If you’re considering moving to Spain, you may have heard about the Business Activity Residence Permit. This visa has become popular in many countries as an alternative to employment work visas.
It is an excellent way for non-EU residents to live and work in Spain if they set up their own businesses there.
If you meet the eligibility requirements and want to move to Spain, but not just as a tourist, then speaking to your local Spanish consulate is the first step in getting an entrepreneur visa.
This guide covers everything you need to know about getting a Business Activity Residence Permit in Spain. It includes how much it costs, what documents you need, how long it takes, and whether your family can join you.
Getting started with the Business Activity Residence Permit
There are currently many foreigners seeking to start a business in a country like Spain. A Business Activity Residence Permit is one of the simplest ways. But, do you want to know how to apply? Then read on!
Individuals who are not EU citizens and wish to set up a business in Spain may apply for a self-employed residence permit, which allows them to remain in the country for one initial year.
There is no minimum investment or job creation required to obtain a permit. So, an individual assessment of your project and your business plan is needed.
This is different from the Entrepreneurship Permit, which requires proof that the business will create jobs, is innovative or, overall, is strategically important to Spain.
You can apply for the Business Activity Residence Permit only from the Consulate of Spain of your place of residence. If you are going for the Entrepreneurship visa, however, you could also do it from inside the country.
The process outside of Spain is only for the Business Activity Residence Permit and requires the person to:
You must apply for the residence permit at a Spanish consulate in your country of residence and wait for approval to have the procedure done outside Spain.
While the process from within Spain for the entrepreneurship visa is:
You must apply for a visa through the “Unidad de Grandes Empresas” if you are legally in Spain as a tourist. This is simple to do if you are already in the country.
The authorities typically take about 20 days to evaluate your application, whether you apply one way or the other.
Afterward, you can go to the immigration office and have your fingerprints registered to obtain your Foreigner’s ID Card. This takes about 20 to 30 days to be issued.
The whole process should take between four and six months. However, this depends on how busy the authorities are when you apply and how quickly they receive your information.
The Business Activity Residence Permit is more attractive than others, like the Golden Visa.
While it’s important that your venture creates jobs in the country, it is not essential. Therefore, the Commercial Office will not necessarily deny your application if you begin independently and do not have any other employees.
This is also true for renewals: you may renew even if you do not employ anyone for the first few years.
There is no prior investment or initial capital outlay required in Spain, unlike in many other European countries. Also, you can avoid the demanding requirements for a regular employment visa to get a work permit.
Like most other visas in Spain, this Business Activity Residence Permit allows you to have visa-free travel throughout Europe’s Schengen area. Furthermore, there’s no requirement for visiting Spain when applying for the visa or using a lawyer for Power of Attorney.
Information About Family Members
Finally, family members can apply for a Spanish residence permit just as long as one family member starts a business. So the permit is a good option for those who wish to move to Spain together.
Family members, including your parents, spouse, and children under 18 years of age, can join you without enduring lots of paperwork.
To successfully complete your application for a Business Activity Residence Permit, you will need:
- A valid Passport
- Verification that you have sufficient economic means to maintain and develop your business.
- A clean criminal record certificate
- A valid business plan
- Completed application form
For the entrepreneur visa, you will have to submit a series of documents for future approval and these include:
- Health insurance that is valid in Spain
- Approval from the Economic and Commercial Office of the Spanish Embassy where you reside
To qualify for having sufficient funds to support your business, you must:
- Have a household income of at least €806.76 for a family with two members.
- For each extra member, there’s an additional €268.92 needed.
For the business plan, we recommend that firstly, describe your product or service and then discuss how to market it. This means explaining what it is, what makes it unique, how it disrupts the market, and more.
A SWOT analysis is also important for gathering information about the project and its major competitors, whether they are direct or indirect.
Besides a financial projection and a funding report, an important consideration is whether you plan to use your money or external resources such as banks or other lenders. You will need to determine all the details necessary to keep your business running daily and the level of profits you anticipate.
With these documents, you can start simply a Self-Employed business like an online shop, or a gym.
Information about Renewing the visa
This residency will provide you with a one-year temporary residency permit that will be renewed twice for two years.
It can then be renewed a third time for two years, then again for five years.
One of the great things about this process is that after five years of self-employed residency in Spain, you may apply for permanent residency status.
This then allows you to apply for Spanish citizenship and a Spanish passport after you have resided in Spain as a permanent resident for an additional five years.
If you’ve been considering immigrating to Spain, then the Business Activity Residence Permit may be the right option. This visa is an easy way to enter and stay in this great country.
But, as with any visa, you must apply early and thoroughly. This is very important for Spain’s Business Activity Residence Permit.
Also, gather your necessary documents to avoid delays in processing your paperwork, which you can do in advance. Then, once you are approved and residing in Spain, you can start your business. Next, you can get a Spanish passport and eventually be able to apply for citizenship.
If you’re interested in entering the Spanish market to start a business, then the Business Activity Residence Permit is a great option. This visa is perfect for anyone who wants to stay in the country while they work on their business. The only downside is that you won’t be able to bring your family with you.