How to open a Company in Portugal?

How to open a Company in Portugal?

It is possible to open a business in approximately one hour at one of the branches in several locations in Portugal. This option is only available for the incorporation of single-member limited liability companies, limited liability companies, and public limited companies with pre-approved articles of association. 

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Choice of Company Name

You have three options to choose the name of the company you want to create:

Choose a name from the official list of names (it is possible to add an expression related to the activity);

Choose a name associated with a brand from the official list (with a name and expression related to the company);

Present a valid Company Admissibility Certificate previously issued by the National Register of Legal Persons (RNPC).

You can obtain this certificate online, at the various branches of the RNPC, or by mail using a specific form (it has an associated cost of €75 or €150 in urgent cases).

Pre-Approved Social Pact

You must choose a pre-approved pact. If you want to know more about the existing agreements, consult the information in the Social Pacts of the Company on the spot.

Counter on Time

The partners must go to a service point or a commercial registry office and deliver the appropriate documentation for the type of company they intend to set up.

Documentation

If you are a Natural Person, you will need the following documents:

Taxpayer Card;

Identification document - Citizen's Card, Identity Card, Passport, Driving License, or Residence Permit (the last two documents are only allowed if the capital is less than 15 thousand euros).

In the case of a Corporate Person :

Company Card (or the access code) or Corporate Card (or the respective access code);

Updated Commercial Registration Certificate;

Minutes of the General Assembly.

On the other hand, after completing the commercial registration, you will receive the following documentation :

Social Pact Certificate;

Code of access to the Permanent Certificate of Commercial Registration;

Social Security Number (NISS);

Company Electronic Card Access Code (later you will receive the company card in physical support).

Note: The Company's Electronic Card contains:

Date of Incorporation and legal nature of the Company;

Legal person identification number (NIPC);

Social Security Registration Number (NISS);

Main Portuguese Classification of Economic Activity (CAE) and up to 3 secondary CAEs.

Central Register of Effective Beneficiaries (RCBE)

The Central Register of Effective Beneficiaries (RCBE) intends to identify all the people who control a company, fund, or legal entity of another nature. You need to concern with one of the Lawyers in order to get this document.

Business Bank Account (IBAN)

With all the above documents, you can open a business bank account.

Declaration of Start of Activity

The delivery of the Declaration of Commencement of Activity must be made:

Upon incorporation of the company, signed by a TOC (Official Accountant);

At the time of incorporation of the company by choosing a TOC from a name exchange made available over the counter;

Within 15 days, you need to deliver the Declaration of Commencement of Activity to a Tax Office (duly filled in and signed by a TOC). There are fines if we miss doing this.

Share Capital (Capital Social)

If you are going to open a limited liability company or a limited liability company, you will have to deliver the share capital by the end of the first financial year.

In the case of Public Limited Companies, the value of the share capital must be deposited in a bank in the name of the company, within five working days after the incorporation of the company.

Brand on Time

It is also possible to create a registered trademark at "Empresa na Hora" counters for the following classes of products and services:

Clothing, footwear, and headgear;

Alcoholic beverages (except beers);

advertising, business management, business administration, office functions, sales promotion for others, and retailing or wholesaling;

Insurance, financial sponsorship, and financial, monetary, and real estate affairs;

Real estate administration and brokerage services in the purchase and sale of real estate;

construction, repair, and installation services;

Education, training, and sporting and cultural activities;

Restaurant services (food) and temporary accommodation.

Instant Business Creation Costs

A company with capital made up of cash costs €360 (commercial registration and publications included).

If the company's capital also consists of assets, you will have extra amounts to pay:

€50 per property or shareholding;

€30 for each movable property;

€20 per moped or motorcycle (with a cylinder capacity of fewer than 50 cm3).

If you choose to create a brand, it costs €200 (a class of products or services). Each additional class costs €44.

These amounts may be paid in cash, by check, or via ATM.

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Congratulations!

         

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For more information, please contact us.

(Author)

Raj Don