Steps for a foreigner to buy a commercial bussiness
When we travel abroad, our commercial instinct is sharpened and we see business opportunities that we did not contemplate in our country. Making an investment abroad can be a great option.
We will see the necessary steps to acquire a business in Spain being foreigners.
Step by step
The first thing we must take into account is the documents required to reside and start a work activity in Spain. These are the indispensable documents you will need:
- NIE (Foreigner’s Identity Number)
With this document you will identify yourself for any procedure and you will be able to request the permissions that are required.
- Application for self-employed work authorization
This procedure is carried out in the government delegations of the different places where we want to start our commercial activity.
- Work Visa
Once you have the authorization for self-employment you will have three months to apply at the Spanish Consulate in your country for a work visa.
With these three requirements you could start your business activity with the same rights and duties as any citizen of the country.
The following procedures must be completed in order to register your company with the Social Security and establish your tax domicile in order to make payments to the Ministry of Finance.
- Conditions for acquiring a business
Until now, the agreements in force between the member states of the European Union established that any EU citizen had the right to create a company or subsidiary in any country without any restriction.
With the United Kingdom’s departure from the European Union, it will be necessary to remain alert to possible changes in labour and economic matters. For the time being, all agreements remain in force until the end of 2020.
These changes may affect the requirements for British citizens to acquire a business and start an economic activity in Spain.