Many people relocate to
No matter what country you find yourself in, if you are looking to start up your own business there are certain things you must already know.
For example you must have a solid business plan; you need to have done enough market research to establish that there is a demand for the products and that your proposed business is viable; in an ideal world you should have some sort of experience and previous knowledge of the market you intend to enter; and if, as in Spain, the local language is other than English, you or one of your close associates must be fluent in the local language. In
The types of businesses in
- Empresario Individual or Autonomo - (the equivalent of a UK Sole Trader)
- Sociedad Colectiva - (Similar to a General Partnership in the
- Sociedad Comanditaria - (Similar a Limited Partnership in the
- Sociedad de Responsibilidad Limitada - SR or SRL or SL (Similar to a Limited Company in the
No matter where, or what type of business you hope to start, you must have a comprehensive business plan, and bearing in mind that you may need to borrow money, your business plan should be written in Spanish as well as English. If you have never compiled a business plan before, then you may need to seek local assistance. The Cámaras de Comercio is the Spanish equivalent of the Chamber of Commerce, and if you seek out your local office they will be able to offer you some advice regarding how to compile a professional business plan.
Any business must of course be suitably funded, so your next consideration has to be whether or not you have enough personal finance to underwrite the business, or whether you have to seek outside financial help.
Loans, or Préstamos as they are called here in
If your business will be creating new employment in a depressed area, then you may be entitled to a government grant. To find out more about this you can contact the Spanish trade department known as the DGPPME who can provide further information.
If you have difficulty in obtaining a bank loan you may wish to consider using a Business Angel. As you may guess from the name, business Angels, are prepared to accept more risk than conventional banks are willing to undertake.
Last but by no means least you will need to consider if you require any licenses or permits to begin trading. Don't relate to your knowledge of
The world economy is still in something of a recession and