In September 2013 the Spanish Parliament approved a Law that, among other matters, introduced a package of legal and governmental measures for improving the relationship of Small and Medium Enterprises (SME) with the public administration and some help instruments for the internationalization of companies. In addition, there were approved different types of Golden visas for foreign investors, that we have commented in our corporate site some months ago.
Our interest is now to focus on the specific measures that are addressed to foreign entrepreneurs planning to establish in Spain while setting up a start-up company.
The general principle of this Law states that the Project to be developed in Spain shall mean an impact in the socioeconomic environment or imply a relevant contribution to scientific or technological innovation. Ambitious words that, nevertheless, are not clearly specified in the wording of the Law.
For practical purposes, and considering that the intention is to attract foreign entrepreneurs in the new technologies, the simple project to be submitted to the Regional Economic Office shall refer to new technologies, among which can be easily included IT, alternative energies, tourism and in general any other sector in which the investor could demonstrate certain innovation.
General requirements for the applicants:
- legal age without criminal records during the last 5 years
- non rejectable person according to International Treaties
- personal health insurance with a registered Insurance company in Spain
- sufficient economic resources to sustain the applicant and his family while his stay in Spain
- the creation of jobs
The obtaining of the Visa for Investors allows the applicant (wherever his country of origin) to reside in Spain for, at least, 1 year. During this period, he will be required to visit Spain, at least, once.
After this period, the investor may apply of Residence Permit with a regular length of 2 years, renewable for additional periods.
The applicant shall apply before the Spanish Consulate of his country of residence, who shall issue a formal resolution within a period of 15 working days. Prior to this, the applicant shall elaborate a Report describing the start up project, where the assistant and advise of a Law Firm may imply a relevant support.