For many years now, Portugal has been striving to build an environment conducive to investment and entrepreneurship. As a result, many foreign investors are setting up business in Portugal. If you’re thinking of doing the same, this article will help you understand all the formalities required to make your project a success.
Essential administrative formalities
To set up a business in Portugal, you must first have a Tax Identification Number (NIF). This number is essential for all financial and administrative transactions. Click to read more about it in our complete guide.
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Once you have your NIF, it’s time to choose the legal form of your company. As in France, you can choose between a sole proprietorship, a limited liability company, or even a one-person limited liability company.
Register your company and open a bank account
Once you know the legal form of your company, you need to think about registering it with the Commercial Registry. Just like applying for a NIF, you can register your company online via the “Empresa na Hora” portal. In just a few minutes, you’ll have a legal company in Portugal.
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Now that your company is up and running, you’ll need to open a business bank account in Portugal. This account is necessary for all your business financial transactions. You’ll be able to do this in just a few minutes, as you already have a NIF.
Tax and accounting obligations
As an entrepreneur in Portugal, you’ll have to comply with a number of tax and accounting obligations. First of all, you’ll need to keep accurate, up-to-date accounts in line with Portuguese accounting standards. You must then register for VAT (IVA) and file returns if your sales exceed a certain threshold.
Thereafter, you must file annual tax returns detailing your company’s income. Finally, you must pay corporate income tax (IRC) and social security contributions for your employees (if you have any).
