Exactly the same thing as an English website. First thing I hope you speak both French and Spanish or you are starting with the wrong foot.. Try to build links from websites in the same language and location. For the french site if it is targeted to France try to build links from .FR sites and sites in French or related to France. In the case of the spanish site remember that many Spanish speaking countries use different words for the same thing, so take that into consideration when you are writing the content.
First, right location: for instance, as for French, your French site -- must be in .fr -- or must be located in France in the Google webmaster account, if your site has a generic TLD (.com, .net, .info,. org) -- or must be a subdomain or directory located in France in the Google webmaster account, if both Spanish and French versions have the same domain. BTW There are French-speaking people in Canada, Belgium, Morocco, ... but the bulk are situated in France. Proceed similarly in Spanish, although location is much less obvious (there are a lot of Spanish speaking countries outside Spain). Therefore select the country according to your favourite country target. Second, optimization "on page" (meta title, description, and so on), just as in English or in any other language Third, link building in French for your French site (or in Spanish for your Spanish site). To start link building, submitting site to directory is a convenient way. To find directory, just proceed as in English: In French too, there are "directories of directories". Here are some popular ones: www.annuaire-info.com/ www.qualiseo.com/ www.lesannuaires.com/ In French, annuaire = directory, annuaires = directories. Then try to get better quality links from thematic directories, from sites related to the theme of your site or from possible partners.
do you need to host in the country I know its better but if you already have a hosting account is it that important
Hosting the site in the target country is useful mainly for generic TLD (i.e. sites in .com,. net, .info, .org, .. ) because sites with country TLD (.co.uk, .fr, .de, .in, .es,...) are already located in the related country. On the other hand, for generic TLDs, selecting the country target in the Google webmaster account makes your site located in this country, even if your site has been hosted in another country. Then, if you host the site in the target country, it just confirms your choice in the google webmaster account. It helps also for the other search engines (Bing, Yahoo,..).