Although entrepreneurs will most likely know the steps that they need to take in order to start up a business within the UK, the process for EU citizens to start a business in Spain is different than doing this within your home country.
- Conduct Market Research
The first thing that you need to do when considering setting up a business in Spain is to conduct market research into the sector of your business to check that it is viable. Market research will help you to discover what competition you may have, what your target audience expects, and any gaps in the market that you will be able to fill. To conduct market research, you should hire a market research firm such as gilliankenny.com, who analyse and perform medical market research in the UK through methods such as focus groups, surveys, and webcam interviews.
- Secure the Right Documentation
The documentation that you need to start up a business in Spain differs from the papers that you need in the UK. To start up a business as an entrepreneur, you will need to have available proof of your EU citizenship in order to avoid applying for a Visa and a personal work permit. One of the most vital pieces of documentation that you need is a NIE, or foreigner’s tax identification number, which is crucial for financial transactions conducted in Spain. You will also need a company tax identification number (CIF), which will enable you to complete your tax forms annually either online or by hard copy.
In terms of establishing your company, you will need to register your company name with the RMC, through which you will get a certificate that states that your company name has not been taken. You will also need to register your company with the Local Government Tax Authority, along with gaining your initial Deed of Incorporation.
- Separate Your Personal and Business Finances
To separate your business and personal finances for better financial tracking, you will also need to open a Spanish business bank account as bank accounts usually only operate within one country at no extra expense. You will then have to put 3000 euros in your bank account to align with the minimum authorised share capital that your business can have.
- Create a Business Plan
Your business plan contains even more importance when setting up a business in Spain as this allows you to establish targets and goals, determine the cashflow and available funding for your business, and analyse how you will continue to make your business a success in the future. For practical measures, you will also need a solid business plan to apply for a Spanish Work Permit in many applicable cases.
- Find the Best Premises
The premises of your business can be the determiner between success and failure, as your location will correspond to how much footfall your business will receive. To find the best premises, you should contact a reliable estate agent to help you, and conduct multiple research trips to the area that you are interested in before making any decisions. You should also make sure that any transactions that you make are legal and trustworthy.
