Tech Innovation Hub
In Portugal, it’s easy to start up a business. In fact, the country ranks 29th in the “Ease of Doing Business Rank” (World Bank DB, 2018, out of 189 countries).
Startups benefit from simplified licensing and special legislation designed make life easier for tech and innovation business. There are many incentives and programs available if you’re a startup, to name a few:
- Startup Voucher – 7.5K for entrepreneurs, to use in business services and Incubation Voucher – 7.5K for entrepreneurs in incubation service
- The Seed Program (Program Semente), a tax relief for individual investors who purchase new shares (~$2250-$112,000) in startups and keep them for 3 years.
- Startup Portugal Momentum – national program for recent graduates who had financial help throughout college. Includes housing, general expenses and incubation, free of charge for one year – available for entrepreneurs who present the best business ideas
- 200M, a program to stimulate foreign startups to choose Portugal. The program consists of 200 million euros from the state budget and 200 million from private funds and is part of the support strategy for entrepreneurship in Portugal, Startup Portugal. Visit Startup Portugal here.
- 40 Active Venture Capital
- 20 Business Angels
The time to set up a business in Portugal is less than 1 hour (World Bank DB, 2018, out of 189 countries and the country ranks 36th in the “No. of procedures to start a business” indicator (GCI, 2017-2018, out of 137 nations) and 6th in the “Trade tariffs % duty” indicator (GCI, 2017-2018, out of 137 nations).
Portugal is highly connected and ranks 4th in the EU28 in “Broadband penetration” (EIS, 2017) 7th in “Communications technology meets business requirements”(IMD 2016, 60 countries). Also in real-time connection, Portugal is well developed, seeing that it’s the 29th country in “Air Transport Quality Ranking” (GCI, 2017-2018, out of 137 nations) and 18th in “Quality of overall infrastructure” (GCI, 2017-2018, out of 137 nations) funding mechanisms
To add to all the above, the Portuguese population has a high level of English proficiency, ranking 18th World position out of 80 countries and 14th position within Europe in the English Proficiency Index 2017.
All the economic data are being updated according to the official release.