Do you have an innovative idea for a company and want to open a startup in Portugal? So you need to follow a few steps! Come with us:
1. Market analysis
The basic! The Portuguese market is very different. So it’s no use having a cool and innovative idea to undertake in Portugal if it doesn’t meet the Portuguese market.
Therefore, carry out a careful study in the country about your target audience, the consumption of your product or service, who your competitors are, and what they are doing differently. And it’s also worth expanding the analysis to the European market since there are great possibilities for expansion.
2. Know the Portuguese laws
Knowing and understanding the entire legislative part of the country is important to opening a Startup in Portugal.
Check the laws that apply to your business. And as I said in the item above, some laws are applied across the entire European Union.
3. Understand Portugal’s taxes
Maybe the most important item. We can’t stress enough how this is important. Portugal’s taxes for companies are quite high, and according to a report by Jornal Público and a study commissioned by the CIP – Business Confederation of Portugal, in 2020 Portugal was ranked 11th in the ranking with the highest taxes on companies in the European Union.
4. Business plan
After analyzing the market and understanding the legal and tax laws, it is time to set up your Startup’s business plan in Portugal.
IAPMEI – Agency for Competitiveness and Innovation – offers a form that can help in the preparation of the business plan.
5. Opening of the Startup in Portugal
Opening a business in Portugal is simpler than you think. You will need to go to an “Empresa na Hora” services counter and present all the necessary documentation and pay the fees of €360 to register the Startup and €70 for the Certificate of Admissibility for the creation of the company.
You can check out all the documentation on the Ministry of Justice’s official website (https://justica.gov.pt).
How to get investors in Portugal?
There are several startup accelerators to get investors in Portugal. They offer training for financing projects and connections with investors in the country.
Another way to obtain an investment is to participate in Pitchs promoted during technology and innovation events and fairs. Portugal hosts WebSummit, the biggest technology fair in Europe and one of the biggest in the world. Participating in such events can be a great opportunity to attract investors to your business.
And the Portuguese government also has financing incentives and support in contacting investors. For this, it is worth keeping an eye on the Vale Incubação public notices.
Main Startup Hubs in Portugal
• Lisbon and metropolitan region: with 297 startups;
• Porto and metropolitan region: with 251 startups;
• District of Braga: with 196 startups.
How does Startup Visa work?
Created in 2018 by the Portuguese government, the first step to applying for this visa is to access the IAPMEI website and apply for your startup. At this stage, it is necessary to present the business plan that will be analyzed by the institution.
If approved, an Incubator Certification will be issued to continue the visa application process. Simple as that!
Is it worth opening a Startup in Portugal?
The answer is YES! Since 2016, the Portuguese government has launched the National Strategy for Entrepreneurship, whose 2-year StartUP Portugal program seeks to encourage the financing of technology and innovation companies to foster economic competitiveness and create qualified jobs.
The country is experiencing a broad technological development and is open to innovative ideas, so much so that it has created specific policies for the creation of companies and even a specific residence visa for that. Ain’t cool?!
Do you need a hand in the crazy bureaucratic world of Portugal? We can help you🙂