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Setting up a company in Portugal

Setting up a company in Portugal

setting-up-a-company-in-portugal

The economy in Portugal has been undergoing major transformations in the past years due to the government’s commitment to focus on facilitating the processes of doing business in the country, incorporating a business in Portugal is currently designed to be one of the fastest around the world (within 1 hour) through the initiative of the On the spot firm (Empresa na Hora) which makes it possible to incorporate a Private Limited Companies/Partnership, Single Member companies, or a Public Limited Companies through expediting the company set up process within 1 hour through a single service in a single office, assuming all the required documents are in place.

  • Opening a bank account; company owners must open a bank account in Portugal for the purposes of depositing the required investment capital (in case of a limited company the capital required is 5,000 EUR)
  • Choosing the Business name and type, and submit articles of association; in this stage, company owners must check the company’s name with the National Registry of Legal Entities - RNPC (Registo Nacional de Pessoas Coletivas), or select a name from the pre-approved names list available in the “On the Spot firm” office, Owners should as well Select one of the draft memorandum and articles of association packs, approved by the Directorate-General of Registry and Notary Public Acts, available from "On-the-Spot Firm" desks.
  • Receive the certificate of incorporation, corporate identification card, Social security number of the company, and the business registration certificate from the “On the Spot Firm” desk. 
  • Afterward, applicants are required to declare and file the commencement of trading and submit the required documentation immediately or within 15 days of incorporation 
  • Applicants are required to deposit of the company’s capital in the registered bank within five working days of the incorporation of the company.
  • For employees, the entity must register the employees at the Centros de Formalidades de Empresas (CFE) registry and at the Portuguese Social Security services within 24 hours from employment’s agreement date. 

You can contact us for more information regarding obtaining the residency through the business establishment in different countries such as Australia, Canada, and the Netherlands.

Sources:

National Registry of Legal Entities - RNPC

Empresa na Hora official website