Spain employment visas
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 assists our Clients with opening a corporate bank account in Spain. Our experienced banking team will prepare all required documentation and submit them to their preferred bank. We will also attend the bank interview on your behalf and may assist you with applying to the full range of corporate banking services available in Spain. Please read below for further information regarding Spain banking system and our corporate banking services in this country.
Spain corporate banking
- 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) time required to open the bank account and ii) the bank’ requirements for our Client’s security 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 Spanish bank. Healy Consultants 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 the recession and collapse of the property markets in 2008 and unemployment rate reaching 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;
- In spite of recent events described above, the banking system in Spain is still well established as well as modern. It offers many banking facilities and a wide range of banks from foreign banks to local banks which are present in Madrid and all other main Spanish cities.
Healy Consultants Spain corporate banking services
- Healy Consultants assists our Clients with opening a corporate bank account in Spain.
- Healy Consultants will be pleased to assist our Clients with opening a corporate account after Spain company formation 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 you have 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 business in Spain.
- If requested, Healy Consultants will also be pleased to assist our Clients with obtaining bank financial support for their projects in Spain.
- Healy Consultants 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 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 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 will proceed as below
- Before setting up a business in Spain, Healy Consultants will assist our Client to choose the best corporate bank account amongst the different banking options available in Spain;
- Healy consultants will then submit the company registration package to the Central Mercantile Registry for pre-approval of our Client’s incorporation project;
- Healy Consultants submits a complete corporate bank account opening application to the bank account including i) pre-approval 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 emails our Client the bank account details. Our Client then proceeds to transfer the share capital onto 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 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.