Interesting facts about Madeira in 2021?
- Madeira has been part of Portugal since it was rediscovered in 1419, but it was known to the Romans as the Purple Islands. The archipelago is considered to be the first territorial discovery of the Portuguese Age of Discovery;
- Although it is part of Portugal, Madeira has been an autonomous region since 1976. It has its own government and legislature;
- After Lisbon, Madeira is the second-richest region in Portugal, with a GDP per capita 103% of the European average;
- Madeira’s fireworks display to welcome the 2007 New Year was recognized by Guiness World Records as the largest fireworks show in the world;
- The archipelago is a popular tourist destination, with over one million visitors arriving every year. It is renowned for its wine, flowers, landscape, and embroidery. Industry on the island of Porto Santo is entirely devoted to tourism;
- The harbor of capital city Funchal is an important stopover for both commercial and transatlantic passenger cruises between Europe, the Caribbean and North America;
- Madeira’s airport was infamous its short runway which was flanked by mountains and the sea. In 2000, the length of the runway was doubled by building an extension on top of 180 concrete columns. The airport expansion project won the Outstanding Structures Award, which is considered the “Oscar” for engineering structures;
- Whaling scenes in the 1956 film, Moby Dick were filmed around the town of Canical, which was the center of Madeira’s whaling industry. Whaling was banned in 1981 and the waters surrounding the archipelago have been declared a marine mammal sanctuary.
Frequently asked questions
The following are some of the most frequently asked questions about Madeira company formation:
What are the minimum capital requirements when incorporating a company in Madeira?When incorporating in Madeira, only €1 will be required.
How many directors are required for starting a business in Madeira?When registering a company in Madeira, only 1 director needs to be appointed.
How many shareholders are mandated when starting a company in Madeira?For business registration in Madeira, at least 2 shareholders are required.
Is it mandatory to have a resident director or shareholder for Company Registration in Madeira?No. Resident director/shareholders are not required for registering a company in Madeira.
Will there be restrictions in ownership if foreigners setup a Madeira company?No. 100% foreign ownership is allowed if you wish to setup your business in Madeira.
Is a company secretary required for Madeira business incorporation?No. A company secretary will not be required when our Clients incorporate a Madeira company.
What will be the Madeira incorporation timeline?Madeira company incorporation process will take 7 weeks for completion.
How to open a company in Madeira?For company formation and business establishment in Madeira, Healy Consultants will prepare the appropriate documentation and notarize them. We will also assist the Client with opening their corporate bank account in Madeira.
How to register a business in Madeira?For business registration, our Client will be required to i) reserve the company name ii) supply the Madeira office lease agreement iii) sign the company setup forms iv) register for tax and social security and v) obtain a business license. Healy Consultants’ experts are Madeira company registration specialists and will assist our Clients at every step.
Can Healy Consultants assist my firm with Madeira subsidiary company registration?Yes. Our Madeira company registration services include i) business registration ii) business license registration iii) immigration solutions iv) employment strategies v) business banking solutions and vi) office rental requirements.
Are there any business restrictions for foreigners when incorporating in Madeira?No. Foreigners incorporating in Madeira face no restrictions as to the type of business activity they can perform.
Will details of my Madeira business formation be available for public viewing?Yes. In order to start a Madeira company, an entrepreneur must enter the business details in the public register.
Can a business formation in Madeira be a secure long term solution?Yes. While a business setup in Madeira might be seen as a tax avoidance vehicle, it is still a secure long term solution.
Will I be required to get a full audit if I setup a small business in Madeira?No. Audit is not mandatory for small businesses in Madeira.
What are the tax implications for a business setup in Madeira?Starting a business in Madeira requires entrepreneurs to pay corporate tax at only 5%.