Symbol of EU Recovery
Portugal is a “Symbol of European Union Recovery”, with investment increasing and exports to EU and non-EU countries growing at more than 20 per cent.
- The economy is recovering: GDP growth rate volume reached 3%, representing the biggest of the last 17 years, growing more than the Euro area average,
- Unemployment is falling: The Portuguese Unemployment rate decreased to 8,9% in August 2017, reaching the lowest % since 2008 and representing one of the best recent indicators of Portugal’s economy, performing more than the doubling % of job creation within EU
- Public deficit is 1,9% of the GDP, the lowest in 40 years – and trending a sustainable downward.
- Regarding inflation, in the last published figures from Eurostat, Portugal points a 1% in July 2017 within the Euro area
- The consumer confidence is at its highest level ever, reaching the best economic climate in 15 years
- Competitiveness has improved: Portugal climbs 4 positions in the Global Competitiveness Report of the World Economic Forum, being now the 42th most competitive country in the world in this 2017/2018 report, out of 137 countries.
But not only. The Portuguese economy growth boosted through trade and FDI, and this due to Portugal being an increasingly open economy. According to the Doing Business Report 2017 from World Bank, Portugal places the 1st position in Trading across borders.
- Portugal places the 1st position in trading across borders, the 6th position in number of days/time to start a business, 15th position in resolving insolvencies an 19th position in enforcing contracts, being the 29th best country to do business in the world
- Register a company:
There are two ways of starting a business in Portugal:
On the Spot Firm (Empresa na Hora).
This is currently the most common way to register a business. This service enables to set up a company in less than an hour at a single contact point.
As long as the partners have all of necessary documents, the company is set up immediately at one of the desks of the On the Spot Firm offices, available throughout the country, regardless of the location of the company’s headquarters.
Online company setting up (Empresa Online)
This service enables to set up a company through the Internet in 1 to 2 days. The access to the service On-Line Company (‘Empresa Online’) can be made through the Business Portal (www.portaldaempresa.pt).
The costs are the following:
Incorporation under “Empresa na Hora”: EUR 360;
Incorporation under “Empresa on-line”: (i) EUR 360 if not incorporated with pre-approved by-laws, or (ii) EUR 220 if incorporated with pre-approved by-laws.
- Open a bank account and obtain a Bank Identification Number (BIN), File the declaration of commencement of activity with the Tax Authority and register for VAT, Register with the Social Security Regional Center or Register for the workmen’s accident compensation insurance at a private insurer are procedures that take 1 day only to perform in order to settle a business
- It is possible to register a property transfer in Portugal at any of the locations of the one-stop shop “On the spot house” (Casa pronta, www.casapronta.pt) in person. In April 2010, there were 33 locations in Lisboa, and 346 locations in all of Portugal.
All the economic data are being updated according to the official release.