Residence Permit in Spain for Entrepreneurs

Entrepreneurs doing business in the country and their relatives can obtain a residence permit in Spain. There are no requirements regarding the creation of the number of jobs for Spanish citizens or the minimum amount for investment. Each application is considered individually while assessing how useful this enterprise can be for the Spanish economy and its prospects. Before a permit, you have to obtain a visa.  You should read the Spain entrepreneur visa requirements carefully to understand what it entails.

Main Advantages

• The amount of investment depends on the business plan;
• Residence permit for family members: parents, children, spouse;
• The right to reside in any of the regions of Spain;
• The right to work in a local or your own company;
• The ability to run a business and make a profit;
• Possibility to travel within the Schengen area without visas;
• A residence permit is issued for a period of 5 years;
• The ability to obtain citizenship in 10 years.

About the Program

The program has existed since 2013 and is regulated by the Support and Internationalization Act. People who want to develop their own business are welcome here. However, to obtain a residence permit, it is not enough to own a profit-making establishment. A business plan must be provided showing the investment opportunities and innovativeness of the company, the scale of operations, the number of jobs created, as well as the contribution to the development of the Spanish economy, and the importance of the company to the region.

The law does not specify the size of investments and the exact parameters that make it possible to consider business as socially significant since the authorities consider each case individually.

To begin with, a foreign citizen must obtain an entrepreneur visa, which is valid for 1 year. The visa will allow you to enter the territory of Spain and start running your business. If the development of the enterprise takes place in accordance with the provided business plan, then the applicant, as well as his family members, can obtain a residence permit in Spain. The residence permit is valid for 2 years, after which it can be extended for the same amount of time.

To begin with, a foreign citizen must obtain an entrepreneur visa, which is valid for 1 year. The visa will allow you to enter the territory of Spain and start running your business. If the development of the enterprise takes place in accordance with the provided business plan, then the applicant, as well as his family members, can obtain a residence permit in Spain. The residence permit is valid for 2 years, after which it can be extended for the same amount of time.

A foreign citizen and his relatives who have lived in Spain for 5 years have the right to apply for permanent residence. After another 5 years, go through the naturalization procedure and become citizens of this state.

Stages of Obtaining a Residence Permit for Entrepreneurs

1. Business Plan

Development of a business plan that will convince the commission of the viability of the project.

2. Submission of Documents

Submission of documents to the trade and economic department of the consulate or embassy, ​​or, if the entrepreneur is located in Spain, to the Department of International Trade and Investment.

3. Obtaining a Visa

Obtaining a business visa allows people living in other countries to enter Spain and start their own business. Most British citizens are moving to Spain with new business ideas, making it easy for them to obtain an entrepreneur visa. MySpainVisa can simplify for you the whole process of acquiring this type of document.

4. Enterprise Development

Creation of an enterprise and its development. The decision to grant a residence permit will be made based on the company’s performance indicators.

5. Applying for a Residence Permit

Applying for a residence permit in UGE-CE.

6. Obtaining a Residence Permit

Obtaining a residence permit and cards at the police station.

Conditions for Obtaining a Residence Permit

To obtain a residence permit, an investor must meet the following requirements:

• Be an adult citizen of a country outside the European Union;
• Have no convictions in the last 5 years;
• Not to violate the visa regime of Spain, as well as other states with which an agreement was concluded;
• Possess a medical insurance policy;
• Have sufficient funds to live in Spain (at least € 2,130 per month per applicant and at least € 532 per dependent).

In addition, you must provide a business plan that will contain:

• Information about the businessman: his role in the project, work experience, and education;
• Information about the business: date of establishment, the field of activity and its innovativeness, legal form, location, number of jobs and staff responsibilities, sales and marketing strategy, the effect expected from investments;
• A detailed description of products or services provided;
• Market analysis: assessment of supply and demand, description of the target audience, review of competitors, forecast;
• Financial component: amount and source of investment, financial plan.

Each business is considered individually, but innovative projects are more likely to receive approval. However, traditional business areas such as hotels, shops, cafes, and restaurants can also benefit the region.

The authorities of provincial towns are more interested in business development. At the same time, a foreign citizen who graduated from a business school in Spain, who has sufficient funds to implement the conceived project, and also has the opportunity to confirm the experience in doing business, will have an advantage.