Portugal is a country located in Southwestern Europe with a population of around 10 million people.
The main economic sectors in Portugal include agriculture, industry, services, construction, trade, finance, and energy.
The economy of Portugal has been growing steadily for several years now.
This growth was mainly due to the expansion of the financial sector, but also due to the development of tourism, services, and manufacturing industries. However, there are still many areas where the economy needs to develop further.
There are many small businesses and entrepreneurs in Portugal who could benefit from the countries different incentive schemes and programs.
Businesses can take advantage of these programs, including the following types of benefits.
Types of advantages for starting a business in Portugal
Tax incentives, a young and knowledgeable workforce, and a gateway into the European Union (EU) are among the benefits that foreign investors can encounter in Portugal.
Small Business Loans
Small business loans are available from banks and credit unions. They offer short-term loans at competitive rates. The interest rate depends on the loan amount and the length of the term.
Tax Benefits
Starting a business in Portugal offers tax benefits and eventually, other types of benefits and incentives like residence by investment or citizenship by investment.
Low Cost Of Doing Business
Compared to other European countries, Portugal has a very low cost of doing business. The administrative costs are lower than those in the other EU Member States. The labor market is flexible, and employees enjoy high social protection. The legal system is simple and transparent. The cost of hiring lawyers is relatively low.
Good Infrastructure
Infrastructure plays a key role in the success of a business. The roads are good, and the airports are well connected. Internet access is widespread and affordable. Public transport is efficient and cheap.
High-Quality Products And Services
Portuguese products and services are of high quality. The standard of living is good. People are friendly and helpful. Portuguese products are safe and reliable.
Incentives for foreign companies and individuals
What is the Golden Residence Permit?
Foreign companies doing business in Portugal can apply for a Golden Residence Permit, which allows individuals who regularly enter the country to stay in the country without a visa and travel to any Schengen By doing business in Portugal, U.S.
What are the EU’s trade rules?
As with all other EU members, the country’s ports and borders are open to the free flow of trade with all members.
What is the U.S.-Portugal tax treaty?
The U.S.-Portugal tax treaty allows citizens of both countries to avoid double taxation on their income.
What are the tax incentives?
In addition to this treaty, Portugal offers many tax incentives for global companies, even if you’re not doing business or residing in Portugal.
Why should you choose Portugal?
In addition to its economic strength, the Portuguese market offers additional stability.
What are the factors that influence business success?
Portugal is highly ranked in the Global Passport Index 2021 and also on the Human Development Index, which ranks countries on aspects such as human development and education.