How to finance a startup in Spain
- Financing a startup in Spain in 2026 usually combines founder capital with at least one non-dilutive public instrument before any equity round.
- The ENISA Emerging Company Certificate under Startup Law 28/2022 is normally the first step, since it unlocks a reduced 15% corporate tax rate and other benefits.
- CDTI’s Neotec grant offers up to €250,000, or €325,000 if the team includes a PhD hire, for early-stage technology startups with a genuine R&D programme.
- ENISA participative loans range from around €25,000 to €1.5 million and do not require collateral or an existing revenue history.
- Employee stock option tax exemptions were raised to €50,000 a year under Startup Law 28/2022, a meaningful tool when financing a startup in Spain through equity compensation rather than cash.
Did you know?
€250,000 is the maximum Neotec grant available to early-stage technology startups in the 2026 call, rising to €325,000 with a PhD hire.
15% is the reduced corporate tax rate available to certified startups for their first four profitable years, down from the standard 25%.
€50,000 is the annual tax-exempt threshold for employee stock options at certified startups, up from €12,000 before the reform.
Choosing a legal structure before financing a startup in Spain
Before you can think seriously about financing a startup in Spain, choosing the right legal structure is essential for taxation, liability and compliance.
The main types of business entities
- Autónomo (sole proprietorship): ideal for freelancers and small businesses, with minimal setup requirements but personal liability for debts
- Sociedad Limitada (SL): the most common option for startups, offering limited liability with a minimum share capital of €3,000
- Sociedad Anónima (SA): suited to larger businesses planning to raise capital publicly, requiring €60,000 in minimum share capital
- Sociedad Cooperativa: owned and operated by its members, common in agriculture and services
Each entity carries different legal and tax implications, so the right structure depends on your funding plans as much as your operating model.
Choosing between an SL and pursuing ENISA certification often needs to happen at the same time, since certification rules under Startup Law 28/2022 set requirements on company age and share structure. Our commercial law team can align incorporation and certification from day one.
What changed under Startup Law 28/2022 by 2026
Startup Law 28/2022 introduced the empresa emergente category, giving certified companies access to a reduced tax rate and other benefits.
To qualify, a company must be newly created or registered for under five years, generally seven for highly scientific or technological projects, have at least 60% of its workforce employed in Spain, and not have distributed dividends.
The ENISA Emerging Company Certificate remains the gateway to these benefits, and includes:
- A reduced 15% corporate tax rate for the first four profitable years, instead of the standard 25%
- Deferral of tax debts in the first two years without guarantees or interest
- Up to 50% income tax deduction for private investors backing certified startups
- A raised stock option exemption of €50,000 a year for employees, up from €12,000
Because certification eligibility runs from incorporation date, applying early preserves years of benefit rather than losing them while you wait.
Comparison: public funding instruments in 2026
| Instrument | Type | Typical amount | Best suited to |
|---|---|---|---|
| CDTI Neotec | Non-repayable grant | Up to €250,000, or €325,000 with a PhD hire | Early-stage tech startups with an R&D programme |
| ENISA participative loans | Public loan, no collateral | €25,000 to €1.5 million | Startups without a lending track record |
| ICO guarantees and lines | Soft loans and guarantees | Varies by programme | Businesses seeking bank-channelled finance |
| EIC Accelerator | EU grant and equity | Up to €2.5 million grant, plus optional equity | Deep tech startups scaling across the EU |
| Angel investment or venture capital | Private equity | Varies by round | Startups ready to trade equity for growth capital |
Own financing versus external financing
One of the first decisions when financing a startup in Spain is whether to rely on personal resources or bring in outside capital.
Self-financing keeps full control with the founder but can limit growth if personal resources run short.
External financing provides larger capital to accelerate growth, though it usually means ceding some control to investors.
Common sources of external financing
The right external funding source usually depends on the startup’s stage of development.
