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Key benefits of doing business in this jurisdiction:
A cost of registering a business is from €2500
A company registration period is from 14 daysDetailed information
If you plan to register a startup in one of the most prestigious jurisdictions of the European Union, then opening a company in Portugal will be the best option.
We will describe in detail in our article how and where it is best to open an account in Madeira, as well as how to do business in the autonomous region of Portugal.
Madeira is one of the 2 autonomous regions of Portugal. An island jurisdiction covers the territory of the eponymous archipelago, located in the North Atlantic Ocean. The archipelago includes 2 large inhabited islands (Madeira, Porto Santo), a group of Selvaženš islands and the deserted islands of Ilhas Desertas.
Madeira serves as an important financial, commercial and tourist center of Portugal, which is one of the key reasons for the constant increase in the number of people, wishing to register a company in Madeira and to open an account with a Portuguese bank.
The nearest neighbors are: Portugal, Africa. Leading sectors of the economy of the autonomous region are: an industry, a fishing, a viticulture, a real estate, banking and insurance, a tourism. The administrative center is Funchal. A state language is Portuguese. The state currency is the euro (EUR).
A participation in international organizations (as a part of Portugal): IBRD, OSCE, European Union, OECD.
Results of studies by Doing Business financial magazine showed, that in 2019 Portugal entered the top 35 countries in terms of ease of doing business, and, also, took 32nd place in terms of connecting to the power supply system, 16th place in resolving insolvency, as well as 1st place for international trade.
In addition, those, who wish to set up a company in Madeira remotely, expect the following favorable conditions for doing business in this jurisdiction:
If you want to establish a commercial enterprise in Madeira and open an account with a bank of Portugal, we advise you to choose one of the following business areas: a hotel business, a transport, a restaurant business, IT technology, services, a light industry, pharmaceuticals, a food industry, a winemaking.
Those, who are going to register a company in Madeira remotely and to open a corporate account in Portugal, will have the access to the following forms of business activity:
The following forms of business activity will be available for foreign businessmen, interested in opening a company in Portugal:
Opening a corporate account in Madeira
Our specialists have prepared a list of the most reliable banking structures. We recommend you to open an account with Novo Banco, to register a corporate account with Banco BPI, to open an account with a company at Millennium BCP, as well as a number of financial institutions such as:
In order to register a company in Madeira remotely, you will need to study carefully the list of requirements of the local regulatory authority:
Those, who are interested in such an opportunity as registering a company in Madeira, will need to familiarize themselves with terms of taxation of jurisdiction in detail.
Madeira, as an autonomous region of Portugal, obliges registered companies to pay an income tax at a favorable rate of 20% (a corporate tax in the rest of Portugal - 21%). This is much lower, than in neighboring Spain (25%) and Morocco (31%).
Also, the country provides for a reduced tax rate of 13% on first income of 15 thousand EUR for small and medium-sized businesses, whose annual income is less than 50 thousand EUR.
Local LLC, as well as enterprises of the free industrial zone, pay an income tax at a rate of 5%. Other taxes:
If you want to open a Portuguese company, then IQD Consulting specialists are ready to help you to solve this problem in a convenient remote mode. We will provide you with a full range of legal services, including: preparing a business plan for the autonomous region and the country as a whole, opening an account with a Bank of Portugal, obtaining permits for doing business in Madeira, preparing all necessary documents and more.
A duration of the company registration in Madeira is up to 2 weeks.