"I want to open a company. Now what?" In this blog post we will explain to you how you can do it, where you can do it, what are the costs and what documents are necessary for this purpose.
First of all, you should know what kind of companies you can open. There are different types for both individual and collective companies.
Unipersonal limited liability company;
Individual Limited Liability Establishment.
Partnership for Quotas;
Partnership in the collective name;
Sociedade em Comandita;
Know more about the legal status of companies here.
The second question to be asked is "what does it take to open a business?". Like everything in life, before making a big decision you need to make a plan. Starting a business is no exception. According to DGAE - General Directorate of Economic Activities, before opening a company, you will have to carry out a business plan. This is very important to obtain credit for your new company. In addition, you will have to do a market analysis to assess the potential for receptivity and competition, as well as the risk associated with your decision.
Having done this, we proceed to the next steps: how to open the company?
There are several ways to do this. You can do this via the Internet. Yes, today you can start a business from home. In this period of social isolation, it comes in handy, but it wasn’t with this intention that we indicated this. COVID-19 aside, this is a possibility to register your company, thanks to administrative simplification. On the Empresa na Hora page you can perform various operations, such as creating a company, registering a brand, obtaining certificates, among others. You can also open your company through Balcões Empresa na Hora. This can be a good option if you have a specific question or need more personalized support. These counters are present in Espaços Empresa, available in several Portuguese cities. Finally, you can open a company through Access and Exercise Activity, which may be subject to Authorization or a Mere Prior Communication (MPC) with the Directorate-General for Economic Activities (DGAE) and / or the Municipality territorially competent.
You will need several documents:
Tax Identification Number;
Proof of Social Security Registration;
Declaration of Beginning of Activity;
Deposit of capital stock;
Preparation of the pact or constitutive act of society.
Now, the question that everyone wants to know: how much does it cost to open a company? First, you will need to open a bank account. The cost will depend on the bank you choose, but can range from 5 to 500 euros. Secondly, you will have to pay an amount of 360 euros, and you will have to pay immediately when the company is created. If there are properties associated, naturally this value may be higher. For more information on additional costs, access Instituto dos Registos e do Notário (IRN). Once the company is opened, you will have monthly taxes already known to all, but which we highlight again:
Pour (can reach 1.5%);
VAT at the rate of 23%, 13% or 6% (depending on the type of goods or services);
Rate paid on the value of employees' salaries (23.5%)
Of course, there will be other costs such as renting space, electricity, water, internet, insurance, and other implicit costs. Too many expenses? Let this not be an impediment! There are also several credits for new companies, which we name below:
Credit options for new companies made available by IEFP (Instituto do Emprego e Formação Profissional);
IAPMEI (Agência para a Competitividade e Inovação, I. P) entrepreneurship financing options;
Support for the first years of ANJE (Associação Nacional de Jovens Empresários);
Other financing for business creation: venture capital investors, bank credit lines, etc.
Starting a business can be a time-consuming and expensive process. BGI can help you with it, offering you financing and consulting services to make your business successful. Do you want to fulfill your dream of having your own business and see your innovative idea succeed? We have already given you step-by-step instructions on how to open the company, but we also give you options on how to obtain monetary resources for this. Check out our open programs at www.bgi.pt.
Make good choices and stay tuned for the next post!