Today, starting a company is a straightforward process that can be initiated quickly. Registering the company can be done online or in person. First, let’s address the simplest way, which is at an “Empresa na Hora” (Company in one hour) counter.

Company in one Hour counter

Locations: https://justica.gov.pt/Servicos/Empresa-na-Hora/Contactos

First steps:

1. Choose the name of the company;
2. Define the accountant;
3. Sign the fiscal pact;
4. Deposit Share Capital.

Choose the name of the company:

The partner can choose to select a pre-approved name (from the list of pre-approved names) or request a Certificate of Admissibility of Firm (details below on how to obtain it). Choosing a pre-approved name is free and can be done directly at the Empresa na Hora counter. However, selecting a unique name for the company requires presenting a Certificate of Admissibility of Firm at the “Empresa na Hora” counter

Define the accountant:

The choice of your certified accountant should be made during the company registration process, indicating their name, registration number in the Order of Certified Accountants, Tax Identification Number (NIF), and professional address.

It is recommended to choose an accountant who you know or has good references, but you can also simply select one from the available pool of Certified Accountants.

It is mandatory for the certified accountant to submit the declaration of start of activity to any Tax Office (within 15 days after the company’s creation).

Sign the Fiscal Pact:

The Fiscal Pact defines the fundamental rules of the company’s structure. It includes: the company’s name, the registered office address, the corporate purpose (what the company does), the share capital (how much money the partners have invested), who the partners are, who manages the company, and the form of obligation (how the company commits to fulfill its obligations).

There are two models of Fiscal Pact:

• Pre-approved Pact: a pre-made template to fill in and sign by the partners. This is the most common option, as it is straightforward and has no costs.
• Custom Pact: prepared by professionals such as lawyers, solicitors, or notaries. It costs €360.

After filling out the Fiscal Pact, the Permanent Certificate of Business Registration is issued. This contains important company information, such as its name, tax identification number, its partners, and other relevant data concerning the company.

Deposit the Share Capital:

The Share Capital is the amount invested by the partners or shareholders to start the company’s activity and constitutes the initial assets of the company. It has a minimum value that varies according to the type of company and number of partners:

• Limited Liability Companies (most, if not all, startups): minimum value of €1 per partner.
• Public Limited Companies: minimum value of €50,000 (each share has a minimum value of €0.01).

The deposit of the share capital must be made within 5 days after the company’s creation, into the respective bank account.

Steps after registration in company in one hour counter:

5. RCBE;
6. Registration with Tax Authority.

Central Register of Beneficial Owners (RCBE)

The RCBE (Central Register of Beneficial Owners) is a registration act that declares the individuals who own or have effective control over the legal entity, in this case, over the company. Its declaration must be made within 30 days after the company’s registration and can be done by its managers or someone on their behalf (lawyer, certified accountant, solicitor, or notary).

Activity registration with Tax Authority

The period between the company’s creation and the mandatory registration with the Tax Authority is 15 days and is the responsibility of the certified accountant.

Once the certified accountant is defined at the company’s creation, this registration can be done online (via the link https://www.portaldasfinancas.gov.pt/at/html/index.html).

Extra Information

Costs:

• Registration at an “Empresa na Hora” counter: €360
• Brand association (optional): €200
• RCBE and Registration with the Tax Authority: €0 (no costs).

Certificate of Firm Admissibility

The certificate of firm admissibility allows a partner to personalize the name of their own company, change the registered office to another municipality, and alter its corporate purpose. To receive the certificate of firm admissibility, the partner or representative must fill out the document suggesting three possible names (in order of preference). The request goes through an approval process where the name(s) are either approved or rejected. Important note: This document is valid for 3 months.

Where can i request the Certificate of Firm Admissibility?

Online: https://eportugal.gov.pt/pt-PT/espaco-empresa/empresa-online
You can also request a Certificate of Firm Admissibility in person at the National Registry of Legal Entities (open on weekdays from 9 am to 4 pm).

• Coimbra (Complexo Tecnológico, Rua Coronel Veiga Simão | 239 499 700)
• Funchal (Av. Arriaga, 42-A | 291 000 709)
• Leiria (Arrabalde d’Aquém | 244 870 440)
• Lisbon (Praça Silvestre Pinheiro Ferreira, 1C | 217 714 300)

How much does it cost to request a Certificate of Firm Admissibility?

• Normal Request (response within 10 business days): €75
• Urgent Request (response within 1 business day): €150

Opening a bank account:

Opening a bank account for a company is essential to organize its finances, receive payments from clients, pay expenses, and maintain a clear separation between the owners’ personal finances and the company’s finances.

The following documents are required:

• Permanent certificate of Business Registration or equivalent document, which includes the company’s name, its activity, and complete address.
• Corporate Taxpayer Card (CPC) or another document containing the company’s Tax Identification Number (NIPC).
• Identification documents of the partners, such as the citizen card, and proof of address.

List of banks that allow opening an account entirely online: Banco BiG, Finom, Millennium, BCP, Rauva, Revolut, Santander Portugal, Wise.

References: https://eportugal.gov.pt https://justica.gov.pt https://rcbe.justica.gov.pt https://www.comparaja.pt/blog/abrir-atividade-nas-financas https://registo.justica.gov.pt/empresa?pk_vid=d1de5b978c9b28f11712051038113b1b