Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in Portugal
In the recent past, the process of company registration in Portugal remained complicated but it is currently streamlined with the increasing number of companies legalized. Company incorporate in Portugal now accommodates foreign investors with the introduction of “The Golden Visa” which involves the creation of a sizeable investment in exchange for residency.
With that in place, a business solution consultant now offers expert professional services to many potential investors. 3E Accounting Indonesia now delivers the best options for entrepreneurs in Southeast Asia.
Some of the services may include the following:
- Accounting and legal services
- Company incorporation
- Corporate secretarial services
- Payroll and taxation services
- Business permit renewal
By applying for our services you stand to benefit not only from these services but gains much more knowledge.
Different Types of Company in Portugal
Portugal has different types of companies such as Private Limited Company, Public Company, Partnership among others. Company incorporate in Portugal begins with the submission of the proposed name with the National Registry of Corporations. You can either choose from the list of names proposed by the Corporations which already have a Corporation Identification Number or from prior filing for a name approval certificate. The Corporation shall reserve the name, and it’s only eligible for a minimum of 3 months.
Upon the name approval, the Registry will, therefore, issue a certificate of registration alongside a provisional tax registration card. After that, you’ll need to request for a Public Registry Deed and then the officials will determine a date for the Public Registry of the company at the Notary office. At the notary office you must submit the following statutory documents:
- Certificate of company
- Provisional Collective Personal Identification Card Number
- Copies of the corresponding signing entities’ identity papers.
- An official audit report for the varying asset participation.
It is at this point, the Public Deed is signed and sealed by the Public Notary before being declared the start of activity at the Government Tax Office. As part of the company incorporate in Spain, you must have a set of corporate documents for a Limited Liability Company which includes:
- Minutes of the initial inaugural annual general meeting (indicating all the appointees and the allocations of shares.
- Copies of the company’s Memorandum of Association and Articles of Association.
- The original certificate of incorporation.
- Copy of the Declaration of Compliance.
On certain occasions, you’ll need to submit the Power of Attorney among other corporate regulations. The minimum paid-up capital for a Private Limited Company stands at EUR 5, 000 with at least two founders.
Certificate of Registration
Now, upon receipt of the Certificate of registration, the authorities will later deliver the corporate tax number, your Social Security number, and the declaration of business activities. You must ensure that you register your employees with the Business registry Office not later than 24 hours before the beginning of the activity or 10 days after the declaration. Besides that, the company incorporate in Portugal requires that you notify the Labor Inspectorate regarding your company’s existence by submitting the name of the newly registered company and the tax number. Again, you must submit the company address and a copy of the printed announcement concerning the company incorporation. Note that the registration of your employee’s accident compensation insurance is conducted online at a private insurer and it’s only eligible to the employee within the payroll.
Opening a Bank Account
Opening a bank account is one of the mandatory requirements for the company incorporate in Portugal. The account is referred to as a “provisory bank account”; however, it can transform into a permanent corporate bank account and conduct other financial operations.
In case you’d like to venture into export/import business activities you must apply for an Economic Operator Registration and information System (EORI) number. The number contains the fiscal identification number of your company and serves in all trading activities.
Now, 3E Accounting is a phone call away in case you require any services relating to bank matters or taxation. You may contact us for assistance.