The Start Up Visa for Spain is a type of investor visa in which there is no minimum amount of investment in the business project. This is a residence permit in Spain, for non-EU citizens who want to start their own business or startup in Spain, is valid for one year and can be renewed every year up to a total of three years. Afterwards, a Spanish residency visa can be applied for.
The main condition for applying for this type of visa is that the new project meets Spain’s interests, that is, that it is economically attractive, that it provides jobs, that it promotes scientific and technological development and, finally, that it is innovative.
The main advantages of obtaining a Start Up Visa for Spain are:
- A work permit is obtained without having to go through the complex requirements of a regular work visa.
- No initial investment required
- Employment generation is taken into account, however, it is not a strict requirement.
- With the entrepreneur visa, you will have free movement within the countries that form the Schengen area.
- It is not necessary to be in person for the application. It is possible to designate a representative to carry out the procedure.
- The visa can also be requested for the family, with only one family member starting a business project.
The general requirements are
- The applicant must be a non-EU citizen.
- The entrepreneur must be at least 18 years of age.
- No criminal record. This must be valid for Spain as well as for any other country during the 5 years prior to the application.
- The applicant cannot be in an irregular situation in Spain.
- Have social security, either public or private, with full coverage in Spain.
- Have sufficient funds for the entrepreneur and his or her family (if applying for residency jointly). The required amount is €2,130 for the principal applicant and €532 for each dependent family member.
The specific requirements for this type of Start Up Visa for Spain are as follows
- To have a professional profile.
- Have a good business idea.
- Have the ability to execute the business idea in reality.
Finally, the required documents are:
- Application form.
- Complete passport.
- Proof of payment of the corresponding fee.
- Proof that all necessary requirements are met.
- Present the business plan detailing the activity and how it will benefit the Spanish economy. It must be sent to the Commercial Office in Spain.
- Submit a favorable business plan report.