Top 5 Tips For Entrepreneurs
Unlock success in Portugal with our top 5 tips for entrepreneurs! Navigate the business landscape effectively and thrive!
Article by Viv Europe - Official Legal and Relocation Partner to KipperTree.
December 23, 2023
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Navigating the entrepreneurial landscape in Portugal requires a strategic approach that considers the unique characteristics of the local business environment. Whether you’re a seasoned entrepreneur or just starting out on your business journey as an expat, the top 5 tips for entrepreneurs in Portugal aim to provide invaluable insights and guidance!
From understanding the cultural nuances to leveraging economic opportunities, these tips are designed to help you survive and thrive in the Portuguese business ecosystem. Join us as we explore key strategies, cultural considerations, and practical advice to empower entrepreneurs seeking success in Portugal’s vibrant and dynamic market.
Does Portugal have an entrepreneurial landscape?
Yes, Portugal has a growing entrepreneurial landscape that has gained momentum in recent years. The country has tried to create a favorable environment for startups and small businesses with various initiatives and support programs.
Lisbon, the capital city, has emerged as a hub for innovation and entrepreneurship, hosting numerous co-working spaces, accelerators, and events that bring together entrepreneurs, investors, and professionals.
Portugal’s government has implemented measures to support entrepreneurship, including tax incentives, funding programs, and initiatives to attract foreign investment. The country’s strategic location, relatively low cost of living compared to other European cities, and skilled workforce contribute to its appeal as a destination for entrepreneurs.
While challenges exist, such as bureaucratic processes and economic fluctuations, Portugal’s entrepreneurial ecosystem continues to evolve, attracting both local and international entrepreneurs looking to establish and grow their businesses.
Opportunities for startups and small businesses in Portugal
Portugal offers a range of opportunities for startups and small businesses, making it an attractive destination for expat entrepreneurs. One of the main advantages of setting up a shop in Portugal is less competition.
Unlike other nations in Europe and beyond, the business environment in Portugal is not as competitive. So anyone who is business-minded can thrive and succeed in their endeavor.
Something else worth mentioning is that Portugal gives you access to the entire Schengen zone as an entrepreneur. Establishing a business or startup in Portugal gives you the unique advantage of moving across the Schengen zone without restrictions.
This, in turn, allows you to advertise and sell your business to a wider audience. It is no coincidence that more than one million companies have their base in Portugal, as per the recent census.
How do you get a Business Visa to Portugal?
Before starting a business in Portugal as a foreigner, you will need to have a business visa or a residence permit. However, EU, EEA, and Swiss citizens don’t need a visa or residence permit; they only need to request a Registration Certificate from the nearest city hall.
For non-EU residents, part of the planning phase will involve applying for a D2 Visa, often described as a business visa. In Portugal, two primary business registration methods exist: online and in-person.
Freelancers can register through the Portal das Finanças or at their local finance office. For sole proprietorships involving shares, quotas, and public limited companies, the recommended approach is to utilise the Empresa Online service, requiring a citizen card for the application.
Another option involves seeking assistance from a lawyer or solicitor who can facilitate the process using a digital certificate (certificado digital). Alternatively, individuals can opt for in-person registration through Empresa na Hora, a service accessible nationwide at Espaços Empresa. Appointments can be scheduled in advance for this service.
To find out what documents needed in general, click here