Business Information on Buying Abroad

1. Choosing your Business
2. Using an Agent
3. Viewing
4. Pre-Sales Service
5. Making an Offer
6. Appointing a Solicitor
7. Option to Buy
8. Completion
9. After Sales Service
10. The Next Step
11. Business Locations

1. Choosing Your Business
Choosing the right business will be one of the most important decisions you ever make. It is essential that you know what you want to do before you start looking. You will need to have a clear idea of the area in which you intend to operate. To get an overall picture of the area of your choice, we would advise you to have a good look round. Make sure whatever you intend to do is suitable for the area in which you propose to operate.

2. Using an Agent
It may seem tempting to buy privately, but in every circumstance we would recommend the use of an agent, who can be extremely useful to the purchaser.
The agent is in a position to offer the potential purchaser a wide choice of businesses and can often provide "The Perfect Solution". If he does not directly have the clients requirements, he is often able to "Network" with other agents.
Choose your agent carefully. Make sure they are fully registered and have the necessary experience to help you through the process of acquiring your business in Spain.
Please remember a "Bonafide" agent will not charge the purchaser for his services, his fees being paid as a commission by the vendor.

3. Viewing
Discuss with your agent the businesses he considers may interest you. Make a short list and arrange to view. Depending on the number, we would recommend that you do this over a number of days. Take a camera with you, or even better a video camera and paper and pen to make any notes or comments. Be frank with your agent, tell him if you don´t like what he is showing you. If there is a business you particularly like, go back and take another look. Talk with the owner and get as much information as you possibly can. Later if you have any more questions about the business, make sure you get a satisfactory answer from your agent
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4. Pre-Sales Service

The Pre-Sales service we offer is second to none, and consists of the following

a). To meet personally with you and establish your requirements. It is important to us that we don´t waste your time by showing you businesses that are not suited to your skills, limitations or your pocket.

b). To show you a range of suitable businesses in different areas in order that you are able to make a sound judgement. Choosing the right business will be one of the most important decisions you ever make, so there will be no sales pressure from us whatsoever. We are here to offer you advice and assistance only if you require it.

c). Should you decide to proceed with a purchase, we will thoroughly check the following points on your behalf:

i). What is for sale (Lease, Rental or Freehold), fixture, fittings and goodwill.
ii). There are no debts on the business.
iii). An "Opening licence" exists or has been applied for. This is the licence issued by the Local Authority that allows a business to operate.**

** The "Opening Licence" is very important. The licence is granted by the Local Authority and you will not be able to run your business without it. If the business you intend to purchase does not have this licence you will need to go through the process of submitting a "Project" to the Town Hall. This consists of having plans and schedules drawn up by a qualified Architect, and of course your premises will have to comply with all the latest legislation. This can be quite expensive and time consuming. If the premises have a recent opening licence then it is a simple matter to transfer the name to the new owners.

5. Making an offer

If you decide to purchase a business, the first step is to make a verbal offer. We would advise you to do this through your agent. The offer may often be below the asking price, and it is normal for negotiations to take place before an agreements is reached.

6. Appointing a solicitor

Unless you are buying a freehold, you do not need the services of the Notary Public because the contract you sign will be a "Private Contract". We would however advise you to take legal advice with regard to checking the contents of the contract. We are directly associated with a company of solicitors who we have no hesitation in recommending.
Your solicitor will make all the necessary checks to ensure that all is in order with the business you intend to purchase, and that it is free of debt.
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7. Option to buy (reservation contract)

The signing of the reservation contract can take place once the purchaser is satisfied that all is in order with the business he/she intends to purchase. This reservation contract would set out all agreed terms and conditions of the purchase, and state a date for completion. At this stage you would be required to pay a 10% deposit which is NON REFUNDABLE if you do not complete by the agreed date.

8. Completion
Freehold
On the agreed completion date, both parties (the buyer and seller or their appointed agents) will attend the office of the notary public. Your solicitor will be present to explain in detail the procedure. You will sign the "Escritura de Compraventa" (the title deed), which will state that the property is sold free of debt and with vacant posession. Note that the Notary Public does not check the details of the purchase but only confirms that each party has agreed them. Payment in full is made at this stage normally via a bankers draft or guaranteed bank cheque and at this stage possession of the property passes to the purchaser.

