Setting up a business in Portugal: Opportunities and procedures

Many young entrepreneurs have been settling in Portugal for many years. If you're part of this wave of entrepreneurs looking for a favorable business environment, you too can move to this country. If you're a novice struggling to get your business off the ground in Portugal, this article is for you. Find out why you should go ahead and what you need to do to make your project a success. 

Why choose Portugal as a business location?

Some people are still wondering. In case you don't know, Portugal offers a number of advantages for entrepreneurs.For a start, the cost of living and doing business in Portugal is relatively low compared to other European countries, which helps to reduce initial and operational expenses. 

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The country also boasts a dynamic start-up ecosystem, particularly in Lisbon and Porto. Here you'll find numerous incubators, gas pedals and networking events to support new businesses. The Portuguese government also offers various tax incentives and funding programs to encourage innovation and entrepreneurship. Click for more details on these tax incentives. 

Steps to setting up a business in Portugal

Now that you know why you should set up your own business in Portugal, you need to know the steps involved. To set up your company, start by choosing the right legal structure. Note that the most common structures are the limited liability company (LDA), the sole proprietorship and the public limited company (SA). Of course, each structure has its own advantages and disadvantages in terms of liability, taxation and management, which you should be aware of before making your choice. 

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Once you've chosen your legal structure, register your company with the Portuguese Trade Registry (Conservatória do Registo Comercial). This can be done online via the Empresa na Hora portal, which simplifies and speeds up the process. Then apply for your Tax Identification Number (NIF) to facilitate future tax transactions. Finish by opening a business bank account in the company's name to manage its finances.