The Spanish government has just announced the injection of €5 million in grants and subsidies for foreign companies investing in R&D in Spain. The funds are available from next year and will help foreign-owned enterprises integrate with Spanish R&D programmes.
Under the auspices of ICEX, the government body responsible for promoting investment in Spain, the programme has just been launched. Known as Innova Invest, it aims to attract foreign companies investing in R&D in Spain by offering substantial financial help.
Innova Invest forms part of the national programme to kickstart the economy after the pandemic. Specifically, Spain aims to increase its competitiveness and productivity through the initiative. Ultimately, the programme’s objective is to open new R&D centres in Spain.
Requirements to access funds
To qualify for a subsidy and/or grant from Innova Invest, foreign companies must fulfill the following conditions:
- They must be at least 50% foreign owned.
- R&D projects must take place during 2022 and the first half of 2023.
There are no geographical limitations so projects may be carried out anywhere in Spain.
The first stage of Innova Invest comes with a subsidy and grant package worth €5 million. Each beneficiary is eligible for up to €800,000 and the funds may be used for expenses.
The programme will give priority to industrial research rather than experimental development. In addition, And it will look more favourably on smaller companies.
Get professional advice
Our expert legal team has years of experience in helping foreign companies access grants and subsidies in Spain. If your company is interested in Innova Invest, get in touch to find out how we can help you.