Guide to Entrepreneur visa in Spain for Global Startup Founders

Spain is an attractive country for global entrepreneurs to reach the broader European market. The country can be ideal for establishing a business since there are no minimum capital requirements or a minimum number of jobs to create, unlike other countries. Spain offers a unique startup visa, or Entrepreneur Visa, which lets foreign entrepreneurs set up a business in the country. Read on to learn more about the Spanish Entrepreneur Visa, the requirements, and the application process.

Table of contents
What is the Spain Startup Visa? Benefits of the Spain Startup Visa for Entrepreneurs Requirements for Spain Startup Visa Application process for Spain Startup Visa Moving to Spain from abroad Banking in Spain Meet Wise: Wise Account for Spain Residents Wise Business Account for Spanish Startups

What is the Spain Startup Visa?

Foreign citizens outside the European Union who want to set up an innovative business can benefit from the Spanish Startup Visa (Spanish Migration Scheme). This visa requires the business to be innovative and particularly of economic interest to Spain. The Spanish Startup Visa offers two options for global entrepreneurs:¹

• A startup visa to make the preparatory arrangements to set up a business unit in Spain
• A residence permit if you’re already residing in Spain

The Spanish Startup Visa system is approved on a case-to-case basis. There are no minimum capital requirements or mandatory conditions to hire from the local Spanish population. However, the business must show and invest in local activities that can benefit the Spanish economy. The Directorate-General for International Trade and Investments (DGCOMINVER) oversees project assessments and accords the necessary sanctions.²

Benefits of the Spain Startup Visa for Entrepreneurs

Generally, the Spanish Startup Visa is generally attractive for global entrepreneurs, especially Spanish speakers and those with new ideas. The Spain Startup Visa also offers the following benefits to global entrepreneurs:³

• Convenient access to European markets: Once established in Spain, a business can easily expand its footprint into Europe compared to non-EU-based businesses.
• No minimum investment requirement: The Spain Startup Visa has no minimum amount required to invest in the business.
• **Access in Spain: **Entrepreneurs can live and work anywhere in Spain, which can include big cities like Madrid or Barcelona or quiet areas on the Mediterranean coast.
• Streamlined processing: The Spanish government has simplified the visa process, allowing entrepreneurs to get visa decisions within 10 working days. Residence permits are also issued within 30 working days.
• Path to residency: You can benefit from combined visa processing for direct relatives, including spouses, parents, and children. This visa opens the doors for applying for permanent residency in Spain.

Requirements for Spain Startup Visa

The DGCOMINVER and business experts assess each application individually, and so making a clear case on the potential of your business and the special economic interest provided to Spain becomes essential.

Here are important parts to have in order to apply for the Spain Startup Visa:⁴

• Submit your professional profile, training and professional experience, and your involvement in the project.
• Submit your business plan. It must describe the project and include details like start-up date, location, the planned legal form of your company, and potential economic impact.
• Include potential hiring numbers, the planned promotion activities, and the sales strategy.
• Ensure the focus is on the innovation you bring to products and services and how it is unlike anything else in the market.
• Provide a market analysis report that assesses the market and concentrates on aspects like expected evolution, the competition in the market, potential customers, and the supply/demand position.
• Your business plan should provide details of the financial investment achieved, the financial plan, and sources of funds.
• Your report must provide a clear plan of the added value it can contribute to the Spanish economy.

The following documents are required for processing your Spanish Startup Visa application:⁵

• A fully completed application form.⁶
• A recent passport-size color photo with the correct specifications.
• Your valid, unexpired passport.
• A favorable report issued by the DGCOMINVER
• Evidence of financial resources in your home or current resident country. The amount is equal to Spain's Public Multiple Effects Income Indicator, which is a specified amount per month or annually. A percentage is then required for additional family members.
• A Criminal record check certificate.
• Proof of health insurance.
• Proof of current residence.
• Proof of the representative’s identity and capacity if you have a representative.
• Visa fee payment receipt.

Your family members can submit their applications at the same time that you submit your application. They must submit documentary evidence proving the family relationship.

Here are the Spanish Startup visa processing fees.

Type of fee	Cost
General Visa fee	€80 EUR or its currency equivalent
For nationals of Australia, Bangladesh, Canada, the USA, and the UK	The cost can vary because of reciprocity agreements

Application process for Spain Startup Visa

Here is the Spanish Startup Visa application procedure.⁷

1. While optional, contact your local Embassy or Consulate for Spain to inform them of your application and seek guidance on any special requirements for your specific nationality.
2. Submit and get your business plan approved by the DGCOMINVER.
3. You can submit the application in person or through an accredited representative.
4. After making an appointment, you must submit the visa application to the Spanish Consular's office.
5. Obtain the proof of receipt to help you to track your visa application.
6. Check your emails to know whether you need to submit any rectification or additional documents.
7. Attend the interview if you are called for one.
8. Track your application. Usually, the visa processing time is around ten days from the date of submission of documents.
9. If approved, you can collect the visa in person from the Consular Office within one month of its issuance.

