If you’re looking for a place to do business, Portugal may be just the ticket. This Mediterranean country has a lot to offer entrepreneurs, including a favorable tax climate, a well-educated workforce, and an excellent infrastructure. So read on if you would like to learn more about the advantages of doing business in Portugal.
About Portugal’s economy
Portugal is a small but developed economy that is heavily dependent on trade and foreign investment. The Portuguese government has been working to make the country more attractive to businesses in recent years, and it has succeeded in creating a favorable business environment. Portugal’s tax system is one of the most competitive in Europe, and the country offers a number of incentives for businesses to invest there. Similarly, the government has made significant investments in Portugal’s infrastructure, which has made it an attractive destination for businesses. You can notice that the economic conditions in Portugal are good for business when you compare it to other countries in Europe. Namely, this means that businesses can save on costs by locating in Portugal.
Enter the golden visa program
In addition to a favorable business environment, Portugal also offers a number of immigration benefits for entrepreneurs. Namely, the Golden Visa Portugal 2022 is one of the most popular programs for entrepreneurs looking to relocate to Portugal. This program provides a fast track to Portuguese citizenship for investors who meet certain criteria. For example, you may be eligible for the golden visa program if you invest at least 500,000 euros in Portugal. The golden visa program is just one of the many reasons why Portugal is an attractive destination for entrepreneurs.
Educated workforce
The workforce in Portugal is highly educated and skilled, making it an attractive destination for companies looking to set up operations in Europe. Portuguese workers are also known for their strong work ethic and dedication to their jobs. And, with a large number of English speakers, Portugal is an easy place for international businesses to communicate with their employees.
Moreover, the cost of labor in Portugal is relatively low when compared to other Western European countries. You can expect to pay your workers well, without breaking the bank. Also, the cost of living in Portugal is relatively low, which means your employees will be able to afford a good standard of living.
Excellent infrastructure
Portugal has an excellent infrastructure, with a well-developed transportation network and modern facilities. This makes it easy for businesses to get their products and services to market. And, with the growing tourism industry, there are plenty of opportunities for businesses to tap into this sector.
In addition, Portugal is a member of the European Union, which gives businesses access to the world’s largest market. Namely, for a business to succeed in Portugal, it needs only to comply with the business regulations that are common throughout the EU. Thus, businesses can save time and money by setting up operations in Portugal.
A favorable tax regime
One of the main reasons why Portugal is such an attractive destination for businesses is its tax regime. Corporate taxes are relatively low, and there are a number of tax incentives available for businesses that invest in certain sectors. Additionally, value-added tax (VAT) is only charged on goods and services that are sold within Portugal. This makes it easier for businesses to export their products and services to other countries.
For instance, if a business sells its products to customers in other EU countries, it can recover the VAT that was paid on those goods. This makes Portugal an ideal base for businesses that export to other European markets. Also, there are a number of double tax treaties in place that allow businesses to avoid paying taxes on their profits twice. This makes Portugal an attractive destination for businesses that are looking to expand their operations into new markets.
Hiring foreigners
Another advantage of doing business in Portugal is that businesses can easily hire foreign workers. This is because Portugal has a number of agreements in place with other countries that make it easier for people to work there. For instance, citizens of the United States, Canada, and Australia can work in Portugal for up to 90 days without a visa. And, if they want to stay longer, they can apply for a work permit.
Not to forget, if you are a citizen of an EU country, you have the right to live and work in Portugal. This makes it easy for businesses to set up operations in Portugal and hire workers from other EU countries.
Incentives for businesses
The Portuguese government offers a number of incentives for businesses that invest in certain sectors. For instance, there are tax breaks available for businesses that create new jobs or invest in research and development. Additionally, the government offers loans and grants to businesses that are looking to expand their operations.
For instance, let’s say you are a business that is looking to set up operations in Portugal. You would be able to apply for a loan from the government, which you could use to finance your expansion. Or, if you are a business that is looking to invest in research and development, you could receive a grant from the government. This would allow you to offset some of the costs associated with your project.
Low crime rate
Portugal is a safe country to do business in, with a low crime rate. This makes it an attractive destination for businesses that are looking to set up operations in new markets. Additionally, the government has put in place a number of measures to ensure the safety of businesses and their employees. For instance, there is a business security hotline that businesses can call if they have any concerns about their safety.
In conclusion, there are a number of advantages to doing business in Portugal. The country has a favorable tax regime, is a member of the European Union, and offers incentives for businesses that invest in certain sectors. Additionally, the crime rate is low, and the government has put in place a number of measures to ensure the safety of businesses and their employees. If you are looking to expand your business into new markets, Portugal is an ideal destination.
