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A Force Behind Your Business
Buying or starting a business in mallorca abroad is perhaps one of the biggest decisions and investments you will ever make. If you don’t get it right, it could also turn out to be one of the costliest.
Balearic Business Centre Mallorca is a recognised force in its field for its knowledge and in serving the British Community here on the islands, not only through business sales, but in all aspects of trading & living here.
Since 1997 we have been assisting ex pats and English speaking tax advice mallorca foreigners to understand as much as possible and yes even prior to commencement of the buying process. This ethos gives the best picture possible in respect of your business purchase, legal obligations, commitments and what your business is likely to cost you AFTER you have bought it.
Our workshops and courses are packed with information and specifically designed to help you fire on all cylinders to make the right choice and a success of your future and investment.
Not just business brokers, as you can see from our menu alongside, we are a business centre serving all your business needs.
And isn’t it nice to know that even if we do not have the business of your dreams on our books this doesn’t mean you cannot use our services. After all we are independent and impartial and will take and guide you through every step from the very first legal requirement to the done deal and way beyond.
From the very first contact, you will find an experienced professional, down to earth team, who will give maximum help, advice, and support and as our objective is your success we don’t and won’t pull any punches in anything we help you with. We listen to you and work accordingly and rest assured you will never be subjected to sales pressure.
If you are to get it right then you need to have confidence and trust in the Company and people you have chosen to use. At the end of the day, your business is our business.
Balearic Business Centre is a legal and fully registered Spanish Company; our offices are conveniently located close to Palma airport where you are always welcome to visit us.
Your decision to buy a business will be exactly that, YOURS. You will not at any time be put under pressure to buy; we believe at Balearic Business Centre that it is a fruitless and pointless exercise and it is natural that you will want to make a considered decision.
Once you have decided to proceed then the next step starts the purchase ball rolling. When the purchase price has been mutually agreed with the seller, at this stage a very simple “option to purchase” contract is drawn up by us and written in English. This contract will state the terms of the agreement between the parties, identifying the buyer(s), seller(s) and business. It will show clearly the agreed purchase price and the date set for the completion of the transaction.
It is now that you will pay a deposit which under normal circumstances is 10% of the price of the business (occasionally this can vary as it can be subject to the price of a business and the time frame for completion)
When signed this contract (which is binding) guarantees you the buyer that the business has been withdrawn from sale. At this point we would like to assure you that whilst you have paid a deposit that (a) This deposit or any monies paid is held in a specified client account and (b) Should any problems arise with licences etc then it is returnable.
Your legal representative will now check licences, arrange transfers, negotiate lease/rental terms where applicable and deal with any other aspects such as escrituras etc.
All fees for these services are payable directly by you to your lawyer there are no fixed scales as every purchase can be different, however there is an acceptable band which in normal circumstances will be within the region of €850 and €1250 plus of course any local taxes, iva (vat) which may be due.
And finally, even whilst the purchase is being processed and long after we will carry on giving you our first class service from helping you find accommodation and settle in to your new life to ongoing business support mallorca services.
Our team
We believe that successful teams are not just born they are made and generally the most successful ones are those who work within teams of teams or networks.
We have proved this over many years. It is not enough to say I have done that, sold it, etc therefore I have been successful.
Buying, starting a new business or venture is an exciting time particularly in a foreign country, irrespective of the size and type of business; and to help avoid the hurdles that foreign administration can throw up, you need to have the right network support behind you.
At Balearic Business Centre we have many years experience and skills in different fields. We believe in dealing “hands on” with our clients, and from our team you will always receive a practical, knowledgeable and down to earth approach.
The qualified professionals with whom we work also have the same ethos. It is extremely important for you to have confidence in the “other” teams that you will need, such as solicitors, fiscal advisors, accountants etc.
Our teams never stop working in your interest just because the sale is complete. This is after all the first stage in the investment of your future and that of your family.
Our mission
We have had the pleasure over many years of working with first time buyers of the tiniest businesses to companies wishing to buy into or purchase outright here.
In EVERY instance our mission is the same which is “to help understand the overall picture”.
This simple statement belies its importance for without understanding, the knock on effects can be potentially disastrous.
Tax & Accounting
Depending on the type of business you are buying, you will possibly be told “there are no accounts” or “we are on the accounting system whereby we do not have to keep accounts”
Quite simply this is not correct, there are two forms of accounting procedure here and irrespective of what you have been told it is a requirement that accounts are presented and any taxes due are paid, irrespective of whether you are on the system where a calculation is made by the tax agency taking various elements into account or the direct system which is the one most people are more familiar with as it operates in the same way as income minus expenses equals profit.
In the pre calculated option whereby the tax agency calculates the figures, you pay this at intervals throughout the year. So in fact whilst there may not be physical “books” there is a proven record of what is paid.
To this end, the nub of the matter is whether or not the figures are available.
Self employed persons and partnerships follow a different tax regime against Companies and the tax band is different between the two sectors. IVA (VAT) however, is treated differently and is applicable from zero, unless your business has an activity where other iva levels apply or indeed you are exempt from charging iva because of different circumstances.
You are obliged to file personal tax declarations and for those self employed or in partnerships this is linked to the tax you will have been paying quarterly throughout the year. For Companies it is a different matter.
Suffice to say we will guide and help you to keep your house in order and help you to understand why and when.
It is extremely necessary that you have a broad brush feel of what is going to be required of you in terms of running a business in mallorca.
The various options of going into business that you have here carry different rules, mallorca business regulations and obligations; whilst there might be a centrally related core running between them such as the taxation year for example the difference between the requirements can be significantly different.
You need to understand what is the best option for you and your business irrespective of the business type or its size; and whether you are self employed, a partnership or a company you also need to be aware of the responsibilities that each of these categories carry with them.
We will help you through this maze and will not “blind you by science” in the process.
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