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Business Buyer Guide for Tenerife

So you have decided that buying a business or bar in Tenerife is the right move to make and now you would like to know how to do it?

The process is really quite simple, once you have identified the business or bar for sale in Tenerife, a deposit of 5,000 Euros or 10% of the selling price (whichever is the greater), will be held in Tenerife Business Sales client account with Caja Canarias Bank in Tenerife. A simple Option Contract is then prepared on your behalf which is signed by both the Seller of the bar or business for sale in Tenerife and the Buyer. This protects you the Buyer of the business in Tenerife from the business or bar being sold to another party. buying a bar in Tenerife

A Gestor (legal and fiscal representative) will then ensure all paperwork in relation to the business is correct. This will involve searches at the Town Hall to ensure the business or bar for Sale has been registered and that all paperwork regarding various operating licenses are in place. On your behalf, the Gestor will then contact the Landlord and negotiate terms for lease / rental contracts or will organise a search for Title Deeds, whichever is appropriate.

Before completion of the sale, proof will be required from the seller of the business that all service bills have been paid and no other debts exist. In the event of outstanding bills or further debts being found then these will be deducted from the balance payable on the day of completion. This will take place in the office of the Notary in Tenerife.

The average legal costs for most business sales in Tenerife are in the region of 1,500 Euros, plus local tax and Town Hall charges. These are payable directly to your Gestor on the day of completion. The legal fees will include the new lease contract, all transfer of licenses and registration for tax and social security.

Your Gestor will ensure every piece of paperwork is in place in order for you to open immediately and legally.

Arranging Visits to view a Bar or Business for Sale in Tenerife

When you decide to visit Tenerife with a view to buying a business or bar, we will endeavour to make your trip as informative, productive, enjoyable and stress free as possible!

We can meet you at the airport and transfer you to your accommodation if required. Some clients prefer to hit the trail straight away, others simply choose to unwind for a day or so and take in the delights of local bars, restaurants, shops or even the beach!

bar for sale in tenerife When you are ready to meet with us, we will discuss your needs, requirements and budget and then arrange some viewings with suitable businesses and bars for sale in Tenerife. At all times, we will offer honest advice. With so much experience behind us, we are able to identify locations bars and businesses that we consider good propositions.

You will not be rushed into any decisions; we will work at your pace. We understand it is impossible for you to digest everything at once. If you choose to spend days, rather than hours discussing and viewing businesses, then so be it.

Getting the Most from Your Money in Tenerife

At some stage of the buying process in Tenerife, you will have to transfer monies from the UK to your Spanish Bank Account and subsequently rely on banks not being over greedy with their bank charges and the currency rate. Well fear not, by using our colleagues at Currencies Direct you can be in complete control of everything with no transfer costs they guarantee a better rate of currency than any bank and more importantly don´t charge you for the privilege.

For more information, please click on the following link www.currenciesdirect.com and quote our reference number A06195 to ensure you get the best deal possible. We guarantee you will not be disappointed.