Posted: Tue Apr 14, 2020 12:37am
We run a wellness centre; along with bars, cafes and restaurants, we will be one of the last to be allowed to resume trading. Best case scenario for us is end of May / beginning of June, but that is being optimistic.
After the quarantine ends, one thing is for certain - there will be some businesses up for sale .... however, the question you need ask is if the established places take all the customers, or will a “new” place do well? Who knows?
Still, if you are determined to do it, then Carpe Diem. HOWEVER .... make sure you have a tidy sum put aside for various contingencies not included in the sale of a place 1) Residencia. You want to open a place, you’ll be here longer than 3 months. Residencia is mandatory, end of story. 2) along with Residencia then you’ll need health cover. Now if you’re buying a business, that means registering with Seguridad Social and paying Autónomo.... pay autónomo, that gives you access to Spanish healthy system ... and health cover is mandatory for Residencia. 3) we don’t have a high turnover - we’ve been established just over a year. Our first trimester tax bill this year was over 1.000€. Make sure you have money to cover that. 4) hire yourself a BLOODY good asesor / asesora - someone who knows the ins and outs, can help you through the Residencia process then also do your quarterly tax returns. 5) if you don’t buy an established business, and start from scratch, as well as the outfitting cost, make sure you have enough for a fire inspection and an opening licence. You can not operate a business without an opening licence.
Now probably a few who read this will scoff and say (quietly) that you don’t need all that, don’t need Residencia, don’t need autónomo, just operate cash and looaaaadsofmoney. Yeah. Right. Spain’s economy is .... hurting ..... it’s paying out MILLIONS to self-employed (autónomos) and is also waiving payment of Autónomo to qualifying self-employed.
You better believe, they are going to want that back and I’ll guarantee both Seguridad Social and tax office are going to be coming down hard on non-payment with a vigour that will leave you breathless.
By all means, look for something but PLEASE don’t jump at the first “too-good-to-be-true” offer that comes along, because there will be other people out there ALSO wanting to make back some money, and if you’re the poor mark that gets taken ..... it’s not fair, it’s not nice, but for the love of the gods don’t take anyone at their word, get books inspected (yeah, and the “second” set that may be around ...) *sigh* ... follow your dream, seize the day - Carpe Diem - but do your due diligence. Then do it again. Then hire someone to double check .... you really will appreciate that investment.
Buena suerte