Visa for Entrepreneurs in Spain

Since the entry into force of Law 14/2013 in 2013, supporting Entrepreneurs and their Internationalization, many foreigners have decided to immigrate to Spain as entrepreneurs with the idea of starting a business. As a result, they can obtain residency in Spain.

If you are interested in developing your business in Spain, I invite you to continue reading this article about the visa for entrepreneurs in Spain where we provide you with all the details to obtain the Residence Permit for Entrepreneurs in Spain.

What is the entrepreneur visa?

The entrepreneur visa in Spain is a residence permit granted to non-EU foreigners who want to develop their business activity in Spain.

This residence visa for entrepreneurs and business activity has a duration of about 3 years (with the possibility of renewal at the end of this period), which you can obtain as long as you establish your business in Spanish territory. It must be innovative and different from what already exists.

It is very important to consider that the project or business idea you have in mind must be innovative, something that is not common, something that does not yet exist, and undoubtedly adds great value to the Spanish economy once developed.

How to Obtain an Entrepreneur Visa in Spain?

Depending on your situation, you can obtain the entrepreneur visa in Spain in different ways:

1. If you are not in Spanish territory and currently reside in your country of origin: You must apply for the Entrepreneur Residence Visa from outside Spain, which specifically consists of a residence and work authorization for three years. Once you have filled out the form and provided the necessary documentation, you must send everything to the Economic and Commercial Office of the Embassy of Spain in your current country. After 10 days, you will receive confirmation or denial of your business plan. In this case, you will need to apply for a visa to travel to Spain, where you will ultimately obtain your residence card.
2. If you are legally residing in Spain at the time of applying for the permit: If you are legally residing in Spain, you do not need to apply for a visa, and you will directly obtain the residence card. The most important thing is that you cannot be in an irregular situation in the country. Otherwise, your application will be rejected. In this case, you must submit the required documentation to the Large Companies Units. You must wait 20 days to receive a decision on the validity of your business plan.
3. Lastly, suppose you have submitted the residence application and receive a negative response. In that case, perhaps the immigration office of Spain considers that your project does not align with the socio-economic interests of the country, so it will not be possible to obtain your Spain Business Visa.

Specific Requirements for the Entrepreneur Visa:

• The applicant must not be a European Union resident.
• The entrepreneur must be over 18 years old.
• The applicant must not have a criminal record.
• The applicant must not be in an irregular situation in Spain.
• Have social security, either public or private, covering the entire Spanish territory.
• Sufficient financial funds for the entrepreneur and their family are also needed. If they decide to apply for residence jointly, the required amount is €2,130 for the main applicant and €532 for each dependent family member.
• The applicant must be from a country not belonging to the European Union.

Advantages of the Entrepreneur Visa

One of the main advantages of the entrepreneur visa in Spain is the possibility of making a joint application, meaning with your common-law partner, spouse, minor children, or dependent ascendants (parents who are financially dependent), who will also be allowed to work legally.

Another aspect to highlight regarding the Residence Permit for Entrepreneurs in Spain is the speed of the resolution of the application. Normally, the immigration office can take up to 3 months to issue a response when submitting the residence card application.

However, when applying for this visa, the application process is much faster, within a period of 10 days.

Documentation for the Entrepreneur Visa

• National visa application form
• Valid and current passport
• Favorable report
• Business plan describing the project, product or service, market analysis, and financing.
• Payment of the visa fee

What should I do if my entrepreneur visa application has been denied?

If you find yourself in that situation, you should apply for the work permit for third-party workers.

To apply for this permit, you only need to have your NIE. It is a similar permit that also allows you to start your own business. However, in this case, there is no need for the business to be innovative.

Another way you could obtain residency in Spain is through investment in real estate, under the scheme called the golden visa.

What should I add to the business plan for the entrepreneur visa?

Through this business plan for the Entrepreneur Authorization in Spain, you must demonstrate the viability of your project.

To do this, you should include a market analysis, a product/service analysis, and financial analysis.

With this business plan, you will show that there is a real market opportunity for your business idea to be successful and valuable to your target audience.

Next, you will need to add financial planning that includes the different specific sources of financing you will receive to ensure your company operates correctly.

Lastly, and although it may be repetitive, we must mention this point again, as it is very important.

The business you intend to establish in Spanish territory must be innovative, something that has not existed yet. Additionally, you must demonstrate that your startup creates value for the Spanish economy, representing a significant opportunity for both national and foreign investment, and that it is highly innovative.