Leasehold
On the agreed date the outgoing tenant will sign a release document, relinquishing the rights of the lease and the purchaser will sign a new lease agreement with the Landlord. Payment in full is made at this stage and the lease, business and fixtures and fittings pass to the new owner. These documents are normally prepared by the purchasers solicitor..

9. After sales service

We can on your behalf: i). Apply for a change of opening licence.

ii). Apply for your residents permit.

iii). Register you with Social Security and the Tax office.

iv). Make arrangements for your Food Handlers test.

v). Arrange any Publicity, Advertising or Printing.

vi). Should you require any work or alterations, we can arrange for quotations from companies that are known to us.

vii). Make arrangements for the transfer of Electricity, Water and Telephone contracts where appropriate.

viii). Introduce you to suppliers and negotiate discounts and introductory offers.

ix). Arrange for your quarterly Tax and V.A.T. returns to be submitted.

x). Arrange temporary accommodation and school places for your children where appropriate.

Xi) Provide advice and guidance on any other matters relating to your move to Spain or the opening of your business.
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10. The next step

Having read our brochure and the descriptions of some of the businesses available, and you wish to view some of the businesses, all you have to do is call our office on 00 34 952 56 76 50 or our U.K. number 0709 2234410 and advise us when you intend to arrive. We will arrange to collect you from the airport and take you to your accommodation. We can assist with accommodation at very competitive prices should you require it.

We will, at your convenience, arrange to show you the businesses of your choice. At no time will you be under any pressure to buy. We are here solely to offer guidance and advice. We suggest that this should be done over a number of days with rest days in between to avoid "Information overload".

During this time we will also be available for advice on such things as schools, medical services, living accommodation and of course all things that go with running a business here in Spain (permits, licences, VAT and Tax registration, suppliers etc).

Should you decide to proceed with a purchase, and having made all the necessary enquiries, your solicitor will on your behalf draw up a contract. At this time you would be required to provide a deposit in order to "hold" the purchase until the agreed completion date. We stress again - we will advise you not to sign unless we are completely satisfied with the circumstances of your purchase.

This will be one of the most important decisions you have to make, so we advise you to consider the following:-

a). Are you completely sure this is for you? Apart from the business, have you considered all things i.e. Living abroad, your family, children etc?

b). Is this your first choice business?

c). Is everybody involved totally committed to this venture?

d). Is it the right price, does it suit your financial circumstances?

e). Do you have enough capital to get your business "going" and to support yourself while you build it up.

f) Are you in a position to complete the contract should you find a suitable business.
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11. Business locations

ARROYO DE LA MIEL
This bustling but unspoilt town known locally as "Little England" has a very high "Ex Pat" population. It enjoys an equally good resident and tourist trade. Bars & restaurants here are keenly sought after. The atmosphere is relaxed and informal. Situated less than a mile from the coast and the Marina.

BENALMADENA COSTA
The jewel of this part of the coast. It features a splendid purpose built marina complete with all the necessary support and infrastructure i.e International bars, restaurants, discos,music bars and ample parking. A very sheek and upmarket area. The older parts of the town have been the subject of much thoughtful modernisation and redevelopment. There is something for everybody in this cosmopolitan resort from quiet back street café bars to all night music and disco bars.

FUENGIROLA
Developed tremendously over the past 20 years. The town is a complete mixture from the small back streets, to the busy promenade which runs the entire length of the resort. The area boasts a local zoo, aqua park, several world class golf courses, excellent hotels and many top quality bars and restaurants. There is a small picturesque marina and excellent beaches. It doesn´t matter what type of business you are looking for, you will surely find something to interest you in Fuengirola.

TORREMOLINOS
The original little fishing village turned into one of the most well known resorts in the world. A sleepy town during the day with first class beaches like Bajondillo and top quality fish restaurants in the Carihuela. At night, Torremolinos comes alive with its never ending nightlife. Definitely for the younger entrepreneur.

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