient means (2130€ for the applicant and 532€ for each additional family member).
You can apply for the entrepreneur visa in Spain or from abroad. If you are residing outside of Spain without a Spanish residence permit, you have to first apply for an entrepreneur visa which grants you a residence permit only for one year. After this, the residence permit can be extended. The initial application is done by filling out a form and submitting it to the Economic & Commercial Office of the Spanish Embassy. The process is relatively quick as the application will be processed in 10 days, and after this, you will know, whether your application has been approved or denied.
The application process is different, if you are already residing in Spain with another kind of residence permit or a tourist visa. In this case, you have to apply for a residency authorization by filling out a different kind of document. The document has to be sent to the Large Business and Strategic Sector Units and it takes approximately 20 days to get the decision.
The additional documents that have to be sent are the proof of payment, proof of the necessary requirements (mentioned above), business plan and the favourable report from the Commercial Office.
We recommend you reach out for a professional in order to file the documents correctly and to save some time. The AvaLaw Immigration Department is specialized in visa applications and makes sure that your business plan is complete, and that the documents filled out correctly to get your entrepreneur visa application approved.
Starting your business in Spain
After you have been granted the permission to reside and start a business in Spain, it is time to get into action, and to start your actual business.
Firstly, you will have to decide your company’s legal form. Your options are sole trader, partnership and limited company. The easiest and cheapest way to practice your business is to be a sole trader. However, if there are more than one people involved in the business, you will have to decide between a partnership and the limited company. Partnership is a more flexible way and the limited company is a more complex and formal way to practice your business. If you decide to opt for a limited company, you will have to choose the type of limited company which are, sociedad anónima, sociedad limitada nueva empresa, sociedad limitada, sociedad laboral anónima, sociedad laboral limitada and sociedad cooperativa. All these types differ between each other what it comes to the number of shareholders and to the minimum amount of investment.
If you feel unsure about which type of business or legal form to choose, AvaLaw Legal Services can help you to figure out the most suitable way to practice your business. Each of the legal forms and business types have their advantages and disadvantages, and it is important to choose the form that suits your needs the best.