'Rising Startups Spain', invites foreign entrepreneurs

'Rising Startups Spain', invites foreign entrepreneurs

Posted by M.Venkatesh on July 10th 2017

ICEX – Invest in Spain, launched ‘Rising Startups Spain’ in 2016 by the ICEX – Invest in Spain to position the country as a centre of talent, entrepreneurship and innovation.It is a public corporation whose mission involves promoting the internationalisation of Spanish companies to support their competitiveness and add value to the economy as a whole, as well as attracting foreign investment to Spain. ICEX Spain Trade and Investment renders its services through a network of 31 Provincial and Regional Divisions in Spain along with almost 100 Economic and Trade Offices around the world along with 16 Business Centres worldwide, offering Spanish companies temporary infrastructure and acting as incubators for internationalisation. ‘Rising Startups Spain’ 2nd edition is aimed at entrepreneurs and foreign start-ups to contribute to promote entrepreneurial activity in Spain. 

What the program offers to Start-ups
-The nine-month program  begins with an incubation period. 
-Easier access to Visa and Residence permits.
-Free workspace in  Madrid and Barcelona provided during the duration of the programme.
-The winning start-ups get a chance to choose among the three leading incubators in Spain – Barcelona Activa, Madrid International Lab, and the company Telefonica.
-Specialised mentoring for each start-up on how to enter the market.
-A non-refundable direct financial assistance of $11K (€10,000)
This year, the program is looking to provide financial assistance to not more than 15 companies.
Requirements for foreign start-ups
To take part in the program, foreign start-ups established in Spain need to have at least 10% of the start-up capital that belongs to a foreign person or a legal entity or a Spanish non-resident. 
Apart from this, the start-up must be formed or be in the process of formation when the assistance is granted. For companies in Spain, they need to be less than one-year-old to be eligible.
Finally, in order to receive the investment stated above, a startup must incur minimum costs of about $22.7K (€20,000) for the time, when assistance is awarded and the end of the six-month incubation period.
Submission of applications  last date: July 31, 2017 


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