Why startups are relocating to Portugal?
There are many reasons why Portugal, among the European countries, has become one of the most attractive places for investment, not only for Startups but also for Investment in general. In recent years, the country’s Government, taking in consideration the lack of local capital, has relied on foreign investment as a source of innovation, income growth and jobs.
And that is already bearing fruits, Portugal was among the top 25 countries in terms of doing business. In 2021, the country was ranked 36th in terms of economic competitiveness in the IMD ranking.
Other reasons for a Startup relocates to Portugal:
- Portugal is now one of the cheapest countries in Europe to live: from food and wine to new cars and property – is significantly lower than in other parts of Europe.
- Portugal is ranked the world’s fourth best country to live in the Internations Expat Insider 2022 report. Portugal made it into the top 10 in terms of quality of life (4th), ease of settling in (7th), and personal finance (10th) categories.
- Portugal ranks in 6th place for trade openness and non-tariff barriers
- Portugal was classified by the Organization for Economic Cooperation and Development (OECD) the country with the most innovative projects to fight Covid-19.
- Portugal has some of the lowest levels of violence in Europe. In 2021, it was ranked the 4th most peaceful country in the world by the Institute for Economics and Peace (IEP).
- 7th best English proficient country in the world, according to the 2021 EF English Proficiency Index ranking
- In 2022, Portugal was considered the Best Place in the World for Digital Nomads
- As recent as December 2022, the latest StartupBlink report places Portugal as the top spot to locate for Hardware & IoT, Energy & Environment and Food Tech startups.
- Portugal is now in the top 30 best countries to raise and develop startups. The ranking is based on three criteria, namely quantity, quality and the business environment. The conclusions are drawn from the HelloSafe financial services comparator site.
Last but not the least Portugal is in the top ten in the world in terms of ease of registering a company. The Portuguese system of quick registration allows you to create a company in just less than an hour, filling out just one form.
Foremost you should get your NIF. NIF is the tax identification number that unlocks everything in Portugal. It is a unique 9-digit number assigned to you by the Portuguese Tax and Customs Authority (commonly referred to as Finanças).
After that you can then move to, legally open a company, either individually or collectively, and there are different types of companies: sole proprietorship, limited liability company, joint stock company, limited partnership.
Part of our services is to prepare all the paperwork and act on your behalf. The Venture Builder is your partner to guide you through all the stages of your startup in Portugal. We will take care of all registrations to incorporate your company in Portugal and you will also benefit from the expertise of our partners, and consultants, members of our Market-Place Service Club. Furthermore, The Venture Builder all this work is eligible for the Startup Vouchers Call.
Interested or still have questions? Get to know more in our next Webinar here.