The Spanish Startup Visa is valid for one year. You can apply for the Spanish residence permit within the validity of the visa period. The residency permit is valid for two years and can be renewed every two years.

Moving to Spain from abroad

Getting a visa is only the first step in a journey to move abroad. Here are other considerations to help make your move seamless:

• **Language: **Spanish is the primary language in Spain, and that includes for business too. This can be a change from countries like India, where English is often a second language. It’s a good idea to learn and have a grasp of Spanish before moving to make the transition easier.
• Update bank and credit card accounts: Once you shift to Spain, your residency status in your home country can change to that of a non-resident. It's a good idea to inform your bank and credit card companies that you are going to be residing abroad, which can help you avoid your accounts being frozen if you use them abroad. Also, ensure that you have funds to cover any recurring payments at home or set up a process to ensure bills are paid.
• Staying connected to family and friends: While you relocate to Spain for work, remember to keep in touch with friends and loved ones at home. Social media channels like Instagram can help you share your experience, while apps like WhatsApp can help you communicate easier. Also, consider getting a Spanish number to help get in touch with new friends and colleagues and build connections with locals in Spain.
• Cultural changes: Spain has a unique history and culture, which can differ from your home country. Whether it's what time the Spanish eat dinner, siestas or the language, you may decide to adapt some aspects of the culture to help your stay. But remember to keep parts of your own culture that carry meaning for you as you assimilate.
• Accommodation and logistics: You can look for apartments or homes online before you leave for Spain. That can help you save money spent on hotels or other temporary accommodations. However, if you would like to see the place before moving in, it’s a good idea to wait. Getting an address in Spain can also help when shipping boxes overseas from home.
• Healthcare: Healthcare in Spain can be expensive. Ensure that you have the right health insurance for you and your family and that you can locate a local doctor and hospital in case there is a medical emergency.

Banking in Spain

The Euro is the main currency in Spain and across the European Union. You will want to open a business and personal bank accounts for Euro transactions. This will be especially important if you are earning locally, as well as paying salaries or suppliers. A business bank account can also help you then apply for additional funding or take out business loans if needed.

Opening separate accounts for business and personal use is essential to track your income and expenses. Read more about how to open a personal bank account in Spain with our full guide to opening a bank account in Spain.

BBVA, Santander and Caixabank are just a few of the most popular banks in Spain. They offer business and personal accounts that can fit your needs. But if you are sending money overseas often, double check the fees for international transactions so you can compare them with other options.

Want an easy, cheap and fast way to send money globally? Check out Wise.

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Wise Account for Spain Residents

Wise is available in Spain and residents can join for free. So whether you need to send earnings back home to family or put down a deposit for your next holiday, Wise makes it cheap and simple to send money.

Wise will also tell you upfront the cost of the transfer. There is only one transfer fee, and you always get the mid-market exchange rate. That’s the same rate you see on Google and Reuters. So instead of banks who add a markup or fee on their exchange rate, Wise gives you the mid-market exchange rate so you don’t lose money to extra fees.

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If life takes you country-hopping, consider the Wise Multi Currency Account. It is one account where you can hold, send and spend in different currencies. You can also opt for a linked debit card, making it easy to swipe and tap like a local abroad. It is the easiest account to use when managing multiple currencies and places.

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Wise Business Account for Spanish Startups

Startups have enough to worry about; sending and receiving money from overseas shouldn’t be one of them. Wise Business is here to simplify international payments for your new business.

Wise Business lets you make global payments to local bank accounts abroad. That means it's easy to pay suppliers, freelancers, vendors or staff internationally. Wise Business accounts also provide local bank details in different currencies, so clients can now pay you in the currency that is most convenient for them.

Since it's Wise, you can expect a low transfer fee and the mid-market exchange rate when converting money. Wise can also integrate into your existing account software, like Quickbook, to make tracking of transactions simple. Wise Business may have charges.

Over 300,000 businesses already use Wise Business every quarter; see if it's available for you and your business.

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This article is intended to provide general information on the Spanish entrepreneurship visa and isn’t personalised advice. Seek out professionals, including immigration lawyers, business advisors and tax accountants, for tailored information for you and your business.

Sources used for this article:

1. Spain Startup Visa for Global Entrepreneurs
2. Spain Entrepreneur Visa
3. Benefits of Spain Startup Visa for Entrepreneurs
4. Spain Startup Visa Requirements
5. Documents required for processing the Spain Startup Visa
6. Spain Startup Visa Application Form
7. Spain Startup Visa Application Procedure

Sources verified on 4 January 2024.

Cover photo by Thirdman.