BUYING A BUSINESS IN TENERIFE

Buying a Business in Tenerife

Tenerife is the perfect place to set-up a business, with all year round sunshine attracting thousands visitors and of course let’s no forget the residents

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Here are some of Sunway´s tips when thinking about setting up a business and being your own boss:

1 – Seek out advice – Speak to others who have a business in Tenerife, research on the internet, seek out the knowledge of estate agents, lawyers, tax advisors,etc.

This will enable you to fully understand the buying and setting up processes in Tenerife

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2 – Ensure you have a business plan and budget set out – Is your idea viable & likely to work? Is your budget large enough? Do you have enough capital behind you to cover the preliminary months where income may be lower? Do you have the right location & commercial property in mind?

3 – Build your future – Be prepared to work hard, be creative and of course ensure that you give an excellent, friendly service with a smile and you are sure to succeed

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Now, the most important part, before you put any money into a business, make sure you check the following:

Opening Licence – Make sure the business has an opening licence in place and get a copy of it (there should be one available at the premises)

An opening licence will confirm what type of business the premises are licenced for and also show that the business is fully legal and registered

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Rental Contract – You must also get a copy of this, this will tell you:

- If the seller has the right to sell the lease

- The rental period left on the contract

- Whether the contract is renewable at the end of the current period

- The rental amount (usually monthly), when it is due and whether there will be any increases during the contractual period

- If and what fittings are included

- Who pays for what ,ie, refuse collection, rates, water, electricity, taxes,etc

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Contract of Sale – Also get a copy of this contract beforehand – You must read and understand everything in the contract BEFORE the day of signing.

The contract should specify every item which is included in the sale, terms and time scales involved and guarantee that the business is free of encumbrance, debts and liabilities

Finally, The signing of the contract and handing over of money should be done at the Notary

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Don’t forget that you can rely on Sunway to help you every step of the way, from finding the ideal business for you, to checking and arranging contracts, signing at the Notary and a full after-sales service at any time you may need us

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