Buying a business in Tenerife. . .

Top Tips for Buying a Business in Tenerife

Unless you are retiring to Tenerife's sunny shores, to move here you need to find a way to earn some money and many people decide that buying a business in Tenerife is the best way to do this. Buying a business in Tenerife is a pretty straight forward procedure. Of course it always helps to have a friendly estate agent with experience of helping people who have decided that buying a business in Tenerife is the way to go. Crossley, Morfitt and Lennox Estate Agents are an established family business with over 25 years experience in the Tenerife property market. We have helped many people buying a business in Tenerife from start to finish, whether they wanted to start a new business or buy into an established concern.

Why Choose Tenerife?

Tenerife has matured into a sought after holiday destination and is a very good place to have some sort of financial foothold whether by owning property or having a business interest. Tenerife is an excellent base for many businesses and has been for many years. The island is one of the more opular of the Canary archipelago and enjoys a healthy influx of tourist 12 months of the year - its excellent weather ensures that there is no "out of season" period. The vast growth of tourism in Tenerife has produced a growing and continuing need for good tourist related businesses.

Tenerife generally is a cash based society, the tax man here is reasonably flexible and the accountants relatively creative. The island has several tax investment incentives that are offered by the government to encourage new businesses and because very little credit is given here, there are few problems with credit liabilities.

The lifestyle on Tenerife is in general a safe and secure one with very little major crime. If you are looking to find somewhere to live and work, you would find it difficult to beat the environment or opportunities available on Tenerife.

The Key to a Successful Tenerife Business

Do it right: Do not hand over any money until you have first checked out what you are buying. In Tenerife it is the business that carries any debts, not the owner of the business. Always check that your paperwork is correct and legal and never assume that because you have a solicitor working for you, that everything is OK. Never sign anything you do not understand. We at Crossley, Morfitt and Lennox would have already made all the checks on the business you are interested in to make sure that everything is in order and we take you step by step through the whole process so that you understand everything that is going on, we more than likely could save you a lot of heartache and in some cases money.

Do it well: Do not start something that is beyond your capabilities. In Tenerife it is personal recommendations that can make or break a business, so try to concentrate on building a good solid business that keeps people coming back and there should be no reason you should not enjoy long term success and an exceptionally pleasant way of life. Also remember "location, location, location". Whether you are planning to open a bar/restaurant, an office or a shop, the location and quality of your property will have a massive impact on the success or otherwise of your venture. Part of our service at Crossley, Morfitt and Lennox is to ensure that we sit with you and discuss all the pros and cons of your business venture so that you can make an informed choice. We have an after sales care service that is second to none on Tenerife where we are always on call to help you in any way we can.

Offer a good service: No matter who it is you are providing a service to, if you offer a good service at fair prices word will quickly spread amongst the locals, who will in turn spread the word to others.

Do not cut legal corners: This goes without saying really. Many people may be tempted to listen to bad advice from local people but you must ensure that you have all your papers correct. Employ an accountant to handle the business accounts and do your tax returns - he will be worth his weight in gold!

Crossley, Morfitt & Lennox “ The Family firm you can trust”