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renting a shop costs?

Posted by hopeless-699844 - Created: 8 years ago
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3 replies (Showing replies: 1 to 3)

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Posted by Rosie S - 8 years ago

Just a thought but Im sure there may be other business owners out there that are looking to reduce outgoing costs and may consider leasing part of a commercial rental to a business that will compliment what they are offering?

Hairdressers rent to manicurists etc etc etc so if there is a business which compliments your work have a walk about and make enquiries.

Starting a business right now can be daunting and mutual support would be welcome?

Hope that helps.



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Posted by johnners-660966 - 8 years ago

Hello Elizabeth,

May I ask what it is you want to sell? Depending on your work a shop front in a tourist area may not be the most economical way to start selling.

Even a low starting rental of €200 per month plus utility bills, insurance and any staffing costs would require you to turnover a lot of euros before making any profit.

Johnners

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Posted by pdobbo - 8 years ago

Rental varies enormously depending on town, and location. Larnaca can be as low as 200 Euro per month, while in Polis/Latchi a similar sized shop would be over 550 Euro per month.

In addition to your rent, utilities etc, you will have to factor in insurance (contents and compulsory 3rd party liability), Municipal rates (again varies by location) etc. If you are trading as a Limited Company, some municipalities impose a "Professional Tax" on your rates (up to over 500 euro per annum). As a Limited company you are obliged to submit audited accounts every year, and the cost of the audit can range from 300 Euro to 700 Euro.

If working, you must register with Social Insurance, even if you are only working part-time. The minimum salary for self-employed in the retail sector is 329.00 euros per week! On this amount, you are obliged to pay 538.90 Social Insurance per quarter (even if you actual salary taken is below the "official" level). I receive visits from Social Insurance inspectors on a regular basis to check that I am registered, and payments up to date.

The threshold for VAT registration is very low just under 16K euro TURNOVER, not profit, per annum. VAT inspectors do visit businesses to check for registration.

One thing you must try to do, is to find a shop with parking nearby as people here tend not to want to walk too far! I pay over 60 euros per month for my parking alone.

Hope this helps, P.