Process of creating a company
The process of creating a company in Portugal can quickly become difficult when you do not know how to do it. Hello Portugal is there to support you and make your job easier throughout the process of creating your business.
Among the different stages of creating your company in Portugal, we will mainly note:
- Obtaining the TIN (Tax Identification Number)
- Registration with the Trade, Financial Services and Social Security Registry
- For some of the legal forms, it will be necessary to define an accounting
- Finally, if the capital comes from abroad, you will have to make known to the Portuguese Office of Trade, Investment and Tourism (ICEP)
legal forms of companies in Portugal
Sociedade Unipessoal por Quotas – Single member limited liability company
A SUQ is a one-person company, open with the help of a single partner (natural or legal person) and a minimum capital of 5000 euros.
The sole partner is responsible for his contributions.
Empresa Individual de Responsabilidad Limitada – Individual Company with Limited Liability
An EIRL is a sole proprietorship like an entrepreneurship. The founder (physical person only) is the only entrepreneur. This legal form has no notion of capital, the company’s wealth is confused with that of the entrepreneur.
The entrepreneur is responsible for the entirety of the debts of the company indefinitely on all of its assets.
Limited Liability Company
The LDA is the most used legal form in Portugal. Two partners (legal or physical) minimum will be required. The company is managed by one or more managers, whether associated or not. Regarding the capital, it must be at least 5000 euros. This type company is ideal for small and medium businesses.
The partners are not only responsible for their contributions, but also in solidarity with other partners.
This legal form is mainly used by large groups. Five shareholders minimum (natural or legal persons). The minimum capital for an SA is 50,000 euros, of which 30% must be paid in the constitution, the balance remaining within five years. Depending on the capital invested, it may be necessary to set up a board of directors, a management board, a supervisory board and an auditor.
Shareholders are only liable for debts up to the amount of their contributions.
Sociedade em Nome Colectivo – Partnership
The partnership is formed with two minimum partners (natural or legal persons). Each partner is a manager and has one vote (unless otherwise stipulated in the articles of association). The decisions are taken on a majority basis. Unanimity is however required in case of modification of the statutes, appointment of a non-associate manager, admission of new partners, merger, division, conversion or dissolution of the company. No minimum capital is taxed.
All partners are jointly and severally liable for social debts.