In recent years, the Entrepreneur Visa in Spain is becoming increasingly popular as a residence permit intended for non-EU citizens who dream to start, manage, or invest in a business within the kingdom. This visa was introduced under Spanish Law 14/2013, which aims to support entrepreneurs and enhance international business relations. The goal is to attract talented individuals with innovative ideas that can contribute to the Spanish economy, growing its prosperity through the creation of new jobs, the introduction of innovations that contribute to the economic growth of this beautiful country.
Obtaining the Entrepreneur Visa in Spain
There is nothing complicated in becoming an entrepreneur in Spain, duly following these steps:
- Create a Business Plan: A solid detailed business plan is essential for your primary application. It should demonstrate a reliable case the feasibility, innovation, and potential economic benefits of your business, including market research, financial projections, and strategic planning.
- Submit the Business Plan for Evaluation: You need to submit your business plan to the Economic and Commercial Office at the Spanish consulate or the Directorate-General for International Trade and Investments (DGIT) in Spain. They will assess its potential and attractiveness for job creation, innovative development, and economic perspective.
- Apply for the Entrepreneur Visa: Once your business plan is approved, you can apply for the Entrepreneur Visa at the Spanish consulate in your home country. The application requires a solid list of necessary documents such as the availability of sufficient funds, private medical insurance with full coverage, a criminal record certificate, and most importantly – the approved business plan.
- Register the Business: After arriving in Spain, it is necessary to register your business with the Spanish authorities. This procedure includes obtaining a tax identification number (NIF), registering with Social Security, and completing other local registrations.
- Obtain a Residence Permit: The initial visa allows you to enter Spain, but then you have to apply for a residence permit. Typically, this permit is valid for 3 years and can be renewed if your business continues to respond successfully to all the necessary requirements of Spain.
The Cost of the Entrepreneur Visa for Spain
The fees for the Entrepreneur Visa application can vary based on the consulate and the applicant’s circumstances.
As of 2024, the fee usually ranges between €60 and €150. For instance, the general visa fee is €80, but this cost can differ due to reciprocity agreements for nationals from countries like Australia, Bangladesh, Canada, the USA, and the UK.
Getting Spanish Residency by Purchasing a Business
As an easy solution, you can apply Spanish residency by purchasing an existing business. This is part of the broader investment visa category. The key requirement is that the business must be viable and have a positive economic impact. When buying a ready-made business, you need to prove that it will create new jobs, contribute to economic development, and have a sustainable business model.
Necessary Funds for the Spanish Entrepreneur Visa
In 2024, the amount of bank balance required for the Entrepreneur Visa in Spain is tied to the Spanish Public Income Index (IPREM), which is used as a reference for financial requirements.
For the Spanish Entrepreneur Visa, you need to demonstrate that you have sufficient financial means to support yourself and your family (if applicable) for the entire period of stay in Spain.
As of 2024, the financial conditions are as follows:
- Principal Applicant: You must show a bank balance equivalent to 400% of the annual IPREM. The IPREM for 2024 is approximately €7,200. Therefore, 400% of this amount is around €28,800.
- Each Dependent: For each additional family member, you need to show an additional 100% of the annual IPREM, which is approximately €7,200 per person.
So, for a family of four (principal applicant plus three dependents), the required bank balance would be calculated as:
- Principal Applicant: €28,800
- Each Dependent: €7,200 x 3 = €21,600
- Total: €28,800 + €21,600 = €50,400
These figures are indicative and can be subject to change based on updates to the IPREM and specific consulate requirements. It is always advisable to check the latest requirements with the Spanish consulate or relevant Spanish authorities when planning your application.
Necessary Funds to Start a Business in Spain?
The amount of money required to start a business in Spain varies depending on the type and scale of the business. Typical costs to consider include:
- Business Registration: Approximately €300 to €500.
- Legal and Administrative Fees: Around €1,000 to €3,000.
- Initial Capital Requirement: This varies greatly; for a limited liability company (SL), the minimum capital requirement is €3,000.
- Operational Costs: Depending on your business type, you should budget for rent, salaries, utilities, marketing, and other operational expenses.
On average, you might need between €10,000 and €50,000 to cover initial setup and operational costs for a small to medium-sized business.
Benefits of the Spanish Entrepreneur Visa in 2024
The Entrepreneur Visa in Spain provides numerous pluses and visible advantages:
- Extended Validity: This visa has a significant advantage given its longer validity period of three years, compared to the typical one-year duration of other visa types.
- Family Inclusion: Allowed to bring your family members, who can also obtain residence permits.
- Access to the EU Market: Thanks to Spain is an EU member, your business gains access to the extensive European market.
- High Quality of Life: Spain is known for its excellent quality of life, including high-class healthcare, delicious and affordable food, mild Mediterranean climate and friendly environment.
- Entrepreneurial Support: In Spain, there are various government and regional programs available to support entrepreneurs, offering grants, subsidies, and mentoring.
- Remote Application Option: You can appoint a representative to handle the application process on your behalf, without needing to be physically present in Spain.
- Pathway to Permanent Residency and Citizenship: After five years of legal residence, you can apply for permanent residency, and eventually, you may qualify for Spanish citizenship.
- Thriving Startup Ecosystem: Spain has a vibrant startup scene, especially in big cities like Barcelona and Madrid that attract their extensive business opportunities.
Overall, the Entrepreneur Visa in Spain presents a wonderful chance for non-EU entrepreneurs aiming to start or invest in a business in Europe. It provides a clear route to obtaining residency and, ultimately, citizenship, as well as access to the European market and enjoying the perfect quality of life in this sunny kingdom. Whether launching a new venture or acquiring an existing business, this visa can be your pathway to success in Spain.
Our company Alegria has extensive, successful experience with consulting about various types of visas in Spain. Please, contact our professionals in this field and get more detailed information.
