The EORI number is normally issued within 24 hours depending on the documents provided, if they are correct and respect the EU directives. It is good to know that the EORI registration is exported in 24 hours and registered in the Portuguese central system, in respect to the applicable legislation in this country. Feel free to talk to a lawyer in Portugal for all the legal matters in this sense.
From the beginning, it is good to know that the Union Customs Code or the UCC is a set of regulations applicable within EU countries with economic operators which must respect the customs rules. Each economic operator with import and export activities must provide complete information about the goods that are about to enter or exit a country. This is made with the help of a specific form where the EORI number is mentioned. The customs valuation is the next important step that involves the value of the products declared at the customs, plus information about the taxes and duties which need to be paid.
Please bear in mind that there are specific regulations for the import or export of arms and munitions, plants, pets, medicine, jewels, tobacco, and alcohol. Documents like phytosanitary certificate, or the ones issued by the veterinarian institutions in Portugal should be observed before dealing with such imports and/or exports. It is good to know that the customs in Portugal
can release a temporary admission for specific perishable goods meant for import purposes for which a guarantee is solicited by the authorities at the time the products enter the country. Particular rules are imposed for goods which need to be released for free circulation within the EU countries, which might be subject to certain import or export duties. We remind that Portugal
imposes and respects the EU directives in matters of customs, so feel free to ask for legal guidance in this matter from our team of attorneys in Portugal
FAQ about EORI in Portugal
1. Why do I need an EORI number in Portugal?
The EORI number or the Economic Operator Registration and Identification is needed for companies having import and export operations throughout the European Union for a better control of the trading activities. One of our lawyers in Portugal can help you obtain the EORI number.
2. When can I apply for an EORI number?
The EORI application is normally made when the company is registered for tax purposes. The VAT number is used for assigning the EORI code for trading companies in Portugal.
3. Do I need the Fiscal Identification Number for EORI?
Yes, NIF is assigned to companies registered for tax purposes in Portugal and then used for EORI registration
of such companies. The registration for tax purposes in Portugal is not complicated, however, the legal assistance of our Portuguese lawyers
will prove essential for such tasks, particularly for foreign entrepreneurs.
4. Is the EORI number the same with the VAT number?
No, the EORI number is different from the VAT identification code. However, an EORI number for a trading company in Portugal must comprise the VAT number, alongside the country’s prefix and other digits. We remind that the EORI applications in Portugal can be properly handled by one of our advisors.
5. Where do I apply for EORI?
The official website of the European Commission is the platform where EORI applications can be made. Even if the formalities are not that complex, you might want to ask for the legal advice and support of our attorneys in Portugal.
6. What kind of documents do I need for an EORI application?
The company’s documents, such as the Certificate of Incorporation and the VAT Certificate are among the necessary documents for EORI applications in Portugal. Specific forms might be needed for submission, but all the details can be provided by one of our specialists.
7. How long does it take to obtain the EORI number?
An EORI number can be issued in about one day if all the documents are accepted by the authorities. In case you missed a few formalities, the EORI application
can be re-initiated, with comprehensive support of our attorneys in Portugal
8. When is an EORI number canceled?
An EORI number can be canceled in the case your company no longer has activities on the market. More than that, if your company is declared bankrupt or if you suspended or closed the firm in Portugal, the EORI number will no longer be valid.
9. How do I regain my EORI number?
The same EORI number can be re-assigned for your company in Portugal if you get back on business. Being a unique code, the EORI number will remain the same. You can talk to our team of lawyers in Portugal and find out more about the EORI applications.
10. Do I need more than just an EORI number?
No, there is no need for more than just an EORI number. This is a unique code that is issued only one time for your trading company in Portugal. Support and legal assistance for EORI applications can be offered by one of our advisors.
Making investments in Portugal
Among the solid points of Portugal, we mention the economic stability, the experienced workforce, the great infrastructure, and the multitude of business opportunities in sectors like tourism, agriculture, and IT, to name a few. The simplified registration process of a company in Portugal
and the legislation related to foreign investments
that provide equal rights to both domestic and foreign entrepreneurs are important business advantages to international investors in Portugal. The tax regime is another benefit for international entrepreneurs who want to make investments in Portugal. The corporate tax rate is set at 21%, while the standard VAT rate is set at 23%. A series of tax exemptions are offered to foreign investors in Portugal if they want to reinvest a part of the profits in the company they own. The following facts and number highlight the direction of business and economy in Portugal:
- Around USD 869 billion was the total FDI stock for Portugal in 2019;
- The 2020 Doing Business report issued by the World Bank ranks Portugal 39th out of 190 economies in the world;
- Around 24% of the total FDIs in Portugal in 2018 came from the Netherlands, an important business partner;
- Approximately 27% of the total FDI stock registered in 2018 in Portugal were directed to the insurance services sector.
The EORI applications in Portugal in 2022 are not subject to complex bureaucracies, and the support of our Portuguese law firm will prove extremely helpful for foreign investors interested in starting a business in this country.