Portugal Company Formation
What does the Portugal company formation process entail? Here are the details.
Portugal company formation is structured as an LDA company, which is a form of limited liability company. The process takes two weeks to complete if all requirements are met.
The company requires one director and one shareholder of any nationality residing in any country. A corporation may serve as a shareholder, and there is no minimum share capital requirement. Director names are a matter of public record, and companies must have a local office and a VAT registration number.
The following documentation is required at formation:
The Articles of Association
Documentation relating to the sale of shares
The Articles of Association and documentation relating to the sale of shares require notarization and the founding members must appear before the notary to establish their identities. The company must also have a local bank account. Note that a power of attorney can substitute a personal visit, but you must be in Portugal in person to open a bank account.
Once the National Registry approves the company name (you should submit two additional names as secondary choices), the company must then state its main activity. A tax registration card is issued once the name is approved.
The registry deed has to be filed with the Public Registry at the Notary Office and must contain identification card numbers for the provisional collective person, identity papers for the signing entities, the certification of the company and a report from an official auditor on asset participation.
Company registration and renewal fees are applicable. There are also various taxes to be paid, including a franchise tax and government fees.