Business in Spain

Many people moving to Spain and needing to make a living end up starting their own business in Spain. Often it is because of the frustration of looking for jobs and work. When you do find a job in Spain you then find it is very low paid compared to Western Europe or America. At that point many people decide they would be better off to start their own business in Spain.

With so many people moving to Spain from countries such as the United Kingdom there is more scope than ever to set up and start a new business in Spain providing services and new ideas to these expats. If you start the right business in Spain you could be sitting on a goldmine if you are first.

The Spanish government encourages foreign investment guaranteeing an equal treatment, although not preferential, offering many incentives in most domains. Foreign investors may establish companies in Spain using an assignee with a power of attorney to establish the company.

The founders must open a bank account and deposit capital of min 50 000 Euros in order to obtain a deposit certificate.
Residence Permit
The main requirement for the self-employed work and residence permit application is to have plenty of financial resources. The recommended amount to be lodged in an account under the applicant’s name is 50 000 Euros. This money does not need to be invested; rather it just needs to be lodged into your account for a few months, until you obtain your permit resolution. Then you can withdraw it again.
Clean medical and police records are also mandatory to be provided.
A business plan is the most important factor in showing one’s intention to settle in the country. If a good business plan is presented with evidences of availability of financial resources, the residence permit is granted without much problem.
In a maximum period of 1 month from receipt of the application, the Administration will make a decision on the application for the temporary residence permit and work permit. Requirements