After completing the procedures for establishing a company in Portugal, in order to be able to officially put into operation, investors may need to carry out some post-establishment procedures that Viet An Law will list in the article below.
Instructions on procedures for opening a bank account after setting up a company in Portugal
Documents to be prepared
- Access code for the Permanent E-Commerce Registration Certificate (Certidão Permanente);
- Corporate Tax Identification Number (NIPC);
- Original identification document (Passport/Identity Card) and Personal Tax Identification Number (NIF) of the legal representative/authorized director signed on behalf of the company;
- The company’s charter (some banks will require it).
Contribute capital after the establishment of the company
Legally, the committed charter capital needs to be fully contributed before the end of the first fiscal year. However, in practice, this should be done as soon as possible. For a joint stock company (SA), at least 30% of the charter capital must be contributed immediately upon establishment.
Instructions on procedures for filing the Declaration of Commencement of Operations after setting up a company in Portugal
Why do you need to submit a Return of Commencement of Operations
This is the procedure for officially notifying the Portuguese Tax and Customs Authority (Autoridade Tributária e Aduaneira – AT) of the company’s commencement of economic activities. Without this return, the company will not be able to legally invoice, declare and deduct VAT (IVA), or perform any other taxable transactions.
Deadline for submission of Declaration of Commencement of Operation
According to regulations, this declaration must be submitted before the company carries out any business activities (purchase, sale, provision of services, etc.) and within 15 days from the date of registration of the establishment of the company at the commercial registry. This declaration is required to be submitted by a Certified Accountant (Contabilista Certificado – CC) appointed by the company.
Investors need to sign a service contract with a CC, providing necessary information about the company (NIPC, CAE code, registration details, director information, expected operation, etc.). The CC will then submit this declaration on behalf of the company via the website of the Tax Authority (Portal das Finanças).
Some other sub-licenses that businesses need to apply for after setting up a company in Portugal
- Foodservice industry (restaurants, bars): It is necessary to obtain a food safety and hygiene license from ASAE (Autoridade de Segurança Alimentar e Económica) and an operating license from City Hall (Câmara Municipal).
- Construction Industry: It is mandatory to have a Construction Practice Certificate (Alvará de Construção) issued by IMPIC (Instituto dos Mercados Públicos, do Imobiliário e da Construção).
- Financial services industry: Requires a license from the Bank of Portugal (Banco de Portugal) or the Portuguese Securities Market Commission (CMVM).
- Tourism industry: It is necessary to register with the Portuguese Tourism Agency (Turismo de Portugal).
