If you’re planning to start a business, the first thing you should do is create a business plan. In this business plan, you’ll outline what your business will consist of, the resources you’ll need, the employees you’ll require, the funds necessary to launch the business, and more. In this article, we’ll explain in detail what a business plan is, how to create one, and what your business plan for immigration procedures should include.
What is a Business Plan?
A business plan is a document that details the project or business idea that you plan to develop and launch. In other words, it’s where you plan all the elements related to the development of the company, including the marketing plan, financing, necessary resources, and more.
The business plan is an essential document for any type of business and especially for obtaining a work permit.
You don’t need a highly technical business plan to obtain the visa since it’s simply required to determine if your business idea is feasible or not.
In Which Procedures is a Business Plan Needed?
There are several residency permits or procedures where presenting a business plan is mandatory.
The procedures where you’ll be required to submit a business plan include:
- Entrepreneur Visa
- Self-Employment Work Permit
- Modification of Residence Permit to Initial Self-Employment Residence and Work Permit
- Modification of Study Residence to Initial Self-Employment Residence and Work Permit
- Residence Permit for Job Search to Start a Business Activity
- Modification of Non-Lucrative Residence to Self-Employment Residence and Work Permit
What Should Your Business Plan Include?
Remember that you don’t need a highly technical or lengthy business plan, but it should include the following requirements:
- Introduction: Explain what business idea you want to start and why.
- Organizational Chart: Include all the workers needed for the activity, explaining each one’s role and responsibilities.
- Academic Background and Professional Experience: Demonstrate that the individuals leading the project have the necessary qualifications for the business to succeed.
- Product or Service Analysis: Analyze the product or service you will develop and identify the target audience.
- Logistics: Describe if you will have a physical location or if it will be an online business. Explain how products will be delivered to customers and how you will communicate with them.
- Competitive Analysis: Assess your competitors, their services, and opportunities in the current market, and explain how your idea can compete.
- Marketing Plan: Outline all the actions and strategies you will use to make your business known to the public.
- Initial Investment: Specify the initial investment required to start the company to demonstrate that you have the necessary resources.
- Business Forecast and Profitability: Project the expected income and expenses over a period of 3 years, which is crucial for demonstrating the business’s viability.
- Supporting Documents: Include documents such as CVs, copies of academic degrees, the lease agreement for the establishment (if it’s a physical business), articles of incorporation, self-employment registration, and any other relevant documents mentioned in the business plan.
Business Plan for Entrepreneur Visa
As mentioned earlier, the business plan and the checklist from the previous section will serve you for all procedures where a business plan is required, except for the entrepreneur visa. Because with this visa, they will ask you to take an extra step. To obtain the entrepreneur visa, the project must have a high level of technology and be a completely innovative idea.
Therefore, apart from creating your business plan, you must fill out a document and verify if you meet any of the points we are going to mention for your business:
- You have received financial support or government assistance for your research or innovation initiatives in the last three years. If you obtained a loan, a signed contract must be shown.
- You have won or been a finalist in a regional startup competition.
- You have a reasoned binding report from the Ministry of Science and Innovation received in the last three years.
- You have obtained Social Security bonuses for the research team in the last year.
- You have the Innovation Seal of Small and Medium-sized Enterprises (SMEs) or the Young Innovative Company certification from AENOR.
How do I present my business plan?
When you have finished the business plan and have all the requirements we have explained to you, the next thing you should do is officially validate the business plan.
To validate it, you must send it to a regulated institution for analysis and certification of viability.
Some of the institutions to which you can send your business plan are: ATA (Association of Autonomous Workers), UPTA (Union of Professionals and Autonomous Workers), or UATAE (Union of Associations of Autonomous Workers and Entrepreneurs).
If you manage to obtain the viability certificate, it will be the fundamental requirement for the Foreigners’ Office (and the UGE in the case of the entrepreneur visa) to accept your application.
In summary, a business plan is not only essential for business success but can also greatly facilitate immigration procedures. If you follow the steps we have mentioned in this article, you will be able to create an effective business plan that will not only allow you to meet immigration requirements but will also provide you with a solid foundation for your business to grow and succeed.
Marta Palacios Cuesta is the founder and principal consultant of Es Abogado Extranjería, a law firm specializing in immigration law in Madrid and Seville. With an impressive academic background, Marta offers expert advice on immigration procedures, residency processes and obtaining Spanish nationality. Committed to providing personalized and up-to-date solutions, her firm stands out for its detailed and professional approach. If you need legal guidance regarding your status in Spain, contact Marta for a personalized consultation at Es Abogado Extranjería.