If you’re thinking about applying for an entrepreneur visa or a self-employed work permit in Spain, one of the key elements for success is having a solid business plan. But don’t worry, we’ll explain what it consists of and how to create one that meets immigration requirements.
Why is a Business Plan Important for Immigration?
A business plan is essentially a detailed blueprint for your project. In it, you lay out how you plan to turn your idea into reality and, most importantly, show that it has the potential to be viable and sustainable in the long term. It’s not just another requirement—often, it’s the heart of your application.
Which Procedures Require a Business Plan?
There are several immigration procedures for which a business plan is required. Some of the most common ones include:
- Self-employed work permit
- Entrepreneur visa
- Change of student visa to self-employed work permit
- Change of non-lucrative residence to self-employed work permit
- Change of job-seeker visa to self-employed work permit
What to Include in Your Business Plan for Immigration Procedures
The good news is that you don’t need an extremely technical document. However, there are several key elements that you cannot leave out:
- Introduction: What is the Idea?
- Clearly and directly explain what your project is about and what motivated you to start it.
- Team
- Even if you’re working alone as a freelancer, include a brief description of the people in charge and their experience.
- Product or Service
- Explain what you offer and how you stand out from the competition.
- Market Analysis
- Describe your target audience and how you plan to reach them.
- Marketing Plan
- Show the actions you plan to take to promote and sell your product or service.
- Resources and Processes
- Explain how you will operate internally.
- Initial Investment and Financing
- Indicate the amount of money you need to get started and where the funds will come from.
- Financial Projections
- Include an estimate of your income and expenses in the short and medium term.
What Should a Business Plan for Immigration Include?
Eleven Steps of the Business Plan with Key Points
- Project Definition: Clearly describe the type of project to be implemented. Explain the business idea, objectives, and the value it will bring to the market.
- Summary of the Promoters : Include a descriptive summary of each business promoter, detailing their experience, roles, and skills. This will help demonstrate that the team has the necessary capacity to carry out the project.
- Products and/or Services: Describe the products and/or services the business will offer. Explain the offering and highlight the differentiating elements that add value to the market.
- Business Characteristics: Provide a description of the key characteristics of the business. Include supporting documentation, such as market studies, preliminary financial data, or product samples, to reinforce the viability of the project.
- Location: Specify the location where the company’s products and/or services will be offered, indicating whether the operation will take place in a physical location or in a virtual environment.
- Commercial Plan or Marketing Strategy: Develop a clear strategy explaining how you will attract customers and generate sales effectively.
- Business Organization: Describe the internal structure of the business, including the staff that will work alongside the director or business owner. Specify the roles and responsibilities of each team member.
- Initial Capital: Include a detailed description of the initial capital available to the applicant to start the business. This section should also include any additional funding sources that will be used to launch the activity.
- Planned Financing: Detail the planned financing for the business, specifying the sources and amounts needed to ensure financial stability during the startup phase.
- Balance and Financial Projections: Include an estimate of the expected profits and losses for the first three years of activity. This allows for an evaluation of the project’s economic viability in the medium term.
- Appendices: Add supplementary information in this section. It may include the entrepreneur’s curriculum vitae, educational certificates, bank statements, lease contracts for the space where the business will operate, or other documents that support the project’s credibility.
Extras for the Entrepreneur Visa
For this particular visa, immigration authorities not only want to see that the project is viable but also that it is innovative and, ideally, has a strong technological component. Some points that can make a difference include:
- Having received financial support in the last three years
- Being a finalist in a startup competition
- Having a Binding Reasoned Report from the Ministry of Science and Innovation
- Holding the SME Innovation Seal or the certification of Young Innovative Company
If these points do not apply to your project, don’t worry. You can also justify innovation by showing the development of patents, using proprietary technology, or having differentiating processes in your business.
Do I Already Have My Business Plan Ready? What Do I Do Now?
Once your business plan is complete, the next step is to validate its viability. This is done by submitting it to an official entity, such as ATA or UPTA, to verify the plan’s credibility.ue revisen el proyecto y emitan un certificado. Este documento será clave para que extranjería dé el visto bueno.
Business Plan Viability through an Official Entity
Once you’ve developed your detailed business plan, the next crucial step is to verify the viability of your business project. To do this, it’s necessary to send the plan to an association like ATA (Association of Self-Employed Workers). This entity is responsible for evaluating whether your business can be viable in Spain. Each year, ATA reviews hundreds of applications, analyzing not only the specific activity you want to undertake but also whether it is technically and economically feasible to start.
Foreign entrepreneurs who are not citizens of the European Union must request ATA to issue a report that examines aspects such as the activity to be carried out and the investment needed for the project. This report is essential because immigration authorities consider it a key element in approving your work permit or visa application.
In addition to ATA, there are other organizations that can evaluate the viability of your business plan:
- Union of Professionals and Self-Employed Workers (UPTA)
- Confederation of Self-Employed Workers of Spain (CIAE)
- Organization of Professionals and Self-Employed Workers (OPA)
- Union of Associations of Self-Employed Workers and Entrepreneurs (UATAE)
These entities are also authorized to analyze your plan and issue the necessary viability report for your immigration process.
Expert Help for Your Business Plan
We won’t lie, creating a business plan can be complex, especially if it’s your first time. Our team of immigration lawyers can guide you through every step to ensure that your plan meets all the requirements and aligns with what immigration authorities expect to see.
Don’t waste time—contact us so we can help you right away.
FAQs about Business Plans for Immigration in Spain
- Who can make a business plan for me? Our immigration law firm, Lexmovea, has the experience needed to help you create a business plan that meets the immigration requirements in Spain. Additionally, there are other specialized consultants and financial advisors who can assist you with the process.
- How can I start a business in Spain as a foreigner? To start a business in Spain as a foreigner, you first need a solid business plan. Then, you must apply for a self-employed work permit or an entrepreneur visa, depending on the type of project. For non-EU foreigners, the plan must undergo a viability evaluation, carried out by organizations like ATA or UPTA.
- How much money do I need to start a business in Spain? The amount depends on the type of business, but generally, it’s recommended to have enough capital to cover startup and operational costs. For small businesses, the investment can range from €3,000 to €10,000, while larger businesses may require an initial investment of €50,000 or more.
- Can foreigners open a business in Spain? Yes, foreigners can open a business in Spain. The requirements may vary depending on whether they are from the EU or not. Non-EU citizens need an entrepreneur visa or self-employed work permit and must submit a business plan approved by an authorized organization.
- What basic elements should a business plan have to be approved? For a business plan to be viable, it must include a detailed market analysis, a clear description of the product or service, a marketing plan, and realistic financial projections. Additionally, it should include information about the team, the company structure, and the resources needed to start.
- Why is a business plan important for foreigners in Spain? The business plan is key to demonstrating the viability and sustainability of the project, especially for obtaining work visas or residence permits. It allows immigration authorities to evaluate whether the business meets the requirements and if it has real chances of success in the Spanish market.