Buying
Your trusted agents and guides when buying a business
We make it simple
Taking the hassle out of buying a business.
Buying a business in another country can be both an exciting and daunting prospect. For us, patience and due diligence are important when making the decision to buy a business or commercial property. You need to decide for yourself, in your own time, usually after your return home, with careful consideration and discussion with your family and friends.
Once you do decide to proceed and buy a business in the Canary Islands and you agree on a purchase price with the seller, we will prepare a simple 'option' contract, written in both English and Spanish. When signed and received by our office, together with a deposit, will secure the business for you, and a completion time can also be agreed upon in this contract.
Our lawyers are on hand to answer any legal questions you may have, and with our experience, we'll guide you through most of the things that you will encounter during the buying process.
The contract
The contract will state the name and address of the business, the buyers' and sellers' details, payment terms, and a completion date. The deposit can range from €5,000 or 10% of the purchase price, whichever is the most, and will be held in a dedicated client account with our lawyers until such time of completion.
The contract is designed to protect you as the seller agrees to remove the business from public sale to your benefit for the period of the option and cannot sell to any other party. Should any problem be discovered with the transfer of licences, etc., then your deposit will be returned in full.
Your expert guides
Your tax advisor or lawyer will negotiate the new lease/rental contract or title deed, confirm the licences are in order, and that all service bills, rents, rates & taxes, etc. are paid and up to date. Should there be any debts outstanding at the time of completion we will deduct them from the completion monies before transferring the balance to the seller. This is the usual practice in Spain and ensures you, the buyer, doesn't take on any unexpected debt leftover from the previous owner or leaseholder.
For a normal business transfer in the Canary Islands, for example, a small bar or café, it is best to allow approximately 1,500€ for legal charges plus local taxes & town hall charges which you pay directly to your lawyer. Your legal fees will include the new lease contract on the premises, licence transfers, plus your tax, social security and tourist board registrations. In short, every piece of paper you require to take over and run a business, and to live in the Canary Islands. We will be right with you, guiding you every step of the way throughout this process. The laws here in the Canary Islands are fairly strict with employing staff and we can guide you through this process also.
Your return
Upon your return to the Canary Islands, we will endeavour to assist you in finding accommodation with one of our agency partners. We can also introduce you to local tradespeople and suppliers, as well as generally help you settle into your new lifestyle as best we can.
We will be here to help you for as long as you need us.
