Visa options that Portugal has for entrepreneurs
Portugal not only offers great opportunities for investors, but also advantages for entrepreneurs. The goal is not only to attract capital, but also to create jobs and invite highly qualified professionals to work in the country.
As part of this support for innovation and entrepreneurship, there is the possibility of obtaining a passport 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 both to people who have not yet created their company, and to those who already have businesses in their countries of origin and want to bring their business to Portugal.
Among the application requirements, the Agency for Competition and Innovation (IAPMEI) must issue a document that certifies 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. However, you must have sufficient capital to start and sustain your business. This includes paying annual corporate taxes and social security contributions. You must also provide a declaration confirming your intention to invest in Portugal, detailing the type, value, and duration of your investment.
The applicant must also prove that they have sufficient financial resources to support themselves in Portugal for one year; that is, have an 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 an 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 agreement for a minimum period of one year.
The applicant must also obtain a Portuguese Tax Identification Number (NIF); open a business account at a Portuguese bank; establish a limited company in Portugal; have advice from an accountant familiar with Portuguese tax laws; and submit a business plan.
Once obtained, the visa authorizes residency in Portugal. Interestingly, after residing legally for five years, the individual can apply for citizenship and, consequently, a passport.
Having the option of obtaining a passport that grants you entry to the 27 countries that make up the Schengen Area isn't the only advantage for you as an entrepreneur. Unlike other European countries, companies in Portugal don't face a lengthy VAT registration process to obtain a valid number for intra-community transactions. This number is automatically generated when you start your business activities.
We have already mentioned the annual payment of corporate taxes; however, regions such as Madeira or the Azores islands have special tax regimes, with substantial discounts.
There are many advantages to taking your business to Portugal. And for the success of such a venture, it's essential to have the best professionals on board.
At AIM Global, we are ready to provide you with a wide range of services if you are considering setting up your company in Portugal. Our services include company formation, investment advice, real estate brokerage, VAT registration, opening bank accounts, and tax representation.
Schedule a meeting with our team And let your business venture in Europe be in the hands of the best.
