Spain is one of the most developing countries in the world and a smart choice for a startup. From the incredible weather to the affordable lifestyle, there is something about this place that makes foreigners settle in.
We don’t disagree that it can be tricky for you to start entrepreneurship, especially when coming from abroad. However, if you turn to Henry Towers to help you out, you’ll surely shape the right path.
Spain has gone down in the unemployment rate but the wages aren’t high compared to other European countries. It will be easier for you to hire people with skill and pay wages that you can afford.
If you’re sure that you’re going to settle in here and have your own company, you need to know the basic facts. After that, collaborate with the right company who can help you set up your vision.
Things to know about starting up a business in Spain
At first, you need to have the right to live and work in the country. If you’re an EU citizen, you get the liberty automatically. However, you need to get a Numero de Identificación de Extranjero or NIE. It gives you a unique tax ID and you’d need this for official purposes that include renting or buying properties, getting utilities, opening a bank account, and more.
You can apply for NIE once you’re in Spain or get it ahead of time from the Spanish embassy or consulate before moving in. If you’re not an EU citizen, you need to have an active visa and work permit.
How to apply for a Spanish work permit?
If you need a work permit to start your business, there are some rules you’d have to follow. You first need to get the permit from the Spanish embassy or consulate and then get documents regarding:
- your business plan
- the evidence of how much money you have to invest in the startup and survive
- your skills and experience
- the copies of business commissions or contracts
- licenses or registration
- the potential of creating employment in Spain
You need to renew your work permit and prove that you continue to fulfill these conditions every year. After five years of continuous business, you can apply and become a Spanish resident.
What are the regulated businesses or professions?
There are certain businesses and professions like law, architecture, healthcare, finance, which are highly regulated. You need to ensure that you comply with such applicable rules before you start to trade.
You might have to often show your official qualifications to accredit it. Depending on the type of profession or business you want to carry out, you need licensing for it.
The rules can differ from one part of the country to another. You need to check the national rules and then the regional rules to figure out what to imply for your business.
These are just the basics, and there are more things you need to know and sign up for when starting a business. Take help from the experts in town to train you and give you the best suggestions to work it out.