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Complete Setup Guide

The six steps from zero to fully operational business in Portugal. Everything you need to know.

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STEP 015–7 business days

Get Your NIF (Tax Number)

The NIF (Número de Identificação Fiscal) is your Portuguese tax ID — required for everything.

Key Facts

•Required for: opening a bank account, signing contracts, renting, invoicing, paying taxes

•Non-EU citizens need a fiscal representative (a PT tax resident who vouches for you)

•Apply at a local Finanças office or remotely via an authorized representative

•Cost: Free (government), but most agencies charge €80–299 including fiscal rep

📄 Documents Needed

✓Passport (original or certified copy)

✓Proof of address in your home country

✓Power of attorney (if applying remotely)

💡 Pro Tip

If you plan to register a company, get your personal NIF first — you need it for the company registration.

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STEP 021–3 business days

Register Your Company

Most foreign entrepreneurs choose a Sociedade por Quotas (Lda.) — the Portuguese equivalent of an LLC.

Key Facts

•Empresa na Hora: same-day registration at an IRN office (€360)

•Choose a name from the IRN pre-approved list or submit your own (€75 + 7 days)

•Minimum share capital: €1 (but €1,000+ is recommended for credibility)

•You receive: company NIF (NIPC), registration certificate, articles of association

📄 Documents Needed

✓Personal NIF

✓Passport

✓Articles of Association (Pacto Social)

✓Company name selection

💡 Pro Tip

The Lda. structure offers personal liability protection and is the simplest for 1–2 founders.

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STEP 033–10 business days

Open a Bank Account

You need a Portuguese business bank account for invoicing, paying taxes, and receiving payments.

Key Facts

•Traditional banks: Millennium BCP, Novo Banco, CGD (may require in-person visit)

•Digital-friendly: Wise Business, Revolut Business (faster, multi-currency)

•Most banks require: company registration certificate, shareholder IDs, proof of address

•Some banks reject foreign-owned companies — we know which ones are foreigner-friendly

📄 Documents Needed

✓Company registration certificate

✓Company NIF (NIPC)

✓All shareholder passports & NIFs

✓Proof of business activity

💡 Pro Tip

Open both a PT bank account and Wise Business. Use Wise for international payments and the PT bank for local obligations.

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STEP 041–3 business days

Register for Social Security (NISS)

All companies and employees must be registered with Segurança Social.

Key Facts

•Company NISS: register the company with social security

•Employee NISS: register yourself (and any employees) as a worker

•Employer contribution: 23.75% of gross salary

•Employee contribution: 11% of gross salary

•Freelancers: 21.4% of 70% of income (first 12 months exempt)

📄 Documents Needed

✓Company registration certificate

✓Personal NIF

✓Employment contract (if applicable)

💡 Pro Tip

New freelancers (Trabalhador Independente) are exempt from social security for the first 12 months.

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STEP 051–2 business days

VAT & Tax Registration

Key Facts

•Standard VAT rate: 23% (reduced rates: 13%, 6%)

•Corporate tax (IRC): 21% on mainland, 14.7–16.8% in Azores/Madeira

•Small companies: reduced 17% rate on first €50K of profit

•Quarterly VAT returns (monthly if turnover > €650K)

•Certified invoicing software required (e.g., InvoiceXpress, Moloni)

📄 Documents Needed

✓Company NIF

✓Portal das Finanças access

✓Expected revenue estimate

💡 Pro Tip

Check if you qualify for NHR 2.0 (IFICI) — a 20% flat tax rate for 10 years on qualifying income.

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STEP 06Ongoing

Set Up Accounting & Go

Portuguese law requires a Contabilista Certificado (certified accountant) for all Lda. companies.

Key Facts

•Monthly bookkeeping and VAT submissions

•Annual tax returns (IRC, IRS, IES)

•Payroll processing (if you have employees)

•Expect to pay €100–400/month depending on complexity

•Your accountant becomes your tax advisor — choose carefully

📄 Documents Needed

✓Bank account access

✓Invoicing software setup

✓Signed accounting engagement letter

💡 Pro Tip

Look for an accountant who speaks English, uses cloud tools, and has experience with foreign-owned companies.

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