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VW says new entry-level electric car to be built in Portugal

Volkswagen will build its 20,000-euro ($21,636.00) electric car launching in Europe in 2027 at its plant in Palmela, Portugal, its brand chief said on Monday.

 

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The more than 4,000 startups have revenues of 2,602 million €, according to data from the study developed in partnership with Startup Portugal.

In 2024, Portugal had 4,719 startups, 16% more than in 2023, with a combined turnover of €2,602 million, according to data from a survey released by Startup Portugal, which shows that the community of this type of company “continues to grow”.

“After an increase of 11% in 2023 (compared to 2022), in 2024 there is again an increase of 17% in the number of startups, showing a fertile environment for innovation and creation of new businesses in Portugal”, states the report.

Compared to the previous year, the average monthly remuneration of startup workers in Portugal rose 17%, a value that the study’s promoters point out to be around 72% above the national average.

With headquarters in Portugal, OportoAccounting, our expert services are designed to support startups at every stage, from business setup and tax compliance to payroll management and HR consultancy. We help entrepreneurs focus on their business while we manage the operational complexities.

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Portugal has become an increasingly attractive destination for qualified workers, especially among young people.

Portugal’s popularity among graduates has seen the highest growth of any country, with interest from potential migrants tripling since 2010, rising from position 24th to 13th place among preferences.

According to The Economist, “as populations age, there is growing global competition for skilled young migrants, and countries like Portugal are working hard to attract them”.

This is seen in the “Footloose Index”, which ranks 74 countries by their attractiveness to internationally mobile talent. Interest in Portugal is due to its favorable climate, an advanced digital infrastructure and immigration policies that make it easier to move and stay.

 

With headquarters in Porto, Portugal, OportoAccounting provides a range of HR management and payroll services designed to support businesses of all sizes.

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The International Monetary Fund (IMF) highlights Portugal as an example of economic performance above the European average.

Portugal’s economic performance has surpassed the European average since 2019, with average annual growth rate twice that of the euro zone. Jean-François Dauphin, representative of the International Monetary Fund (IMF), praised the country’s results: “Since 2019, Portugal’s average growth has been double the euro zone average, so it’s an impressive performance.”

Part of this growth reflects the post-pandemic context, which generated an increase in savings and interest in travel, especially in an environment where “labor markets have held up very well, giving a boost to consumption, and investment has been facilitated by European funds, with absorption being faster in Portugal than in other countries”, said the economist.

By offering specialized services in tax compliance, financial planning, and payroll, OportoAccounting, as an English-speaking firm, assists clients in optimizing operations, taking full advantage of Portugal’s thriving economic landscape.

 

A “One Stop Shop” for International Companies.

 

In an increasingly competitive global landscape, Portugal its a prime destination for international companies and startups through its “one stop shop” model, which provides integrated services to streamline business entry and growth. This approach goes beyond reducing bureaucracy; it includes legal, tax, and accounting support, access to financing, strategic partnerships, and talent networks, aligns perfectly with the recommendations of “The Future of European Competitiveness”.

The “one stop shop” model isn’t just a matter of convenience: it is a core strategy for Portugal’s economic future. As Europe faces significant challenges in innovation,
productivity, and growth, Portugal’s initiative-taking and integrated approach positions it to become a leading destination for international companies. By doing so, the country will not only enhance its own competitiveness but also contribute to the growth of the European economy.

With specialized business networks and resolute players across its value chain, Portugal is ready to provide the solutions international companies need to succeed. This comprehensive approach, combined with the country’s strategic advantages, makes Portugal an increasingly attractive option for businesses looking to establish or expand their presence in Europe.

With headquarters in Porto, Portugal, OportoAccounting is an English-speaking accounting and payroll firm. Our team of accountants and lawyers can assist in setting up your startup in Portugal and provide HR consultancy and accounting services.

In recent years, Portugal has emerged as one of Europe’s most attractive destinations for Foreign Direct Investment (FDI), capturing the attention of international investors and multinational corporations.

Over the past five years, the country has experienced an impressive 40% increase in FDI projects, positioning itself among the top 10 preferred locations for investment in the region. This growth is highlighted by the EY Attractiveness Survey, which underscores Portugal’s rising prominence in the European investment landscape.

A key factor contributing to this surge is Portugal’s economic resilience. While many Eurozone countries faced significant challenges, Portugal consistently outpaced its peers in GDP growth, bolstering investor confidence and attracting substantial foreign capital. This remarkable performance has made Portugal a beacon of stability in an uncertain economic environment.

This achievement allowed the country to maintain its seventh position in Europe for FDI attractiveness, according to the latest EY survey. The diversity of sectors attracting investment is another positive sign.

Headquartered in Portugal, OportoAccounting is an English-speaking firm offering a wide range of consulting, accounting, and payroll solutions for foreign companies looking to incorporate in Portugal.

Portugal is the sixth largest destination for foreign direct investment (FDI) in Europe. 

 

This is the conclusion of a study published by consultants Ernst & Young (EY), which reveals that the reconfiguration of global supply chains is attracting more investment, especially to Southern Europe.

 

The country rose two positions in the ranking of countries that attract the most FDI in Europe and recorded the highest growth in FDI projects among the top 10 European countries. Utilities, business services and telecommunications lead new bets on FDI.

In 2022, the number of FDI projects achieved by Portugal increased by 24%. Portugal had the highest increases.

 

OportoAccounting offers expert financial and advisory services to help foreign investors navigate Portugal’s regulations. From company formation to tax optimization, we ensure your business stays compliant and well-positioned for growth.