- Angel investors: high-net-worth individuals who provide capital alongside mentorship and industry connections
- Venture capital: funds seeking equity in high-growth startups, typically from the growth stage onward
- Crowdfunding: raising smaller amounts from a large pool of contributors, often in exchange for products, rewards or equity
- Bank loans and lines of credit: traditional finance requiring a solid business plan and demonstrated viability
How financing routes map to startup stages
Initial stage
Own capital, angel
investors, ENISA
certification, Neotec
Initial growth
Venture capital,
crowdfunding, ENISA
loans, ICO lines
Expansion
Series funding,
EIC Accelerator,
institutional investors
ENISA certification and legal structure should be
confirmed before any external round begins
Grants and competitions as non-dilutive support
Startup grants and competitions add capital without giving up equity in the company.
Programmes such as Neotec are structured to fund research and development directly, with the 2026 call requiring a minimum project budget of €175,000, a company age of three years or under, and R&D expenses of at least 10% of operating costs.
Regional instruments, such as IFEM in Catalonia and IVF in Valencia, add another non-dilutive layer worth checking before pursuing equity investors.
Key criteria investors apply when financing a startup in Spain
- Founding team: experience, skills and commitment
- Idea and value proposition: innovation, originality and viability
- Market and growth potential: market size, demand and expansion strategy
- Business model and financial plan: sustainability, scalability and realistic projections
Founders relocating to Spain to build a company often need their financing plan and their visa route to move in step, since the Startup Visa and entrepreneur visa both draw on ENISA’s evaluation criteria.
Practical steps for financing a startup in Spain
- Confirm ENISA certification eligibility early, since benefits run from incorporation date rather than certification date
- Build a solid business plan with clear market analysis, growth strategy and financial projections
- Layer non-dilutive funding first, combining ENISA loans, Neotec and regional grants before approaching equity investors
- Build a genuine network of mentors, other founders and potential investors
- Prepare a transparent pitch that is honest about risk as well as opportunity
Our support for founders financing a startup in Spain
At Delaguía y Luzón, we understand the specific needs of startups navigating certification, tax structuring and cross-border financing.
Our team combines tax law and accounting advice with commercial law support, so founders can sequence incorporation, ENISA certification and their first funding round correctly from the outset.
Contact our legal team for personalised guidance on your case
Email: felix.delaguia@delaguialuzon.com
Phone: +34 963 74 16 57
Frequently asked questions about financing a startup in Spain
What is the first step in financing a startup in Spain?
Most founders start with the ENISA Emerging Company Certificate under Startup Law 28/2022, since it unlocks tax benefits before any funding round.
How much can I get from the CDTI Neotec grant?
Up to €250,000, or €325,000 if at least one PhD is hired, for the 2026 call.
Do ENISA loans require collateral?
No. ENISA participative loans, typically between €25,000 and €1.5 million, do not require collateral or an existing revenue history.
What tax rate applies to certified startups?
A reduced 15% corporate tax rate applies for the first four profitable years, compared with the standard 25% rate.
How much has the stock option tax exemption increased?
It rose from €12,000 to €50,000 a year for employees of certified startups under Startup Law 28/2022.
Should I choose an SL or stay as an autónomo?
An SL is the most common structure for startups seeking external financing, since it limits personal liability and meets most investor and ENISA requirements. Sole proprietorship suits very early, low-risk ventures.
What does ENISA look for in a certification application?
Innovation, scalability, a genuine R&D or technology component, and a workforce that is at least 60% based in Spain.
Can I combine ENISA loans with other funding?
Yes. ENISA loans are compatible with ICO lines, CDTI Neotec and private investment, and combining sources is common practice.
Is crowdfunding a realistic option for financing a startup in Spain?
It can be, particularly for consumer-facing products, since it also helps validate market demand alongside raising capital.
When should I speak to a lawyer about financing a startup in Spain?
Before incorporation, ideally, since your legal structure, ENISA eligibility and visa route (if relevant) are easier to align from the outset than to correct later.
