How to start a business in Portugal
Would you like to start the new year investing in your own project?
Do you know how to open a company in Portugal? In this article, we are going to explain all the steps to, finally, open your own business.
What do I need to open a company in Portugal?
If you want to invest in Portugal you need to meet the residency requirements and gather some paperwork.
First of all, either if you are an EU or Non-EU national, you will need to obtain a Tax Number (the Portuguese NIF) from the Portuguese Tax Office, as well as a Social Security Number from the Portuguese Social Security.
To do so, you must go to a local tax office of the Portuguese Tax Authority, a local branch of a Citizen Shop or a counter that provides the Citizen Card. If you are a non-resident and want to apply from outside of Portugal, you can do it with the help of a Portuguese lawyer or a fiscal representative who acts on your behalf. On the other hand, a business can apply for a Portuguese NIF number online.
Every business needs a plan
If you want to open a company you need to have a business plan, analyze the potential of your project and identify possible competitors. This is important to define how you are going to communicate with potential clients and understand the main risks of your business.
To build a company in Portugal there are different types of legal forms, you can open a company alone or form a society in case you are planning on having partners.
How to open your company
The easiest way is to do it online, on “Empresa na Hora” website or going in-person to a local branch. If you decide to do it this way, you can choose from different kinds of pre-approved models, paying a fee of 360€.
You can choose from a pre-approved list of names or create your own name. In this case, you need to acquire a Name or Denomination Approval Certificate.
It’s important to mention that the name of the company is not the same as the commercial name. This means that you may have a denomination for your company and use another name to communicate your brand.
You will also need to be able to register a business address in Portugal, for example, you can choose a co-working space to use as your business address.
After opening the business, you will have 15 days to present the declaration of open activity at the Portuguese Fiscal Authority.
How much does it cost to open a company?
The price will depend on which type of business legal structure the company has and how many shareholders it includes. The main costs rely on:
“Empresa na Hora” registration: 360€;
Certificate of Admissibility: 75€ for a normal request, 150€ if it’s urgent;
If you have any properties in the constitution of the company, there will be more costs associated.
Are you still confused and don’t know how to start? Book a meeting with us, we can help you throughout this process. You will only need a good business idea able to create value in the market and a business plan, the rest leave it up to us.