Portugal client case studies in 2024

UAE pharmaceuticals entrepreneur establishes Portuguese company


  • Our client, a UAE-resident Indian entrepreneur, approached Healy Consultants Group to assist with establishing a Portuguese company and corporate bank account, to facilitate the easy flow of goods and payments from Angola to the UAE;
  • Following an initial phone discussion, Healy Consultants Group emailed our Client a sales email outlining the cost of business set up in Portugal, and timelines for the entire engagement;
  • Our Client requested a face-to-face meeting in our Dubai office to discuss in detail the intricacies of setting up a company in Portugal, and how Healy Consultants Group could assist his business;
  • During the meeting our Client agreed to proceed with our services, and completed and signed Healy Consultants Group’s engagement letter;

Engagement planning

  • Our Client provided scan copies of due diligence documents as per our compliance requirements, and settled the first Healy Consultants Group fee instalment, emailing us a bank transfer slip;
  • Healy Consultants Group then prepared i) draft corporate structure document for the proposed Portuguese company and ii) Lisbon virtual office agreement, and sent for our Client’s review and approval;
  • Within one week, Healy Consultants Group emailed our Client i) a draft detailed business plan for his review and input and ii) a detailed project plan outlining the step-by-step process of company setup and bank account opening;
  • Healy Consultants Group also prepared a draft Power of Attorney (PoA) and sent this to our Client for his signature, attestation at the Portuguese Embassy in the UAE and couriered the same to our Lisbon affiliate office.

Portugal company incorporation

  • Within three days, and in accordance with Portuguese Companies Law, Healy Consultants Group obtained a personal tax number from the Portuguese Tax Authority for our Client as the proposed foreign director of his company;
  • Following receipt of the legalised PoA, Healy Consultants Group submitted a company name reservation application to Portugal Companies Registry;
  • Thereafter, Healy Consultants Group prepared the Portugal company deeds and incorporation documents and submitted a quality incorporation application to the Companies Registry;
  • Within two weeks, Healy Consultants Group received and forwarded to our Client a certificate of incorporation for the new Portuguese company, along with a proforma invoice of how a local invoices should appear.

Portugal multicurrency corporate bank account

  • Healy Consultants Group contacted multiple banks in Portugal including Caixa Bank, Banco Atlantico and Novo Bank to secure their interest in onboarding our Client’s business;
  • Within one week, Novo Bank issued our Client with corporate account numbers and a temporary IBAN. Healy Consultants Group emailed the bank forms to our Client for signature, and couriered them to the bank branch in Lisbon;
  • Unfortunately, because Novo Bank’s compliance department delayed the activation of the account and internet banking facility by at least three weeks, Healy Consultants Group proceeded to secure a second bank account for our Client with Caixa Bank;
  • Following receipt of the original signed bank forms from our Client, Caixa Bank officer immediately contacted our Client by phone to activate internet banking to enable easy remote transfer of funds.

Post-company incorporation

  • Because our Client would not receive any salary through his Portugal company, Healy Consultants Group emailed our Client a board resolution stating the same, for his signature and scan email return;
  • Simultaneously, Healy Consultants Group liaised with INFARMED, the Government body responsible for the pharmaceutical industry, to determine if our Client’s company would require a special operations licence;
  • Our Client also reverted requesting for the transfer of his company from Lisbon to Madeira for tax optimisation purposes. Healy Consultants Group agreed to provide this service to our Client without charging any additional fee;
  • Healy Consultants Group emailed our Client the Madeira Free Zone bank account details for the Client to settle the Government fees, enabling the advancement of company transfer;
  • Within two weeks of fee payment, Healy Consultants Group received registration approval from Madeira Free Zone. Our Client’s company was, therefore, successfully transferred from Lisbon to Madeira;
  • Healy Consultants Group scheduled a three-way conference call with our Client and Portugal lawyers to determine the necessity of a pharmaceutical licence if the Client would not be purchasing any drugs within Europe;
  • Following the call, our Client confirmed he wished to travel to Madeira to personally interact with the facilitators of the pharma licence. Consequently, Healy Consultants Group provided our Client with an invitation letter to visit Portugal.

Engagement completion

  • Within three months, our Client travelled to Portugal to meet Healy Consultants Group Lisbon team, who accompanied our Client to Madeira to meet with the Free Zone Authorities;
  • During these meetings, our Client determined he would not require a pharmaceutical licence if his company did not intend to purchase over the counter (OTC) drugs within Portugal, or have clients locally. Our Client also made contact with other potential local suppliers;
  • Healy Consultants Group advised our Client on i) bookkeeping requirements in Portugal ii) mandatory employee hiring in Madeira and iii) minimum investment required for his Madeira company. The Client agreed to meet these requirements.

Contact us

For additional information on our company registration services in Portugal, please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon
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