Whether you are applying for an entrepreneur visa or a self-employed work permit, the business plan is one of the most important requirements to ensure a successful application.
In this article you will find everything you need to know in order to create a successful business plan for your immigration application, including what sections it should contain as a must, and other recommendations that will be very useful.
The business plan is the document that captures your project in a written format, in which you can find all the components and procedures that will allow the business to work, explaining how it will do it exactly.
That is to say, it is the planning that contains all the elements related to the configuration of the company and its initial operations, including a marketing plan, financial projection, financing channels, resource allocation, etc.
While it is true that it is advisable to always create a business plan when you are about to create any type of business, when it comes to immigration (and especially if you want to apply for a work permit), it is not a recommendation, but an indispensable and necessary part.
It is one of the most important requirements to complete your application and to be able to get your permit successfully.
However, the immigration office does not need a very technical business plan.
It simply requires one that can validate that the business idea fits with the provisions of the regulation and, most importantly, that it is viable and can effectively work out in the market.
Immigration procedures that require including a business plan
Thus, there are different residence permits whose fundamental requirement is the creation of this business plan.
What procedures are we talking about?
- The self-employed work permit
- The entrepreneur visa
- Modification from student visa to self-employed work permit
- Modification from non-lucrative residence to initial self-employed work permit
- Modification from job search visa to self-employed work permit
In order to formalize all these procedures, you will need to include your business plan, making sure you include the following sections.
What should I include within the business plan?
As we have mentioned, your business plan should not necessarily be very technical or extensive.
However, you must make sure it includes the following elements:
- First, a first introductory section in which you specify what the business idea exactly is about and why it is being created
- Then, a small organization chart or description of the people in charge of the development of the business (even if it is only you as a freelancer)
- Academic background and professional experience of the members of the project, demonstrating that they have sufficient experience and knowledge to be able to carry the project forward successfully.
- Analysis and description of the product or service to be marketed, including its competitive advantages.
- Analysis of the market and target audience
- Marketing plan, specifying the actions you will take to sell your services or product
- Internal resources and procedures that will be used to provide the service or supply the product
- Initial investment required for the operation of the project and financing methods to be used
- Financial forecast, including profitability and expected sales in the short and medium term
Extras for the entrepreneur visa
While this list would work for any procedure in which the business plan is required, you should keep in mind that for the entrepreneur visa you will have to go a step further.
As we mentioned in this post, the entrepreneur visa requires that the business idea involves a high level of technology and is totally innovative.
And that is something that you will have to capture in your business plan.
I already have my plan. What’s next?
Once you have prepared your business plan with all the elements we have seen in the previous section (something we recommend you do with the help of an expert to avoid your application being denied), the next step is to validate it officially.
Validating it means sending it to one of the regulated institutions so that they can analyze it and issue a certificate of viability if everything is correct.
We are talking about, for example, the ATA (Asociación de Trabajadores Autónomos), the Unión de Profesionales y Trabajadores Autónomos (UPTA) or the Unión de Asociaciones de Trabajadores Autónomos y Emprendedores (UATAE).
This certificate of viability will be the fundamental proof that the immigration office (or the UGE in the case of the entrepreneur visa) needs in order to accept your application.
Personalized help to craft the perfect business plan
Preparing a business plan can be a tedious and complicated task, especially if you want to make sure you meet all the requirements that the immigration office expects to find.
That is why having the help of an expert team of immigration lawyers can be fundamental to avoid a rejected application.
Thus, our team specializes, in addition to the application for your entrepreneur visa or work permit, in guiding you step by step to create the right business plan for your application.
Contact us through the following link and let us help you as soon as possible: