The Process of Buying a Business in Spain
Many foreign investors are looking into Spain as their country of choice to open a business or to acquire an existing one. This process can often be a confusing one, generating lots of questions along the way. Navarra Associate is an international legal firm with years of experience assisting our clients in the process of owning a business in Spain. Here we provide you with all the most important information that you need to know.
Questions to Ask When You Purchase Business in Spain
Purchasing an existing business is an excellent way to begin your venture as a Spanish business owner. There are many businesses that come up for sale on the market in Spain and acquiring a business that has already been established can often help to improve your chances of success. When looking to buy a business in Spain, there are some important factors to consider prior to making your purchase:
- Does the business have any debts?
- What are the company’s assets?
- Is the purchase price reasonable?
- What are the growth trends of the business?
- What makes this business unique over other similar companies?
- Are tax payments up-to-date?
What are the Most Common Businesses for Sale in Spain?
Spain is a country that is built around its tourism industry and therefore many of the available business to buy in Spain cater to tourists and visitors. Bars and restaurants are common business ventures as are bed and breakfasts, small boutique hotels, gift shops and tour and rental service companies.
Steps to Purchasing a Business in Spain
Once you have decided that you are ready to buy company Spain, there are a few steps that need to be taken:
- Draft and present an offer to the seller. It is of benefit to you to include conditions in the offer based on further review of financial statements etc.
- Have a qualified Spanish accountant review of all financial statements for at least the past three years’ time to ensure that all the information you have been provided about the company is correct.
- If all financial statements are accurate and all other conditions are met, agree on the purchase price with the seller.
- Once a final price is agreed upon, the final contracts are drafted, signed by both parties and the business transfer in Spain is completed.
Depending on the buyer and seller and the business in question, this process can usually be completed fairly quickly, within a few days’ time.
Buying a Business in Spain with us
If you are considering the option to purchase business in Spain, it is extremely important that you do your research beforehand and leave no stone unturned when investigating the business of your choice. This can be very overwhelming and often difficult to complete with as much diligence as is required, especially if doing so from abroad. Allow the legal team at Navarra Associate to assist you in your endeavour of business transfer in Spain. Our experts will ensure that you are in good hands and are qualified in the transfer business administration services Spain process. Contact us and begin your path to becoming a Spanish business owner today.