How to open a company in Portugal?

In Portugal, only lawyers can open a company by power of attorney.

You do not need to be in Portugal. We do everything online.

If you want to open a company in Portugal, you will need to follow these steps:

Choose a company name

The first step is to choose a name for your company that is unique and not already registered with the Portuguese Companies Registrar.

Choose a legal form

The next step is to choose a legal form for your company, which can be a sole proprietorship, a partnership, or a limited liability company. The most common form for small and medium-sized enterprises is a limited liability company (LLC), which offers the protection of limited liability for shareholders.

Appoint a legal representative

You will need to appoint a legal representative for your company who will act as the company’s legal representative and will be responsible for signing contracts and other legal documents on behalf of the company.

Register with the Companies Registrar

You will need to register your company with the Portuguese Companies Registrar, which is called “Registo Nacional de Pessoas Coletivas” (RNPC).

Obtain a tax number

You will also need to obtain a tax number for your company, which is called “Número de Identificação Fiscal” (NIF). You can obtain this number by registering with the Tax Authority (Tax Identification Number).

Open a bank account

You will need to open a bank account for your company in Portugal, which can be done at any Portuguese bank.

Hire employees

If you plan to hire employees, you will need to register with the Social Security and obtain an employer identification number.

Comply with accounting and reporting requirements

You will need to comply with Portuguese accounting and reporting requirements, which include filing annual financial statements and tax returns.

Overall, opening a company in Portugal can be a relatively straightforward process if you follow the necessary steps and meet the legal requirements. It’s recommended to seek professional advice to ensure compliance with all legal and regulatory requirements.

Is Portugal a good country for entrepreneurs?

Portugal has become an increasingly popular destination for entrepreneurs in recent years. The country has made significant progress in improving its business environment, and there are now many resources available to support entrepreneurs and startups.

In 2018, the Portuguese government launched the StartUP Visa program, which offers a fast-track visa application process for foreign entrepreneurs who want to set up businesses in Portugal. The program provides a range of support services, including mentoring, incubation, and access to funding.

There are also many co-working spaces and startup accelerators in Portugal, particularly in cities like Lisbon and Porto, which offer entrepreneurs the opportunity to network with other business owners and access resources and support services.

In addition to the government’s efforts to support entrepreneurship, Portugal’s location and strong ties to other Portuguese-speaking countries can provide entrepreneurs with unique opportunities to expand their businesses globally. The country is also known for its relatively low cost of living, which can be an advantage for entrepreneurs who are just starting out and need to keep costs low.

Overall, Portugal can be a good country for entrepreneurs, particularly those in the technology and innovation sectors. However, as with any country, there may be challenges and barriers to entrepreneurship that vary depending on the individual’s circumstances and the nature of their business.

Adriano Martins Pinheiro, lawyer in Portugal

tags: portugal, company, law firm, law office .