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posted 3 years ago
Citizenship-by-Investment programs are becoming an increasingly popular concept among African nationalities seeking to gain greater mobility, access to new opportunities, and a better quality of life. These programs allow individuals to obtain citizenship or residency in another country in exchange for a financial investment or contribution.
One country in particular that is a popular choice for many in Africa is France. The strong cultural and historical ties between Africa and France make France a more familiar and welcoming destination for African nationals who wishes to apply for the French Tech Visa. French is also one of the official languages of many African countries, so for individuals who already speak French, moving to France can be a natural transition. Additionally, learning French can open up new opportunities for education, employment, and social integration.
France is a great location to consider starting a tech business. France has a highly skilled and educated workforce, with a large pool of talented engineers, scientists, and entrepreneurs. The country offers a vibrant and diverse startup ecosystem, with numerous incubators, accelerators, and venture capital firms supporting entrepreneurs.
The country is also home to several world-class research institutions and tech hubs, including Station F, Europe’s largest startup campus. Additionally, France offers attractive tax incentives and support for innovation, which makes it an ideal place to launch and scale a tech startup.
Finally, France has a strategic location at the heart of Europe, providing access to a large market and facilitating international expansion. Overall, France offers a supportive and dynamic environment for tech entrepreneurs to start and grow their businesses.
Another program the French government offers is the “Talent Passport – Business Creation” program. This program is available to foreign entrepreneurs from countries outside the EU, the EEA or Switzerland who intend to establish a business in France.
Other than countries outside the EU, the EEA, Switzerland, Algeria (where there are special provisions) and countries where a visa is not required, all other nationalities including Africans, are eligible.
This also means that Ivory Coast nationals can apply (as long as they meet the eligibility requirements).
The FTP-BC is particularly suitable for nationals of the Ivory Coast, as France and the Ivory Coast have a strong economic relationship. Most importantly, many Ivorian entrepreneurs are also bilingual in French and English, which gives them an advantage in the French market. More than 60,000 Ivorians already live in France.
The French Talent Passport Business Creation (also known as the French Tech Visa) attracts foreign entrepreneurs to France and supports the development of their innovative startups. The program provides a fast-track procedure for obtaining a residence permit, which enables the entrepreneur to live and work in France for up to four years.
The nature, characteristics, and duration of your project determines the length of time your “Talent Passport – Business Creation” residency permit – up to four years. You can then apply to further renew it.
To be eligible for the Talent Passport Business Creation, the entrepreneur must meet certain requirements:
Possess either a master’s degree or equivalent qualification or have at least five years of relevant professional experience.
Present a genuine and feasible business plan to establish a profitable business in France and gain a certificate from an appropriate public authority to attest to that fact.
Invest a minimum of EUR 30,000 in their business in France.
Have financial resources at least equivalent to the statutory national minimum wage (SMIC), which was EUR 20,511.40 per year, as of January 1, 2023.
The proposed business must be of economic interest to France.
To submit, the applicant must gather all required documents, including the certification of your business plan, proof of your qualifications or professional experience and evidence of your financial means. The documents should be submitted to the French embassy or consulate in your country – Abidjan in the case of the Ivory Coast.
After submission, the applicant should do an interview with the French consulate or embassy in their country of residence. During this interview, the business plan should be presented, and the applicant will answer any questions regarding their project and their motivation for establishing a business in France.
After the interview, a panel of experts will review the application and assess the viability and potential of the proposed business. The authorities will grant successful applicants the French Talent Passport -Business Creation. The process to obtain the FTP usually takes less than 3 months.
After obtaining the Talent Passport, applicants can apply for a residence permit of up to four-years. They will also have the right to bring their spouse and children with them to France and they can work and study in the country.
Once entering France on the French Talent Passport and having obtained residence, the applicant must apply in that municipality (French Department) for their Residence Permit within 3 months of arriving. In this step, a business entity in France must be incorporated with the requisite startup capital paid.
This process can be intricate. To avoid complications, we recommend that you get professional advice from immigration lawyers and experts.
With more than 30 years of experience in Immigration Law and over 20 offices around the world, including in France and the Ivory Coast,
Harvey Law Group (HLG) is known for its expertise in helping high net worth individuals and business clients navigate the complex legal and regulatory landscape of investment immigration, with a focus on programs in Canada, the United States, Europe, and the Caribbean.
Schedule a consultation at southafrica@harveylawcorporation.com
or call Tel +27 087 109 0725.
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posted 5 months ago
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