Find out all about starting a company in Portugal in this article!
Portugal is one of the most promising countries for foreigners who want to start a business and make a living here. According to Business magazine, Portugal ranks 29th in the list of the best countries for business. If you are interested in finding a job and living in Portugal, you can find all the details in the rest of our article.
Advantages of starting a business in Portugal
Like any other country, Portugal has its own characteristics, both in business procedures and management.
- You can register a company in Portugal in just one day.
- Every city in the country has offices that deal with documents for new companies.
- It is possible to register a company online in Portugal. This process is relatively easier than in other countries.
- Many types of business activities require special certification or licenses. Unfortunately, these processes will also cost you some money and time.
- In some cases, entrepreneurs must know the local language. However, we still recommend that you learn the local language, just in case.
The assistance of an accountant and lawyer may be required when starting a business. However, in our opinion, this is the best approach to starting your own business.
The financial investment will also be required for the establishment and development of sufficient capital for the company.
Requirements to register a company in Portugal
To register a company in Portugal, a foreign entrepreneur must follow these steps:
- Register your company name and get a temporary ID card.
- Your company incorporation documents must be registered with a notary public.
- Contact the tax administration for your company’s acceptance of registration. You must complete this process within three months of receiving your ID card.
- You must complete the commercial register of Portugal.
- You must register with the insurance and social security authorities.
Once the above procedures are completed, you should contact the Ministry of Economy. It’ll be the last step of your company registration process. If you employ at least ten local people, your chances of obtaining citizenship in the future will increase considerably.
In this article, we tried to explain how to set up a business in Portugal in the simplest way. We would be happy to read your feedback and experiences in the comments.