Portugal is a company that has a GDP of 236 billion US dollars. A bit backward among other European countries, it is the best low-key hideout for you to get access to the world’s major marketplace of Europe as well as of Africa and America. It is ranked as 5th on the list of the World Bank that shows the ease of setting a new business in Portugal. Moreover, the government there encourages foreign investors and offers many benefits to attract and lure foreign investors. Moreover, the roads, rails, and other infrastructure is well built as of other European countries. Being a young population, the workforce is easy to get and easy to tackle too.
Public Company in Portugal
For a public company, you need a basic prerequisite that is a large capital to invest and hence own a public company in return. In this company, the bare minimum capital to be invested by each shareholder is 50000 EUR as compared to the 5000 EUR, you require for a private company share. In this type of company, you need 5 shareholders at least to found such a company rather than just 2 founders for private company registration. Moreover, the liabilities will be as per the share of every shareholder. This is a unique type of Portugal company for which a board of directors works to assure their performance and there is close monitoring by a supervisory board.
Formation Procedure of Public Company in Portugal
First of all, you need to be determined, as it is a big step and you are investing a large capital. So be precise in what type of entity you want and what type of business activity you are going to adopt UN your future. Study well and be informed of the challenges you will be facing and come with a strategic business plan after thinking a lot. Health, marketing, and software are emerging businesses. Tourism, as well as agriculture, is also open as options. The best thing is you can go to any sector.
- One thing of interest here is that all the documents will be notarized in Portuguese as it their national language and is well prevailed there too.
Registering a space for the company is also an important step. And you need to do with it in order to register your company
an accountant and bank account are also an important prerequisite for setting up a public company in Portugal. Because you need to deposit your share of capital so that your company registration can kick start.
You need to go for a trading name for your company and you need to check whether it is in use before or not. For this purpose, you need to check in with the national register of Collective Entities. You can pay the fees and reserve the name for you for the next 48 hours. Then you need to draft the documents that will include the specimen signatures of the director as well as the shareholders, passport copies of the director and shareholders, and the Articles of association. Articles of association are considered as the main document in Portugal as it contains all the information about the company you are going to register. It includes
- The name of each shareholder, along with their nationality as well as the country of residence
- The name of the company that you have reserved
- The responsibilities of the Director as well as the prevligies
- The rights of the shareholders
- The process of voting
- The summary of the activities you are aiming to perform in your company in the future.
- The detailed dissolution process and business ideas in Portugal
Then you need to submit the application for the company registration to the authorities of Portugal. With that, you also have to submit the above mentioned Articles of association. The last thing is the certificate of the name reserved for your company.
Then the documents will be assessed by the authorities of Portugal and then the certificate of registration will be issued and you are about to go. Then the authorities will issues you a corporate tax number as well as social security number. With that, you will be declared as registered and will be able to commence the activities.
The next step is to notify the Labor Inspectorate by providing information like the company name as well as the address with the tax number, the type of activities, and the declaration of the business incorporation.
The employees should be hired and must be notified and registered with the Business Registry Office before 24hours or at a maximum of 10 days after joining. The employee’s accident insurance registration should be done privately and online. The process of getting a Visa is also very easy if you have a big investment to make and you can easily avail a golden visa opportunity then.
Advantages of the Portugal Company Formation
First of all, the process is quite easy and can take just a few days for a public company depending upon your business activity. Secondly, you can operate with a proxy, as you do not need to be there. That is why you need us to be there to save your time and energy. The process is easy and the lease price is also low.
Portugal’s government has taken a big step and has made the process online too, which is too easy to operate as well as manage when you live in a foreign country. The process is a bit the same as mentioned above and goes with the flow.
Portugal is for your good to go destination if you are trying to access such bug markets by staying at a place where the environment is supportive as well as optimum for the work. You just need a handsome capital for a public company and the rest will be easy to tackle when you will join hands with us.