Incorporation of companies in Portugal
Setting up a company in Portugal requires that the interested party has previously evaluated the legal forms that are feasible in the specific case, requirements, and the extent of liability for damages.
In Portugal, if the interested party intends to use a business name that is not referred to the name of the partners, a previous application called “business name admissibility request” must be made in order for the Portuguese Government to evaluate the possibility.
Upon the company’s incorporation, among other information, the interested party must indicate the corporate purpose, the tax classification of the activities to be developed (“CAE”), the commercial address, and the way to bind the company (who may sign/contract obligations/firm commitments/authorize the practice of acts on behalf of the company).
At this point, the interested party may also indicate his or her accountant or agree that he or she will be directed to a general bank of professionals to be assigned an accountant via the computer system.
After incorporation, the legal deadlines to perform accounting acts and submit business statements to the state begin.
The process can be done in person or by proxy, and if all partners live abroad, they will have to appoint a representative resident in Portugal.