Portugal is an excellent location for entrepreneurs who want to set up a company. With its strategic location, competitive business environment, and supportive government policies, Portugal has become a popular destination for startups and established businesses alike. In this blog post, we’ll guide you through the process of setting up a company in Portugal.
- Choose your business structure
The first step in setting up a company in Portugal is to choose your business structure. There are several business structures available in Portugal, including sole proprietorship, limited liability company (Lda), and joint-stock company (SA). The most popular business structure in Portugal is the Lda.
- Choose your company name
Once you’ve chosen your business structure, you’ll need to choose your company name. Your company name should be unique, and you’ll need to check that it’s not already in use by another company.
- Register your company
To register your company in Portugal, you’ll need to go through the following steps:
- Obtain a Portuguese tax identification number (NIF)
- Obtain a certificate of admissibility from the National Registry of Legal Persons (RNPC)
- Draft and notarize your articles of association
- Deposit your share capital in a Portuguese bank
- Register your company with the Commercial Registry Office
- Obtain licenses and permits
Depending on your business activities, you may need to obtain licenses and permits from local authorities. For example, if you’re opening a restaurant, you’ll need to obtain a food and beverage license from the local health department.
- Register for taxes
Once your company is registered, you’ll need to register for taxes with the Portuguese Tax Authority. This includes registering for VAT if your annual turnover exceeds €12,500.
- Open a business bank account
To operate your business in Portugal, you’ll need to open a business bank account. This will allow you to receive payments from customers and pay your expenses.
In conclusion, setting up a company in Portugal is a straightforward process, but it requires careful planning and attention to detail. By following the steps outlined in this blog post, you’ll be well on your way to setting up a successful business in Portugal. Whether you’re a startup or an established business, Portugal offers a supportive business environment and competitive advantages that make it an ideal location to set up your company.