Buying a business is a tricky process at home and abroad.
Here are some pointers to bear in mind when relocating:
Always seek advice from independent solicitors, architects and surveyors
- Always make sure you fully understand the contract you sign.
- Always seek advice from independent solicitors, architects and surveyors. Not only this, but make sure they are competent in the laws of the country you are considering moving to.
- Make sure there is no outstanding debt with the business you are taking over. A solicitor should be able to confirm this for you.
- Have a good think about any business you view, especially if it is perceived as a 'must-have'. A cooling-off period is always a good idea.
- It is a good idea to make sure that any financial contract you enter into includes an 'opt out' clause, should any loan not be agreed (this will increase your chances of recovering a deposit).
- Try and arrange any mortgage or loan in the currency in which you earn.
- Consider a partner - it could give you the extra finance and support you need to go for something you really want.
- Research the area you are buying in thoroughly. You need to ensure that you are well aware of any legal/governmental costs you may incur when purchasing property/business in your chosen country.
- Open a local bank account - however, remember to get a certificate of importation for any funds you bring with you from your home country.
- Ensure that all your bills are paid on time. Failure to pay up on time could lead to court action and possible seizure of property in many European countries.
- Always, always bear in mind that an asking price is never what you end up paying for a business. There are always lawyers' fees, taxes, insurance etc, that need to be taken into your budget considerations.
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