In Portugal, the state offers a quick and non-bureaucratic way for opening a new business by following a few steps which must be achieved with the Commercial Register Offices and their respective Formalities Centers for Companies.
The constitution process starts by choosing a name for your business from the list of pre-approved names or referring to the list that will be provided at the service office. The selected name will only be reserved at the time you get to the office and start the company.
The law provides that any entrepreneur interested in forming a company must present documents proving the identity, capacity and powers of attorney to act.
After you pay the charges provided by the law, the articles of incorporation will be prepared and the registration form will be submitted to the Commercial Register. The members will receive an immediate certificate of association, the access code for permanent certificate of commercial registration, the electronic access code, the enterprise card and the social enterprise security number.
The declaration of commencement of activity must be submitted in term of 15 days to the Financial Services Office and this document must be signed by a chartered accountant.
Within five working days after the constitution, the members are required to deposit the amount of capital (when held in cash) in an open account on behalf of new formed company.
After you set up your company and you want to hire employees, you must pay special attention to the law’s provisions in this field, as the relation between the employer and the employee is overseen by the Portuguese Labor Code in which are set the rules on wages, treaties, benefits, working days and other essential issues.
You may choose to hire an employee in Portugal for a fixed period or for a temporary period. For temporary period contracts, the minimum time cannot be less than six months and when you renew the temporary contract for several times it automatically turns into a permanent employment contract.
By the law it is established a minimum salary and this income is charged with taxes for both parties, for example the social security contribution and taxes for the pension fund. The probation periods are also paid and there are probations that can last between 30 and 90 days.
In Portugal the average working time is 40 hours per week, which means eight hours per day for five days. However, during the eight hour work, the employees have several breaks.
The Portuguese economy was, in 2011, the 45th largest in the world considering its nominal Gross Domestic Product estimated at 210,600 million dollars (GDP). However, if we consider the GDP calculated in terms of purchasing power parity, calculated on 349 billion dollars, the Portuguese economy is ranked as the 37th largest in the world.
The main economical sectors in Portugal are: textiles, clothing, footwear, wood and cork, paper, chemicals, metals, dairy products, wine and other foods, porcelain and ceramic products, glass, technological products and telecommunications, construction and maintenance of ships, tourism.
The main export partners are: Spain (22.5%), Germany (12.3%), France (11.8%), Angola (6.6%), UK (5.3%), Netherlands (4.2%) and U.S.A (4.1%).
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