Buying a Business in Spain

The Costa del Sol is probably the easiest European holiday resort for buying and running a business of your own, whether you have experience or not.
we are here to guide you through the whole process. We will still be around, long after you have settled into your new lifestyle. We offer a personal and on going service.

We currently have more than 130 businesses in our portfolio, ranging from small, budget bars to hotels, nightclubs, offices and shops. We offer businesses from Marbella to Malaga and can proudly boast the widest selection on the coast. We have access to the best legal advisors and accountants and can help you to promote your new business once you have settled in.

We also have a residential department to help you with rental accommodation or a home purchase. In this brief guide, we hope to answer your immediate questions. If however there is anything else you wish to know, do not hesitate to contact us.

Freehold or leasehold, what’s the difference?

Unless stated otherwise in our publicity, all businesses are sold leasehold. This means that once you have purchased the lease, there will be a monthly rental applicable. You will pay rent all the time you are the leaseholder. You can of course, at any time, sell the lease. If you purchase the freehold of a business, it is the same as buying a house in your own country. You will own the bricks and mortar.

More about leasehold or freehold

What about the prices quoted?

Businesses in Spain are sold in euros. Prices quoted in Sterling are a guide only and are subject to fluctuation, depending on exchange rates. In some cases the seller wants to be paid in Sterling . We will then negotiate an exact price for you.

What are the additional costs involved?

 
A lawyer will be used to prepare the new lease and check the business on your behalf, before you part with your money. You should allow approx. £500 pounds for this service. You will also be liable for any bank charges incurred in exchanging your currency. These however are minimal.

What are my legal obligations?

All businesses in Spain require a licence to open. This will have been granted or applied for already and your lawyer will check this for you. You personally, do not need a licence to run a business in Spain . As a foreigner, you will however need a National Insurance number (NIE) we include this application within our overall legal costs.

 

Becoming a resident    Taxation and accounting    Licences and permits

Will I need to speak Spanish?

Everyone asks this question and the answer is quite simply ‘No’. On the Costa del Sol there is a huge English speaking community. All your suppliers will speak English and if you do get stuck, there will always be someone to help you out. However, you will find it useful and enjoyable to learn basic Spanish and there are ample courses available at reasonable costs.

The purchase procedure!

1. You make an offer on the business and we put the offer to the seller. We negotiate on your behalf until we come to a price that suits both parties.

2. You pay a 10% deposit in order to secure the sale. The business is then removed from public sale for the period of the option, usually thirty days’.

3. You meet a legal advisor who checks out the business lease and legal paperwork.

4. We then negotiate a completion date for you with the seller. This is normally 30 days later but can be longer if required.

5. Just prior to the completion date, you will need to ensure that all finances are in place ready to complete the purchase.

6. On the agreed completion day, the buyer, seller and their legal representatives get together. Contracts, monies and keys are exchanged.

What about integrating into the community?

MedBars can help you with all aspects of settling in Spain, including schools, vehicle purchase, the appointing of an accountant for your taxes and much more. We pride ourselves on our personal service and have already helped hundreds of people purchase and settle in Spain .

What are the first steps?

Tell us what kind of business you are looking to purchase and we will endeavour to find the right one for you. We can assist you with inspection visits to Spain, show you round the businesses and show you the different areas, all this without any pressure and you decide the hours devoted to viewing as you may wish to combine the business trip with relaxing and enjoying Spain
 

 

Checklist for buying a business in Spain
Article from Marbella Lawyers about buying a business in Spain