A good idea can be worth millions if one knows how to apply it to a commercial model, and perhaps, even expand it internationally. The creation of a company is the first – and increasingly easier – step towards the implementation of that idea.
Internet has cut down on distances and the entire bureaucratic process of creating a company is nowadays a lot simpler and faster. The incorporation of a commercial operation is presently an easy process with the electronic platform created by the Ministry of Justice, “Empresa na hora” (On the Spot Firm), a tool that simplifies the entire procedure.
A new company can be incorporated by private individuals within the following options: as a Sole Quotaholder Private Limited Company or as a Private Limited Company. Alternatively, it can be a Public Limited Company, by joint-stock, anonym, in a collective name, with assigned shares responsibility or set as a cooperative.
In exchange for 360 Euros paid to the Notary and Registries Institute (Instituto dos Registos e Notariados I.P.), one can immediately access the Commercial Registration Permanent Certificate, valid for three months (after this period, and according with the selected company format, the certificate must be paid for, with costs starting at 25 Euros), as wells as an access code to the company’s electronic card and a social security number.
Aside from the company’s legal incorporation, investment is also needed, and there are several programs supporting entrepreneurship. The Portuguese Government launched the program “Portugal 2020”, a European Union sponsored effort on behalf of commercial ventures.
“IAPMEI – Agency for Competitiveness and Innovation” and the “IEFP – Employment and Professional Training Institute” are also supporting entrepreneurial efforts.
For the younger generation, those under 29 years old, there are further programs accessible through the portal “Garantia Jovem” (Youth Guarantee), while “ANJE –National Association of Young Entrepreneurs”, representing entrepreneurs with ages up to 40 years’ old, and several newly established Company Hubs (“Ninhos de Empresas”), support new ideas and business concepts by promoting aids and incentives on behalf of the company development.
Article in a Bestguide and Porta da Frente partnership