How to apply for a NIE if you want to invest in Spanish startups?

Nowadays, the world of startups is one of the most sought after by investors. In Spain, the situation is the same, which is why foreigners are also looking at our market. The only requirement is the NIE. At Startupxplore we will tell you how to apply for this document that will allow you to invest in our active rounds.

What is the NIE?

The NIE starts with a letter X, Y or Z, followed by 7 numbers and ending with a check digit. Furthermore, the NIE is a personal, unique and exclusive number that all foreigners, who want to invest and acquire real state in Spain, must have for identification purposes. The personal number will be the foreigner’s fiscal identifier, but it does not imply any obligation with the Spanish Treasury.

How to process the NIE correctly?

To obtain the NIE, you must follow a series of steps. The first thing you need to do is prepare the following documentation:

1. Download the NIE application form Model EX-15 here.
2. Provide the original and scanned copy of your passport or identification document if you are a citizen of the European Union.
3. Provide a statement (download here) of the economic, professional, or social reasons that justify your request. In this document, you are declaring to the Spanish authorities that you have sufficient financial means to invest and the origin of these funds.
4. If someone else is submitting the application on your behalf, they must provide an attorney’s power that they have sufficient authority to make the request.

After having your documentation ready, you have three options to apply for your NIE: in person in Spain, through a representative in Spain, or in person in your country of residence.

• If the application is submitted in Spain, you must do so at one of the delegations of the Ministry of Labor, Migration, and Social Security, or at the General Directorate of Police and the Civil Guard where your address is registered.
• If you are not in Spain, you can submit the application at the Consulate nearest to your place of residence.

Finally, once the process is completed and the NIE is requested, you will be given an identification number. Although many official sources indicate that the processing time is one week for the document to be issued, the time frame may vary and be delayed for several months.

Tips to fill out the NIE Model EX-15 form

Remember that it is mandatory to fill in your personal information and the information regarding your residential address. In case someone is going to represent you to submit the documentation, you must fill in the information in “apartado 2”.

Regarding the reasons for requesting the NIE, if you are not planning to reside in Spain, you should mark the checkbox for non-resident in “apartado 4”. Additionally, you must mark the checkbox for “for economic interests” and specify that the reason is to make investments in startups.

Point (4.3) refers to the place where you will submit this documentation, which must be at an immigration office, police station, or consulate office.

What is known about the “Startup Law”?

In December 2022, Law 28/2022 to promote the ecosystem of emerging companies, also known as the “Startup Law” or “Emerging Companies Ecosystem Law”, was approved. The regulation includes various fiscal, commercial, and administrative measures aimed at helping to create startups, attracting investment and talent to our country, and preventing national talent from going to other countries.

In accordance with Law 28/2022, the electronic application and obtaining of the NIF (tax identification number that will serve the same purpose as the NIE mentioned above), an essential requirement to materialize and document the investment, will be facilitated.

For the moment, the procedure mentioned above for obtaining the NIE continues to be necessary for a foreign person to invest in startups, since the digital system to obtain the NIF virtually has not been implemented. When this happens, Startupxplore will inform you.