In recent years, Portugal has emerged as an attractive destination for entrepreneurs looking to establish their businesses in Europe.
With its strategic location, vibrant culture, and favorable business environment, Portugal offers opportunities for those seeking to start their own ventures. However, navigating the complexities of company incorporation in Portugal can be daunting, especially when it comes to understanding local regulations and tax laws. This is where reliable English-speaking accountants play a crucial role, providing invaluable assistance to entrepreneurs looking to establish their presence in Portugal.
Why Portugal?
Before delving into the intricacies of setting up a company in Portugal, it’s essential to understand why this
country has become an increasingly popular choice for entrepreneurs.
- Geographic Advantage: Portugal boasts a strategic geographic location, serving as a gateway to both European and International markets. Its membership in the European Union provides businesses with access to a vast consumer base and facilitates trade with other EU member states.
- Stability and Infrastructure: Additionally, Portugal’s stable political environment, well-developed infrastructure, and skilled workforce make it an attractive destination for foreign investment.
- Supportive Business Environment: Portugal offers a competitive business environment with a range of incentives, EU grants and other supporting measures for entrepreneurs. From favorable tax regimes to various funding opportunities, the Portuguese government has implemented policies aimed at fostering innovation and entrepreneurship.
How to set up a company in Portugal?
(step by step)
Setting up a company in Portugal can be a straightforward process, if you understand the necessary steps and requirements.
Below is a comprehensive guide to help you navigate through the process effectively:
- Define Your Business Structure:
Before starting the registration process, decide on the most suitable legal structure for your business.
Three most common options are:
- Limited Liabilty Company (Sociedade Por Quotas)
- Single-person Limited Liability Company (Sociedade Unipessoal por Quotas)
- Public Limited Company (Sociedade Anónima)
Each structure has its own legal implications, tax obligations and liability.
- Choose Your Company Name:
Select a unique name for your company that complies with Portuguese regulations. Ensure that the chosen name is not already in use by another company and that it accurately represents your business. You can also request a certificate of admissibility to the IRN, to guarantee that the name of your company is accepted by the commercial registry. The IRN also allows the incorporation of companies with approved names from a public list.
- Prepare the Necessary Documentation:
- Identification documents of the company’s shareholders
- Tax identification numbers (NIF) of shareholders
- NIPC of the shareholders, in case that they are companies.
- Draft the articles of association that will regulate the company legal structure;
- Decide who will be the manager of the company;
- Decide the social capital of the company;
- Registration of Company:
Registration and submission of documentation to the Portuguese Commercial Registry office (Registo Comercial).
- Open a Bank Account:
Open a corporate bank account for your company where the social capital will be paid. Portuguese law mandates that company funds be deposited in a bank account under the company’s name.
What to do after company is incorporated?
- Register activity of company at the Tax Office
- Initiate tax compliance, which includes submission on a monthly, quarterly and yearly basis of mandatory statements, namely corporate income tax, value-added tax (VAT), and other relevant tax statements based on your business activities.
- Register company at Social Security
- After company incorporation a number of identification of Social Security – NISS (Número de identificação da segurança social) will also be provided
- Fulfill Other Legal Requirements:
Depending on the nature of your business, you may need to obtain additional licenses or permits to operate legally in Portugal. Ensure compliance with all relevant regulations and obtain any necessary permits before commencing business activities.
Following these steps with the assistance from Oporto Accounting legal and accounting professionals, you can successfully set up and operate your company or start up in Portugal.
English speaking accountants play a crucial role in assisting you to incorporate in Portugal, they will provide essential support and guidance to entrepreneurs throughout the process.
- Language Assistance: By offering their services in English, these professionals can help entrepreneurs navigate the complexities of the Portuguese legal and regulatory system.
- Comprehensive Support: From assisting with company formation and registration to providing ongoing accounting and tax support, English-speaking accountants offer a comprehensive range of services tailored to the needs of foreign entrepreneurs.
Choosing an Accountant:
When selecting an accountant to assist with the establishment and operation of a company in Portugal, there are several factors to consider:
- Qualifications and Experience: It’s essential to choose a qualified and experienced professional with a strong understanding of Portuguese tax and accounting laws.
- Language Proficiency: Consider the level of English proficiency of the accountant and their team. Effective communication is crucial when working with an accountant, so it’s essential to choose someone who can clearly and confidently communicate in English.
- Range of Services: Consider the range of services offered by the accountant and whether they align with the needs of your business. From basic bookkeeping to strategic financial planning, choose an accountant who can provide the level of support and expertise you require to succeed in Portugal.
In the dynamic landscape of company formation and business establishment in Portugal, having the right support is paramount. Oporto Accounting emerges as the beacon of reliability and proficiency, offering unparalleled services tailored to meet the diverse needs of entrepreneurs venturing into Portugal.
At Oporto Accounting, we understand that no two businesses are alike. Tha t’s why we offer tailored solutions designed to meet the specific needs and objectives of each client. Whether you’re a startup looking to establish your presence in Portugal or a multinational corporation expanding into a new market, we have the expertise and resources to support you every step of the way.
From initial company incorporation to ongoing accounting and tax compliance, Oporto Accounting provides
comprehensive services to ensure the smooth and successful operation of your business in Portugal. Our team of experienced professionals will guide you through the entire process, handling all aspects from incorporation and business registration to accounting and payroll.
Expertise You Can Trust With years of experience in the field of accounting and business consulting, Oporto Accounting offers expertise in accounting, payroll and business consulting that you can rely on. Our team of English-speaking accountants possess depth knowledge of Portuguese regulations and tax laws, allowing us to provide accurate and up-to-date advice tailored to your specific needs.
At Oporto Accounting, we believe in building strong and lasting relationships with our clients. That’s why we take the time to understand your unique business needs and goals, offering personalized suppor t and guidance every step of the way. From answering your questions and addressing your concerns to providing strategic advice for growth and expansion, we’re committed to helping you achieve success in Portugal.Transparent Communication and AccessibilityTransparency and communication are at the heart of
everything we do at Oporto Accounting. We believe in keeping our clients informed and involved throughout the entire process, ensuring that you always have a clear understanding of your financial situation and
compliance status. Our team is accessible and responsive, ready to assist you whenever you need us.
