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For many investing hard earned money
buying a bar or business in Spain may seem
daunting. Ensuring that you have the right
advice and the correct steps are taken
before you embark on the business will help
you make the right informed choices.
One element that makes a new business or
bar successful is hard work - too often
businesses fail because of lack of input. It is
very easy to be taken in by the sun and the
wine but it may mean your business fails.
For many the only choice of work in Spain
is to buy a business or become involved in a
business. For some the temptation to invest
in an already existing small business without
any financial or legal understanding and
without a business plan is all too common.
Seek proper legal advice before handing
over any money. Whether a reservation fee
or paying a deposit. Every day we see
people who have done so with little prospect
of ever seeing it again. Quite often done in
cash without a receipt or contract and no
trail of any transactions to prove payment.
More often than not there is no contract in
place and where there is it is an amateur
attempt and does not afford any protection,
and may have no legality in Spain.
buying a bar or business in Spain may seem
daunting. Ensuring that you have the right
advice and the correct steps are taken
before you embark on the business will help
you make the right informed choices.
One element that makes a new business or
bar successful is hard work - too often
businesses fail because of lack of input. It is
very easy to be taken in by the sun and the
wine but it may mean your business fails.
For many the only choice of work in Spain
is to buy a business or become involved in a
business. For some the temptation to invest
in an already existing small business without
any financial or legal understanding and
without a business plan is all too common.
Seek proper legal advice before handing
over any money. Whether a reservation fee
or paying a deposit. Every day we see
people who have done so with little prospect
of ever seeing it again. Quite often done in
cash without a receipt or contract and no
trail of any transactions to prove payment.
More often than not there is no contract in
place and where there is it is an amateur
attempt and does not afford any protection,
and may have no legality in Spain.
| Costa Blanca Lawyers - Plain speaking business purchase advice in English from English Lawyers |
English Contracts should be reflect the two
languages. It goes without saying that the
number of contracts that do not match the
English to the Spanish version is very high.
If someone is looking for an investor then
you should ask “Why?” Any profitable owner
of a business is not likely to want to share it!
Checks should be made before any money is
handed over. Look at the Lease or Escritura
and ask for accounts. Visit the premises at
different times to assess how busy it really is.
Do not accept what you are told. Find out for
yourself and get written proof.
No one wants people to find themselves in
difficulty and it really is a matter of common
sense. Everyone works hard for their money
please don’t throw it away. It does happen!
Every day there are people seeking advice
because they have tried a DIY purchase. It is
much better to get the advice and have the
job done properly than it is to deal with a
legal mess. It is also usually cheaper!
In Spain every business must have a licence
which should be applied for before you open.
Failure to do so will result in a fine, a long
delay or even closure of your premises.
You have been warned! Need Help?
languages. It goes without saying that the
number of contracts that do not match the
English to the Spanish version is very high.
If someone is looking for an investor then
you should ask “Why?” Any profitable owner
of a business is not likely to want to share it!
Checks should be made before any money is
handed over. Look at the Lease or Escritura
and ask for accounts. Visit the premises at
different times to assess how busy it really is.
Do not accept what you are told. Find out for
yourself and get written proof.
No one wants people to find themselves in
difficulty and it really is a matter of common
sense. Everyone works hard for their money
please don’t throw it away. It does happen!
Every day there are people seeking advice
because they have tried a DIY purchase. It is
much better to get the advice and have the
job done properly than it is to deal with a
legal mess. It is also usually cheaper!
In Spain every business must have a licence
which should be applied for before you open.
Failure to do so will result in a fine, a long
delay or even closure of your premises.
You have been warned! Need Help?
Avoid problems both legal and financial - Take advice before signing anything
Don’t - believe what
you are told
Do - Check the facts
yourself
Do - Make sure the
Contract is legal and
in Spanish
Do - Make sure that
translations are
accurate
Don’t - buy a pig in a
poke
Do - Check for debts
on both the property
and the business
Do - Have a sound
business plan and
financial awareness
Dont - give any
money to anyone
without a legal
contract / receipt
Do - Read the
helpful guide here
Buying A Bar In Spain
you are told
Do - Check the facts
yourself
Do - Make sure the
Contract is legal and
in Spanish
Do - Make sure that
translations are
accurate
Don’t - buy a pig in a
poke
Do - Check for debts
on both the property
and the business
Do - Have a sound
business plan and
financial awareness
Dont - give any
money to anyone
without a legal
contract / receipt
Do - Read the
helpful guide here
Buying A Bar In Spain
| NORTH OFFICE ALFAZ DEL PI Tel 966 860 555 Calling From The UK? 3p per minute anytime Tel 08444 257 633 Contact SOUTH OFFICE SAN FULGENCIO Tel 966 727 931 Contact |
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Tel 966 814 506