Are you planning to open a company in Portugal, but are not prepared (or do not want) the costs of renting or setting up a complete physical headquarters? Hiring Virtual Office services is the best option for opening your company in Portugal. Find out why.
Opening a company in Portugal is a highly sought after option for those who wish to internationalize their business and explore the European market, with Portugal being an excellent starting point for reaching this market.
It is also one of the most sought after possibilities among foreigners, especially Brazilians, to enter and reside in Portugal legally through the Visa for Entrepreneurs, also known as the D2 visa.
As there are many doubts about the topic – after all, everything we know little about seems difficult –, we are going to address 3 very important issues for the entrepreneur who is considering Portugal for the creation or expansion of their company.
- The need to obtain the Tax Identification Number – NIF. It is, in fact, the first document you should worry about obtaining, as it is a requirement to carry out all the basic and most important activities in your life in Portugal, whether private or business;
- Opening a bank account in Portugal – and it is possible to do this remotely!
- The indication of a physical and tax address for opening the company – and here, the Virtual Office service offers you this domicile and much more!
With the correct documentation in hand and appropriate guidance, your company will be created in less than a week.
What usually takes the most time is organizing the documents, and you can count on specialized assistance for this. The specific documents that must be presented include the NIF.
The NIF aims to identify a natural or legal person before the local tax authority. Similar to the Brazilian CPF, the NIF is essential for carrying out any activity in Portuguese territory: opening a bank account, signing an employment contract with employees, signing rental or service contracts.
This “tax number” can be acquired by European or foreign citizens, whether resident in the country or not. However, anyone who does not legally reside in Portugal will have to contact a tax representative to obtain the NIF. Remember that specialized legal advice can carry out this service for you. Continue here for additional information.
Good advice can avoid headaches
Many people don’t know, but lawyers are professionals qualified to set up a company in Portugal, together with solicitors and notaries. Contrary to what many people think, the professional you should look for is not an accountant, but rather a lawyer regularly registered with the Portuguese bar.
With this stage completed, be aware that the fees for opening a company in Portugal range from €220 to €360. Payment of these amounts must be made at the time of opening the company and includes the commercial registration and publications of the company’s constitution. Another issue that must be taken into consideration is the type of company you intend to open. The most common types in Portugal are: sole proprietorship, single-member limited liability company and limited liability company. To understand the particularities of each of them, we advise you to seek specialized legal advice.
In addition to the fees above, it is important to remember the fixed cost relating to accounting services, which is mandatory for all those who have a company incorporated in Portugal.
Regarding the payment of share capital, note that, although it can be up to EUR 1, since current Portuguese law does not require the payment of a minimum share capital, this may not be the most sensible decision. It is necessary to analyze the objectives for which you want to open a company in Portugal and, from there, define the best value of share capital to be paid in.
Opening a Bank Account
Another important and mentioned step is opening a bank account, which can be done remotely.
For those who plan to operate commercially in Portugal, opening accounts is a very necessary step. You, for example, will be able to carry out your planning in euros, with regular deposits, according to your schedule.
Speaking of planning, it is worth remembering that it is very important for entrepreneurs who want to be successful!
We recommend that you count on specialized advice for the entire process, which will save time and money for you, the entrepreneur. After all, when dealing with taxes, accounting and legal issues, it is worth relying on someone who has authority on the subject.
Tax Domicile/Virtual Office
Moving on to the last important step we mentioned, for physical and fiscal address information with the Tax Authority and Bank, you may have already researched the appropriate Coworking Space – in terms of location, amenities, services offered and credibility – to indicate how headquarters of your company!
Virtual offices emerged with the realization that it was possible to work via the internet and that, for some business models, it was unnecessary to bear the costs of a complete physical headquarters that was idle most of the time.
Cowork Montijo offers the following services and advantages with its Virtual Office :
- A corporate commercial address (domicile of your company) with a privileged location, very close to Lisbon;
- Receiving correspondence (sending to your email) and orders;
- Savings on rent, cleaning and furniture;
- Access to equipment, such as printers, without the expense of purchasing;
- Access to the space’s meeting room.
Additionally, the client will be able to take advantage of additional services offered by Cowork Montijo, which may prove necessary to carry out their professional activity, such as renting coworking space and meeting rooms for longer hours.
As you can see, hiring a virtual office allows companies and entrepreneurs to expand their professional activities, taking them to places where they do not have headquarters. Setting up a branch or conventional company office in another location can be expensive and time-consuming, but hiring a virtual office generates the savings and agility you are looking for in your company’s growth process.
Visa for Entrepreneur – D2
Last but not least, let’s remember that the entrepreneurship route is one of the possibilities for foreigners to obtain a residence and residence visa in Portugal.
In this case, you must understand that there are requirements to apply for the Visa for entrepreneurs in Portugal (Visa D2) when considering the activity chosen to open your company. Not all types of investments and ventures are eligible to apply for a D2 Visa!
Briefly check the main requirements needed to apply for a visa for entrepreneurs:
- Demonstrate the viability of the business in Portugal through a business plan. It is very important for you to demonstrate that there is a plan, that you have evaluated the possibilities of the Portuguese market, after all, as an entrepreneur and self-employed person, you seek the success of your business;
- Social, cultural, technological, scientific or economic relevance for Portugal’s growth: this is an eligibility requirement for applying for a D2 Visa;
- Proof of the financial capacity to keep the company open. Here, again, between the importance of planning and demonstrating it for the Portuguese government;
- Proof of a deposit into the company account. To convey credibility to the government and your intention to invest in the business, the amount deposited must be consistent with the activity you wish to carry out.
For the request, entry must still be made outside of Portugal. It is important to remember how it is always a good idea to hire specialized legal consultancy who will instruct you on the necessary documentation and deadlines.
We seek to provide more complete information about the process of opening a company in Portugal, about how the Virtual Office service can facilitate the process and about essential steps to follow the dream and plan of opening your company in Portugal.
We are always available to provide more information about services and procedures.
Cowork Montijo Team