Residence permit entrepeneurs: ideal choice starting business Spain

Spain`s business environment has established itself as one of the most attractive in Europe, providing a solid and prosperous framework for entrepreneurial endeavors. With well-established infrastructure, access to financial resources, and a growing entrepreneurial culture, the country offers unique opportunities for those looking to establish their own businesses. 

What is the Residence Permit for Entrepreneurs? 

The Residence Permit for Entrepreneurs is a unique opportunity for those wishing to establish and manage their own business in Spain, contributing to the country`s economic growth and benefiting from the prosperous business environment it offers. This permit is positioned as the most sought-after residence authorization by foreigners who wish to relocate to Spain to develop their innovative business with special economic interest for the country. 

What are the benefits of the Residence Permit for Entrepreneurs? 

This visa offers a series of significant benefits, including: 

• Right to live in Spain during business development
• Possibility for the applicant`s family member to join the main application and obtain simultaneous residence authorization 
• Ease of permit renewal, provided initial requirements are met
• Flexibility regarding the timing of establishing the business to Spain
• Quick resolution of the application by the Administration (20 business days)

What are the requirements for applying for the Residence Permit for Entrepreneurs? 

The key requirements for this type of authorization are: 

• Not being a citizen of the EU, the European Economic Area, or Switzerland, nor a family member of citizens from these countries
• Not being irregularly present in Spain or having a prohibition of entry
• Possessing a professional profile to develop the proposed business
• Submitting a detailed business plan including the project description, market analysis, financing, and added value for the Spanish economy
• Additionally, the business project must involve job creation and/or have an innovative character for Spain
• Demonstrating financial capacity to develop the business
• Having no criminal records in Spain and in the countries where the applicant has resided for the last 5 years
• Having medical insurance coverage similar to that offered by the Public Health System for the entire period of stay. 

What characteristics should the business plan have to apply for the Residence Permit for Entrepreneurs? 

In the application for the Residence Permit for Entrepreneurs, the business plan stands out as the primary document and, as such, requires special attention and care. 

In the case of the Entrepreneur Residence Authorization, the evaluation of the business plan is conducted by ENISA, conducting an individual study of each case and project. In this regard, special emphasis is placed on evaluating the following points: 

1. Professional profile: education, professional experience, and involvement in the project

2. Business plan, which must include at least: 

• Project description: business activity to be developed, start date, location, legal form of the company, potential economic impact of the investment, description of the number of jobs expected to be created and their functions, planned promotion activities, and sales strategy
• Description of the product or service (the description must be detailed and include innovative aspects)
• Market analysis: market assessment and expected evolution, description of potential competitors, and analysis of supply and demand
• Financing: required investment, sources of financing and financial plan, suppliers, subsidies, credit, etc. 

How to apply for the Residence Permit for Entrepreneurs? 

The application process can be carried out in two ways: 

1. From the country of origin, through the Consulate

2. In Spain, while being legally present in the country 

Once the Residence Permit for Entrepreneurs application is submitted, the Administration will resolve it within 20 business days and grant a residence authorization for a period of 1 year if requested from the Consulate of the country of origin, or for 3 years if requested from Spain. 

If the resolution is favorable, the applicant must request an appointment for fingerprinting, and 30 days after having their fingerprinting taken, they can collect their Foreign Identity Card (TIE). 

At Gentile Law, our Immigration Department has extensive experience in processing Residence Permits for Entrepreneurs and offers comprehensive services to support entrepreneurs at every stage of the process, from the initial application to obtaining the Foreigner Identity Card (TIE) and the eventual renewal of the authorization.