Open a Foundation in Portugal
Open a Foundation in PortugalUpdated on Sunday 19th August 2018
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A non-profit organization (NGO) or a foundation in Portugal is often the proper solution for collecting money and directing them to all sorts of areas of interests like education, technology, research, science, innovation, etc. Because this is a non-profit entity, the charity is not subject to taxation, but it is best to consider the services of an accounting firm that needs to supervise the financial transactions at any time. Entrepreneurs interested in opening charities in Portugal can benefit from legal support and assistance from our lawyers in Portugal.
How can I open a foundation in Portugal?
The registration process of a foundation in Portugal is simple and starts at Instituto dos Registros e Notariado or IRN in Portugal through the local offices, and in respect with the EU legislation related to non-profit societies. The charity organization in Portugal can be established as soon as the following documents are provided:
- • a document that shows the activities and the purposes of your charity in Portugal;
- • details about the owners of the foundation and the name of the NGO in Portugal;
- • the rules and regulations of your charity in Portugal need to be stipulated by a legal document in this matter;
- • if you have rented a business office, the rental contract might be necessary.
Several fees need to be considered at the time you register a foundation in Portugal. You might want to verify the name of the foundation before you wish to register it.
What can you do with a charity in Portugal?
Basically, the main activity of a foundation in Portugal is to raise funds for varied cases, projects or plans in a very transparent direction in front of the authorities. As it is known, NGOs are exempt from taxation because such associations are meant to collect funds and direct them in varied sectors, without benefiting from resources for personal matters.
Do I need an accountant for my charity?
Yes, a foundation in Portugal needs to respect the accounting requirements regarding the payroll, bookkeeping and other financial matters, especially if you are looking to collect large amounts of money for charity purposes. You are recommended to talk to our attorneys in Portugal for complete details about the legal aspects related to the accounting of your foundation in Portugal.
Feel free to contact our law firm in Portugal and ask for complete legal services for your business.