What is leasing and how can your entrepreneurship project benefit?
Posted on 08/08/2019
A financial lease or ‘leasing’ is an option offered by different banking and financial entities, this so that a third party can access an asset during a certain period. We present information that may be of interest to start your company.
In this case, you should know that the bank will be in charge of analyzing said request and the applicant's cash flow, as well as the possibility of payment. Afterwards, the entity will continue to finance and acquire the asset (means of transportation, local or warehouse and work material).
It is important to keep in mind that although it is you who make use of these assets, this will always be in the name of the bank. In addition, to the entity that provides the ‘leasing’ you must pay a scheduled fee called ‘canon’. These payments will depend on the agreement reached between the two parties.
However, there are two types of ‘leasing’, which will be adapted according to the possibility offered by each bank, agreement and the need of each client:
- Financial leasing: when this modality is used, you have the possibility of buying the asset at the end of the lease, which you have been paying through the installments. In the end you can get the good for a reduced amount, since the fees have been financing.
- Operating leasing: under this modality there is no possibility of acquiring the asset, there is no purchase option. The lease will be possible only during the agreed time and when it ends the asset must be returned.
Business leasing allows you to make use of work materials or machines for a certain time in your venture, this with the possibility of returning these goods when a certain operation has finished.
On the other hand, the payments are ‘flexible’, since in a certain way they will be adequate and agreed according to the need of each applicant.
Among the assets that are commonly "rented" under the financial lease are:
- Housing, offices or premises
It should be noted that the applicant may be free to assume certain taxes, including income tax, as the asset is owned by the financial entity. Similarly, this type of financial lease is for companies or entrepreneurs who are concerned about the devaluation of a certain asset or when temporary use is required, as well as a trial time.
Each financial institution will provide you with different benefits when accessing a ‘lease’, but most offer security when using these assets, in the corresponding procedures and to avoid some type of embargo.
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