Key points
- A foreign national who invests or sets up a business in France may apply for several residence permits, depending on their situation.
- The “talent-porteur de projet” card (“talent – project holder” residence permit), valid for a maximum of four years, covers business creation, innovative projects and direct economic investment.
- The “talent” card (“talent” residence permit) is aimed at foreign nationals with an established reputation or who can contribute to France’s economic development or international standing.
- Direct economic investment requires at least €300,000 in fixed assets and the creation or safeguarding of jobs within four years.
- The “entrepreneur/profession libérale” card (“entrepreneur/self-employed professional” residence permit), valid for a maximum of one year, allows you to carry on an economically viable self-employed activity.
- European Union citizens who carry on a professional activity in France have the right to reside there for more than three months.
1/ The “talent-porteur de projet” card: 4 years maximum
First, Law No. 2024-42 of 26 January 2024 created the multi-year “talent-porteur de projet” residence permit (“talent – project holder”), valid for a maximum of four years (formerly the “passeport talent”, or “talent passport”). Provided for by Article L. 421-16 of the French Code on the Entry and Residence of Foreign Nationals and the Right of Asylum (CESEDA) (in French), it is issued by the prefect (préfet) to foreign nationals in one of the following situations:
- They hold a degree equivalent to a master’s degree, or can show five years of professional experience at a comparable level, and set up a business in France with a real and serious economic project;
- They can show an innovative economic project recognised by a public body, or they make a direct economic investment in France. The investment qualifies when the foreign national, personally or through a company they manage or in which they hold at least 30% of the share capital, creates or safeguards jobs within the following four years and invests at least €300,000 in tangible or intangible fixed assets (Article R. 421-35 of the CESEDA (in French));
Foreign investment in French companies is common. In particular, it makes it possible to acquire stakes in French start-ups.
However, many questions remain about the rules governing these investments in France by foreign residents, in particular as regards residence permits. In addition, certain foreign investments in sensitive activities require the prior authorisation of the minister for the economy (Article L. 151-3 of the French Monetary and Financial Code (in French)).
As for citizens of the European Union, they have the right to reside in France for more than three months, in particular when they carry on a professional activity there (Article L. 233-1 of the CESEDA (in French)): the permits presented here do not concern them.
To set up your activity in France, here are 3 residence permits to consider.
2/ The reputation-based “talent” residence permit: 4 years maximum
Next, the multi-year “talent” residence permit valid for a maximum of four years allows any professional activity to be carried on (Article L. 421-21 of the CESEDA (in French)). It is aimed at foreign nationals whose national or international reputation is established or who are likely to:
- Contribute significantly and lastingly to the economic development or regional development of France.
For an investor, however, the specific route remains the “talent-porteur de projet” card on the basis of direct economic investment.
The applicant for the permit will have to prove the viability of their project and their ability to carry it out (for example, by presenting financial guarantees).
The foreign national will also have to show that their project complies with French regulations (in particular the formalities for incorporating companies).
This “talent-porteur de projet” card is withdrawn if the investment has not begun to be carried out within the year following its issue, or if the funds come from unlawful activities (Article R. 421-36 of the CESEDA (in French)).
The €300,000 threshold for investment in tangible or intangible fixed assets applies to the “talent-porteur de projet” card, not to the reputation-based “talent” card;
- Contribute significantly and lastingly to France’s international standing, by carrying on an activity in a scientific, literary, artistic, craft, intellectual, educational or sporting field.
The applicant’s reputation is assessed in light of the field in which they come to carry on their activity.
For an intellectual or scientific project, the applicant’s publications, training and degrees can establish this reputation.
Every situation is different: the application must be prepared in light of the documents required for the permit sought.
Authorities to contact: French consular authorities for the long-stay visa, then the prefecture for the residence permit.
3/ The “entrepreneur/profession libérale” card: 1 year
Finally, the temporary “entrepreneur/profession libérale” residence permit (“entrepreneur/self-employed professional”) allows you to carry on a self-employed activity that is economically viable and provides sufficient means of subsistence, for a maximum of one year (Article L. 421-5 of the CESEDA (in French)). There are two scenarios:
- A foreign national living outside France will first have to obtain a long-stay visa to enter France;
- A foreign national lawfully residing in France under another permit applies to the prefecture for a change of status.
For assistance: start-up lawyer: incorporation, founders’ agreement, BSA-AIR.
