Practical issues on the residence permit for entrepeneurs (II)

Practical issues on the residence permit for entrepeneurs (II)

INVESTMENT THROUGH A BUSINESS PROJECT

Spanish Support Entrepreneurs Act provides for the granting of visa and residence permit for foreigners who invest in Spain by creating a business project that will be developed in Spain and it is considered of general interest.

Visa

Foreigners may apply for a visa to enter and stay in Spain for a period of one year, in order to carry out the previous procedures to be able to start an entrepreneurial activity in the country, such as carrying out market surveys, contacts with potential clients and suppliers, incorporation of companies, application of licenses, recruitment of personnel, etc.

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Those foreigners who are already in possession of a visa or a residence permit and intend to start, develop or conduct an economic activity as an entrepreneur may be provided with a residence permit for business activity that will be valid throughout the Spanish national territory.

What is meant by entrepreneurial and entrepreneurial activity?

It is understood as an entrepreneurial activity that one that is innovative, with special economic interest for Spain and has a favourable report issued either by the Economic and Trade Office or the General Directorate of Trade and Investment.

For the valuation of the economic activity will be taken into account especially the creation of jobs in Spain.

Business plan

In order to obtain this report, it is necessary to draw up a business plan, which must contain at least the following elements:

  • DESCRIPTION of the Project: business or activity to develop, start date, location, legal form or type of company, potential economic impact of the activity, description and number of work positions that are expected to be created and its functions and qualification, promotional activities planned or sales strategy.
  • DESCRIPTION of the product or service: description must be detailed and include innovative aspects
  • A market analysis: market valuation and evolution expected, description of potential competitors, valuation of potential consumers and analysis of supply and demand.
  • Financing: investment required, sources of financing and financial plan.

Evaluation of the project

For the evaluation of the project the following requirements will take into account:

  • With priority character, the creation of new jobs.
  • The professional profile of the applicant.
  • The business plan.
  • The value for the Spanish economy,innovation or investment opportunities for the country.ย 

 

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