How to apply for a Spanish Entrepreneur Visa? Whare the documents needed and who is eligible for the visa? Read on to find answers to all your questions.
Sunny Spain isn’t just a beautiful country for a holiday, it’s also an excellent base for entrepreneurs to launch their businesses. Spain has a low cost of living and a large pool of highly-skilled people to work with.
Being the third-largest economy in the European Union, the market is attractive too. If the thought of setting up your business in Spain excites you, here’s what you need to know about the Spanish Entrepreneur Visa.
Read: 16 Countries Offering Citizenship Through Investment
What Is The Spanish Entrepreneur Visa?
The Spanish Entrepreneur Visa has existed since the 1970s. It is open to entrepreneurs, investors, researchers, experienced professionals and other innovative people willing to start a business in Spain. This is a 2-year residence permit for non-EU citizens that may be renewed later.
What Kind Of Business Ventures Are Eligible For A Spanish Entrepreneur Visa?
To be eligible for this visa, the business idea proposed must meet the following criteria:
- It must create local employment
- It must be a good investment opportunity
- It must be innovative
- It must involve technology that enhances the country’s socio-economic development
Spanish Entrepreneur Visa Requirements
Apart from a sound business idea that matches the above criteria, there is no minimum investment amount required for a Spanish Entrepreneur Visa.
Applicant Eligibility Criteria For A Spanish Entrepreneur Visa
To be eligible for this visa, the applicant must be:
- At least 18 years old
- Have no criminal record in Spain
- Have no criminal record in the place of residence for the last 5 years
- Have sufficient financial resources to support themselves and their dependents in the country. For 2022, the amount required per month is €2316,08 for the applicant and €579,02 for each dependent.
- Have private health insurance or public insurance
The applicant’s spouse and dependent children under the age of 18 years are also eligible for this visa. Their applications can be submitted simultaneously or successively.
Documents Required For Application
Before starting the application process, you will need the following documents.
- Application form
- Copy of the first and last pages of your current passport
- Proof of having sufficient finances
- Character certificates
- Copy of insurance
- Business plan
- Favorable report deeming the business proposal to be of economic importance to Spain
Business Plan Must-Haves
The business plan or proposal is one of the most important documents required for application. It must include the following details:
- Details of how many new jobs it will provide
- Entrepreneur’s CV
- Project overview with
- Expected start date
- Legal framework
- Economic effect
- Features that make it creative and innovative
- Investment required for the project
- Detailed financial statements
- Market analysis with the main competitors
Application Procedure For Spanish Entrepreneur Visa
The application can be submitted from the individual’s home country or from within Spain.
If it is being submitted in the applicant’s home country, all documents must be sent to the Spanish consulate.
Applicants with Spain can apply by sending a digital copy of the documents to the electronic headquarters of the Unidad de Grandes Empresas (UGE) or the UGE HQ in Madrid in person. Alternatively, they can apply through the Ministry of Finance and Public Function common electronic registry or at any local public registry office.
An application usually takes 20 days to be approved. Once a favorable resolution is received, the applicant can schedule an appointment at the immigration office for biometric submission.
If the application is rejected, the applicant can reapply or file an immigration appeal.
Spanish Entrepreneur Visa Renewal
The Spanish Entrepreneur Visa is valid for an initial period of 2 years. The entrepreneur must set up the business during this time. If the venture is successful in terms of creating employment and helping the Spanish economy, the visa may be renewed for an additional 2 years.