Banking:
We are nominated Banking Agents for the Banco de Credito Balear providing a more efficient service for opening a bank account and giving access to all forms of financial assistance. The branch we use has English speaking staff and a bank representative in London for you to call in England for any advice or information you may need. Your bank statements will be in English and they also supply an Internet Banking Service in English.
We can also advise on exchanging your Sterling to Euros.
All our introductions are only to professionals who we have found to be honest, reliable, and efficient. These are only our recommendations and you are obviously free to choose your own banks, lawyers etc.
Calculating your Business Set Up Costs:
Try not to overstretch yourself economically, you are going to need funds over and above the purchase price for the new lease / freehold.
Other Costs – There are various costs you can expect to pay on taking over the business these include:
Changing names on licences – will incur a transfer fee.
An application for your N.I.E and N.I.F identity numbers are required.
Stock – May be required for the business start up. Some businesses will include some stock in the selling price. Suppliers will probably negotiate a 30 day payment programme. The first delivery, however, will usually be expected cash on delivery.
Budgeting for stock depends on the individual business, we will happily give advice to possible expenditures for your chosen investment.
Insurances:
Insurances for premises can be obtained from several reputable high street names. Budget for €350 upwards for annual cover dependent on business type.
Altogether, allowing for other minor expenditures along the way, allow for a minimum of €7000 to cover these extra costs. (Priced for 2006/7). Again, this is dependent on business type.
Home & Removals:
It is advised that you rent accommodation initially. This will then give you an idea of where you may like to settle after getting to know the areas and accommodation options.
You will normally be required to pay 3 months rental in advance for your property. (More details are given in our information pack that is given to you when you visit the Island to view potential businesses for purchase).
