Portugal not only offers great opportunities for investors but also has advantages for entrepreneurs. The idea is not just to attract capital but also to create employment and invite highly skilled professionals to work in the country.
As part of this support for innovation and entrepreneurship, there is the possibility of obtaining a visa through the creation of a company in the country, through the so-called «startup visa.»
This is defined by law as «a program to welcome foreign entrepreneurs who wish to develop a business and/or innovation project in Portugal, with a view to granting a residence permit.»
This visa applies to both individuals who have not yet created their company and to those who already have businesses in their home countries and want to bring their business to Portugal.
Among the application requirements, the Agency for Competitiveness and Innovation (IAPMEI) must issue a document certifying the signing of an incubation contract with a certified incubator in accordance with the law.
Unlike the Golden Visa, there is no minimum investment amount here. However, you must have enough capital to start and sustain your venture. This includes paying corporate taxes annually, as well as contributing to social security. You must also provide a statement confirming your intention to invest in Portugal, detailing the type, value, and duration of the investment.
The applicant must also demonstrate that they have sufficient financial resources to support themselves in Portugal for one year; that is, having income equivalent to an annual minimum wage, approximately €9,840. If applying for the visa with a spouse, an additional amount equivalent to 50% of the annual minimum wage is required.
Other requirements include being of legal age, having no criminal record, and having a place of residence in Portugal, either by acquiring real estate or with a lease contract for a minimum period of one year.
It is also necessary for the applicant to obtain a Portuguese Tax Identification Number (NIF), open a commercial account in a Portuguese bank, establish a limited company in Portugal, have the advice of an accountant familiar with Portuguese tax laws, and submit a business plan.
Once the visa is obtained, it authorizes residence in the Portuguese territory. Interestingly, after legally residing for 5 years, the individual can apply for citizenship and, therefore, a passport.
Having the possibility of obtaining a passport that grants you entry to the 27 countries that make up the Schengen Area is not the only advantage for you as an entrepreneur. Unlike other European countries, companies in Portugal do not face a lengthy process of registering for VAT to obtain a valid number for intra-community transactions. This number is automatically generated when starting activities.
We have already mentioned the annual payment of corporate taxes; however, regions such as Madeira or the Azores have special tax regimes with substantial discounts.
There are many advantageous aspects to taking your venture to Portugal. And for the success of such a venture, it is necessary to have the best professionals.
At AIM Global, we are ready to provide you with a wide range of services if you are considering establishing your company in Portugal. Our services include the incorporation of companies, investment advice, real estate brokerage, NIF management, opening of current accounts, and tax representation.
Schedule a meeting with our team and let your project of starting a business in Europe be in the hands of the best.
