Practical issues on the residence permit for entrepeneurs (I)

Practical issues on the residence permit for entrepeneurs (I)

According to Spanish Laws, foreign entrepreneurs who wish to develop an innovative business (with an economic interest for the country), can obtain a visa and residence permit in Spain.

In which cases is it possible to apply for the visa and in which for the residence permit?

It is advisable to apply for a visa when the entrepreneur is out of Spain and must travel to perform the necessary steps to implement the activity.

Permission is requested when the entrepreneur is already legally in Spain, to develop the project.

Where is the application submitted?

  • Visa application must be submitted at the Spanish Consulate in the country of residence.
  • Residency permit for entrepreneurs application must be submitted in Spain (UGE-CE).

How do you assess whether the project has an economic interest in Spain?

The first step is to develop a business plan that should include at least the following issues:

  1. Business project:
  • Business activity to be developed
  • Start date
  • Location (geographical area in which the activity is to be developed)
  • Legal form of the company
  • Economic impact of investment
  • Number, description and qualification of the jobs that will be created as a result of the investment
  • Promotion and sales strategy (advertising and marketing)
  1. Founders and Partners
  • Partners requesting authorization: description of their involvement in the project and their financial situation.
  • Rest of the company’s partners: personal data and professional and academic profile
  1. Product / Service
  • Description of the service or product
  • Innovative aspects
  1. Market analysis
  • Market valuation and expected evolution
  • Description of the competition
  • Description of potential consumers
  • Supply and demand analysis
  1. Financing
  • Investment required
  • Suppliers
  • Financing tools: grants, credits, etc.

Important: A minimum investment and creation of jobs is not required, since the valuation is made individually, case by case, taking into account the feasibility of the plan and the benefits that the activity may generate for the Spanish economy.

Who carries out the evaluation of the project?

  • If you are going to apply for a visa, it is needed the favourable report of the Spanish authorities (Economic and Commercial Office – COPE) where the entrepreneur resides previously to obtain the visa.
  • If what you want to be processed is the residence permit, it is not necessary to obtain prior favourable report, but the business plan is presented, along with the permit application to the Unit for Large Companies, which will ask directly the report to the Director at the General of International Trade and Investment.

What are the advantages?

The visa and residence permit allow the investor and his / her family to live and work throughout the national territory.


Araceli Boltas

VBB ATTORNEYS

 

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