Ready to Invest in Portugal? You Might Want to Know This!

 

Migrating to a foreign land is not an easy task, and to start your own business on top of that, is even more challenging. If you are a foreign resident thinking of business investment in Portugal, then there are few basic things you need to consider first.

• Meet the legal requirements to ensure that your Portugal business investment is safe

Getting into any legal trouble is nothing less than a nightmare, and to prevent anything like that from happening, make sure that you have a Portugal residency card, a tax number from the Portuguese tax office, and a social security number from Portuguese social security in your hand before setting up your office in Portugal.

• Get your business name and address registered.

Irrespective of the country, whenever you are going to start your business, registering your business name and official address is a must. Make sure to get it done.

·        Market research

Business structure varies with the market, and to be successful in a foreign land with your new business, you need to understand the market thoroughly. Don't just sit behind your computer screens for market research; go out in public and observe the market trends and popular choices among the public with your own eyes.

How to set-up a company in Portugal

If you have decided to set-up a business company in Portugal with our immigration services to Europe, then here are three methods that you can choose from according to your needs.

• Setting up online

Setting up online allows you to set up your business online and register your company over the internet within one or two days of time, and an electronic certificate is required.

·        Setting up on the spot

Small limited companies or sole traders can easily set up their business by setting up on the spot method within an hour. You need to be present with all the partners on the spot and have all the necessary documents with a legal representative. 

·        Traditional method

First, you have to obtain a certificate of admissibility through the Institute of Registries and Notaries (IRN) in order to identify your company's name in Portugal formally; later on, you need to apply for a company card as well as a collective card from the same institute.

After completing the above procedure, you need to open a bank account for the company and declare the commencement of activity at the local tax office.

What to consider establishing a foreign company in Portugal

If you have a company in any country other than Portugal and now you are looking forward to open up your company’s branch in Portugal, then you first need to register the branch at the commercial registry office with the following documents ready in your hand:

Parent company’s incorporation documents

Confirmation statement from the BOD of the parent company for confirming the opening of the branch in Portugal

A power of attorney

But if you already have a business company operating in a minimum of two European countries for two years, then things can be a bit easier for you to expand your business into Portugal and other European countries. 

How to employ staffs in Portugal

No business can run without the staff, and thus you need to hire employees to run your business effectively. As an employer, you are obliged to pay fourteen months of salaries per year to your employees (the extra two months are equivalent to the holiday pay and Christmas bonus). 

And if you have decided to hire non-Portuguese employees, make sure to have a valid work visa for foreign citizens. If they are EU/EFTA citizens, you don't need a work visa to employ them.