How to Get Spain Entrepreneur Visa
The residence visa in Spain for entrepreneurs, allows the foreigners to get Spain residency by developing an innovative entrepreneurial activity with special economic interest for Spain. This business should receive a favorable report from the Commercial Office where the investor presents the application.
A Spain entrepreneur visa or Start-Up visa is a recently introduced visa. This kind of visa allows foreigners to reside in 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. A Start-Up visa is a more restrictive type of visa than a common work visa and aims to regulate some aspects, such as social security for foreign citizens and reduce irregular immigration. In many developed countries, there is an increasing interest in attracting highly skilled immigrants who can bring knowledge and skills to the country and are able to create jobs in the local economy.
The Business Plan for the Entrepreneur Visa
Applicants need to write a business plan to obtain a Spanish entrepreneur’s visa. The Spanish Government requires the following criteria for the entrepreneur visa business plan. This business proposal must be important for Spain’s economy meaning it must create a large number of new jobs in the country.
There are some strategically significant fields in Spain including ICT, green energy, the atmosphere, water and water treatment, health sciences, biotechnology, and aeronautics/aerospace to start a business as an entrepreneur.
The business strategy must involve:
- The CV of the entrepreneur and their potential role in the organization,
- An 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,
- The definition of the supplied goods or services, and what makes them creative,
- The body of business research, including market size, prospects for growth, and possible competitors,
- A detailed schedule for publicity,
- Investment to start the venture,
- A detailed financial statement including the balance sheet, cash flow over the last three years, and expectations over profit and loss (P&L).
In order to enhance the chances of success when applying for the entrepreneur visa, the applicants need to prove that there is a genuine commercial demand for their project to thrive, that the good or service they want to offer will be reasonably valuable for their target buyers, and that they have identified clear sources of funding. To have their organization running successfully, they must include a financial forecast with the specific sources of funding they will receive.
Advantages of Entrepreneur Visa
- The spouse and the children under 18 years of age, or adults who are not able to provide for their own needs because of their state of health can be included in the application. Consequently, they may jointly and simultaneously or successively apply for a family residence visa, subject to proof of compliance with the requirements.
- The visa applicant is not required to be present in Spain, and they may apply for and collect the residence visa through duly accredited representatives.
- The process normally takes up to 30 working days, although The Spanish Institute for Foreign Trade or ICEX (a division of the Spanish Ministry of Economy and Competitiveness) claims that the process is about 20 days.
The residence authorization will be for two years and can be renewed for successive periods of five years, provided the conditions are generating the right are maintained.
For more detailed information on the requirements for obtaining a Spain residency visa, please contact one of our advisers in the UAE, Denmark, or Canada, we will accompany you and your family until you obtain a Spain visa.
If you have any questions or comments about Spain Visas, you can share them with us in the comments section.