Do you have an idea for a start-up? After speaking with the person in charge of the project Eivissa Crea, Solange M. Segal, we can tell you everything you need to know before starting your own business in Ibiza. Take notes!
1Where do we start?
If you already have an idea for a start-up in mind, the first step you should take is to make an appointment with the people of Eivissa Crea (You can find them at Ibiza’s Business Incubator, which is located at Arquebisbe Cardona Riera Street, 19, Ibiza.) If you need help creating a start-up, you can also go to Pimeef (Federation for Small Businesses of Ibiza and Formentera). Eivissa Crea currently has an agreement with Pimeef, entrepreneurs who contact them through Eivissa Crea have up to three inquiries free of charge. This is especially useful if they need legal advice or in case they need help to create a business plan with support from expert economists.
The Institute for Development and Innovation (IDI) also works along Eivissa Crea to support projects of self-employment. As you can see, once you make an appointment with Eivissa Crea, you will begin to create your own contact network to start your business.
In other districts such as Santa Eulalia and Sant Josep, you can also find an agent of local development (inside the City Council). They also offer help and support to the entrepreneur, you can always go to your City Council first in order to gather information. In any case, Solange M. Segal insists on the importance of “putting your idea on paper and getting professional support, as that would help you give shape to your idea”.
2 Eivissa Crea: services
– Personal support for the entrepreneur during the process of business creation: from the business idea to the elaboration and start-up itself (visibility studies, development of business plans, consultancy about funding, support and sponsors).
– Encouragement for the creation of social economy enterprises (support for the creation of work cooperatives).
– Access to free inquiries with licensed professionals (lawyers, quantity surveyors, architects, economists, social workers, engineers).
– Bussines Incubator (workspace).
– Support for the consolidation of existing businesses.
– Workshops with training activities.
3Ibiza’s Bussines Incubator
If you need a physical space in order carry out your business project (as long as it is not a store, a restaurant or something similar), it would be a good choice to apply for a space in Vivero de Empresas de Ibiza: a temporary reception center (up to two and half years) created to locate small businesses when they are starting out. The Business Incubator is a space where, aside from setting up your office, you will also get the support your project needs in order to increase its odds of surviving.
The cost of renting an office may change depending on the size of the space; it will increase as the months go by. During the first six months the price is 7 euros per square meter, while as during the last months, the price is 26 euros per square meter. The point of slowly increasing the price is that ideally after two and a half years, the entrepreneurs should be prepared to take their projects outside of the Business Incubator, therefore, the price becomes almost as high as that of a regular office in Ibiza.
4Support and Sponsorship
Currently, there is a subsidy meant to promote self-employment. It is assigned by the Govern Balear (Conselleria de Trabajo, Comercio e Industria), and it is allotted once a year. Logically, you will need to meet certain requirements, such as presenting the project’s business plan within a given time, which makes it essential to gather and send all the pertinent documents as soon as the call is made. There is a limited number of chances and the order of arrival is taken into consideration. This subsidy was 5000 euros in 2017 (for women, handicapped people, victims of gender-based violence and people under 30 years old) and 4000 euros for the rest of the participants.
Aside from the Business Incubator, in case you don’t have enough economic resources to buy or rent a workspace, you can find several “coworks” in Ibiza. Those are work centers where independent professionals gather in order to share a common working space, that way they manage to lower their expenses while enjoying the company. The rental price may vary depending on several factors, you can either rent a desk of your own or you can rent a space on a shared desk, you can have access to it 24/7 or you can rent it for a few hours a day. Our best advice is to check on the conditions of each cowork. These are some of the coworks we can find in Ibiza: