Many people are now looking to start a business in Portugal, but are still unsure where to begin.
There are so many things to consider before setting up a business in Portugal, including obtaining a D2 Visa, and the procedures for starting a business.
Before starting a business, you must have all details about the steps and expenses involved in setting up your business.
This article addresses the key issues for entrepreneurs aspiring to set up a business in Portugal and gives factual information about getting a D2 visa and how a business works in Portugal.
Why Portugal Is A Thriving Business Hive
As mentioned earlier, many people want to start a business in Portugal. This is partly because Portugal enjoys greater investor confidence than countries such as France, Germany, and the United Kingdom.
In Portugal, thousands of highly qualified workers, and the government provides public financial help to enterprises dedicated to innovation.
The World Bank ranks Portugal 39th out of 190 nations in its measure of the ease of doing business, indicating the stability of the Portuguese market.
By starting a business in Portugal, you can also access the European Union (EU) market, which is home to more than 7% of the world’s population and 23% of the nominal global GDP.
It would help if you had a D2 visa and a tax and social security number to start a business in Portugal.
Overview Of D2 Visa
The D2 visa, also known as an “immigrant entrepreneur visa,” is intended for nationals of third countries (non-EU/EEA/Swiss) who want to start a business in Portugal.
It can also be used by people who want to start a branch office in Portugal for an existing company, or by people who currently have a company in Portugal but haven’t moved yet.
You can move to Portugal and open a business without applying for a resident visa if you have a passport from one of the EU, EEA, or Switzerland.
The kind of business you decide to start in Portugal is also completely up to you; it might be anything from a café to a tech startup to an import or export operation.
It might also be a brand-new Portuguese branch of a company you already run elsewhere or a venture you’ve already established in Portugal. All you need to get started is a D2 visa
Step-By-Step Guide On Starting A Business In Portugal
1. Confirm that you are legally eligible to start a business
Check to see if you can lawfully start a business in Portugal before you go into the finer elements of doing so.
You must possess your Portuguese residency card, a social security number, and a tax identification number (NIF) issued by the Portuguese tax office.
A Portuguese D2 visa and residency permits are required if you wish to start a business and are a citizen of a country outside the EU or EFTA.
2. Choose a name for your business
Create a list of potential names for your business and search the Portuguese Registry of Business Names to see if your top choice is already taken.
If not, you should register your firm’s name by purchasing a €75 Certificado de Admissibilidade, or Validation Certificate, from the National Registry of Companies. Typically, the certificate is good for three months.
3. Determine the corporate structure of your business
The Portuguese Companies Code governs a variety of commercial legal structures in Portugal. It would help if you decided which one best fits the structure of your business.
4. Start your business
It’s time to establish your company by signing the deed of incorporation now that you have decided on a name for it and have chosen an appropriate business entity.
The deed contains precise information about your business, such as its type and the capital stakes held by each partner. You may rapidly set up your business by doing this online.
Your company will be registered in one to two days for about €360. A tax identification number (NIF) and a social security number will be attributed to your business.
5. Set up a tax account
In Portugal, having an accountant on staff is required. Your accountant can assist you in setting up a bank account for your business once you have signed the deeds.
Your accountant will register the activity of your firm with the tax office using your IBAN information so that you are prepared to pay taxes.