Spain employment visas in 2023
Only non-EU / EFTA citizens are required to secure a work visa in order to work in Spain. After Spain company formation, Healy Consultants will assist our Clients by preparing the visa application and submitting it on their behalf. Our fee for this service is €4,950.
- Non EU/EFTA entrepreneurs will be required to obtain a work permit for the purpose of self-employment. This visa can only be obtained after Spain business formation;
- Documents required from our Client include i) valid passport ii) company incorporation certificate and iii) medical certificate;
- Foreign investors can also apply for a golden visa if they are making investments in Spain worth i) €0.5m in real estate or ii) €1m in equity or iii) €2m in government bonds.
- After Spain company formation, employers can apply for a work permit for non-EU foreigners. Initially, the employer must submit an application with Ministry of Labor. Thereafter, the employee will also apply with their local Spanish embassy;
- Documents to be submitted will include i) valid passport ii) employer’s letter of sponsorship iii) copies of employment contract iv) proof that EU citizens were not denied the work opportunity and v) medical certificate.
- Please note, it can take up to 8 months from the Ministry of Labour to approve the employment visa application.
- This visa is issued for 3 months for the purpose of either tourism or short-term business.
- Documents required are i) valid passport ii) bank statements to prove that the entire trip is covered iii) medical health insurance and iv) documents declaring purpose of the visit.
Spain corporate banking options
Healy Consultants Group assists our Clients with opening of a corporate bank account in Spain. Our experienced banking team will prepare all required documentation and submit them to our Client’s preferred bank. We will also attend the bank interview on our Client’s behalf and assist them to avail the full range of corporate banking services offered in Spain. Please read below for further information regarding Spain’s banking system and our corporate banking services in this country.
Spain corporate bank account opening
- We often recommend our foreign Clients to open their Spanish corporate bank account with a bank with which they already have a bank account in another country, as this will reduce i) the time required to open the bank account and ii) the bank’s KYC requirements for our Client’s background check;
- Foreign banks present in Spain include i) Deutsche Bank; ii) Barclays Bank; iii) ING Bank and iv) BNP Paribas;
- Our Clients may also choose to open a bank account with a local Spanish bank. Healy Consultants Group will recommend i) Banco Santander; ii) La Caixa; iii) BBVA and iv) Banco Sabadell which offer excellent banking services;
- With the economy of Spain emerging from recession and the collapsing of the property markets in 2008 as well as the unemployment rates reaching to 24%, Spanish banks are constrained with i) high interest rates levied on loans; ii) high bank charges for transactions and iii) low demand for financing of businesses and loan facilities. Since Spain’s 2012 banking crisis, the government of Spain owns a significant part of the banking sector through the Fund for Orderly Bank Restructuring (FROB) and holds an estimated 18% of loans;
- Despite recent events described above, the banking system in Spain is still well established as well as modern. It offers numerous banking facilities and a wide range of banks from foreign banks to local banks that are present in the main Spanish cities such as Madrid.
Healy Consultants Group’s corporate banking services in Spain
- Healy Consultants Group assists our Clients with opening a corporate bank account in Spain.
- Healy Consultants Group will be pleased to assist our Clients with opening a corporate account after their company formation in Spain within 3 weeks. Internet banking will be approved within the subsequent 3 weeks. Our fee for this service will be €4,950;
- While our firm will liaise with the banks to prevent our Clients from travelling to Spain, there is still a 30% chance that the bank may require our Clients willing to start a business to travel for a one-hour interview in Spain. There will be a fee discount if our Client is required to travel;
- Following bank account approval, the preferred Spain bank will directly and independently email our Client the corporate bank account number, required to set up his/her business in Spain.
- If requested, Healy Consultants Group will also be pleased to assist our Clients with obtaining bank financial support for their projects in Spain.
- Healy Consultants Group may assist our Clients with obtaining corporate finance in the form of a loan, overdraft or simply preferential credit terms. Please contact our Spain Client relationship manager for inquiries regarding these services and the related fees;
- Spanish banks will consider providing funds to finance investment projects, provided sufficient information is provided. Documents requested include i) a well-prepared business-plan, inclusive of a feasibility study; ii) availability of collateral assets; iii) qualifications of business owners and management; iv) last 3 years audited financial statements of last 3 years and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix);
- In addition to corporate finance, our in-house consultants may also provide our Clients with assistance to secure trade finance services including i) bank guarantees; ii) letters of credit; iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.
Opening a corporate bank account in Spain
- In order to open a corporate bank account on our Client’s behalf, Healy Consultants Group will proceed as below
- Before setting up a business in Spain, Healy Consultants Group will assist our Client to choose the best corporate bank account amongst the different banking options available in Spain;
- Healy consultants Group PLC will then submit the company registration package to the Central Mercantile Registry for pre-approval of our Client’s incorporation project;
- Healy Consultants Group submits a complete corporate bank account opening application to the bank account including i) pre-approval received from the Central Mercantile Registry; ii) the Foreigner’s Identification Number (NIE); iii) bank questionnaire forms and iv) all due diligence documents;
- Once the corporate bank account is approved, Healy Consultants Group emails our Client the bank account details. Thereafter, our Client proceeds to transfer the share capital into its Spanish corporate bank account. The bank issues a certificate of deposit necessary to continue with the incorporation process.
Exchange controls and other regulation
- There are no exchange controls in Spain to hinder the repatriation of funds from the country;
- However, resident companies are still required to report monetary transfers to Bank of Spain for statistical purposes.
- Spanish banks are willing to provide finance to local companies if the following conditions are met i) good business-plan; ii) availability of security; iii) experience of business owners; iv) last 3 years audited financial statements; v) realistic feasibility study and vi) project strength and weaknesses analysis (SWOT);
- We also assist our Clients secure trade finance services including i) bank guarantees; ii) letters of credit; iii) finance against trust receipt and iv) document against payment and against acceptance;
- Healy Consultants Group will help our Clients obtain corporate finance in the form of a loan, overdraft or simply preferential credit terms.
Frequently asked questions
Which banks would you recommend for opening a Spain corporate account?Healy Consultants recommends renowned local banks including Banco Satandar, BBVA and La Caixa for Spain business banking solutions.
Is internet banking in Spain safe for cross border transactions?Yes. Healy Consultants works with reputable banks in Spain, consequently our Clients will feel secure about their financial dealings.
How long does it generally take to open a corporate bank account in Spain?It takes on average 3 weeks to get bank account approval.