Portugal employment visas
Only non-EU / EFTA citizens are required to secure a work visa in order to work in Portugal. Healy Consultants will assist our Clients by preparing the visa application and submitting it to the Portuguese authorities. Our fee for this service is €2,950 for the first employee, €1,950 for the second employee, €950 per employee thereafter. To date, we enjoy 100% visa approval record.
- After Portugal business formation, non EU/EFTA entrepreneurs willing to reside in Portugal shall be required to obtain an entrepreneur visa and a residence permit (both valid one year, then 2 years after 1st renewal):
- Documents required include: i) a valid passport ii) a certificate of incorporation or evidence of investment activities iii) travel insurance iv) a certificate of deposit covering for planned expenses and v) an extract of judicial record;
- Foreign investors can also apply for a golden visa if they make investments worth i) €500 thousand in real estate property, ii) €1 million in equity, or if they iii) create minimum of 10 jobs.
- Employers willing to hire a Non EU/EFTA national are required to submit their employment offer to the Institute for Vocational Training and Employment. On approval, the employee applies for a work visa at the Portuguese Consulate. The application can only be lodged after Portugal company formation;
- The employer should submit a copy of the employment contract drafted according to template;
- Documents to be submitted by the employee include i) approval document by IEFP ii) a valid passport iii) an extract of judicial record iv) copy of the employment contract v) proof of travel insurance and vi) a return travel ticket.
- This visa is issued for up to 3 months for the purpose of either tourism or short-term business;
- Documents required are i) a valid passport ii) bank statements to prove that the entire trip is covered iii) travel insurance iv) proof of accommodation and v) a document declaring purpose of the visit.
Corporate banking options
Healy Consultants assists our Clients with opening a corporate bank account in Portugal. Our experienced banking team will prepare all requisite documentation on your behalf and submit them to the bank. We will also attend the bank interview on your behalf. Please find below more information about Portugal business banking.
- Our Clients must be aware that owning a corporate bank account in Portugal is currently highly risky, as the crisis of the country’s banking system is far from over. Espirito Santo Bank, the largest bank in Portugal, has indeed i) lost 25% of its market value on a single day in late July 2014 and ii) had to ask the government for rescue;
- Our Clients must also know that they cannot count on securing loans in Portugal. SMEs are indeed facing i) over 40% of refusals for loans applications and ii) lending rates of over 6%, the Eurozone’s 2nd highest figure after Greece;
- For reasons listed above, our Clients generally prefer to open a corporate banking account with a global bank incorporated in Portugal, including i) Barclays ii) BNP Paribas iii) Deutsche Bank and iv) Citibank;
- Some of our Clients may however find it more practical to open their corporate account with a local bank including i) Banco Comercial Português ii) Caixa General de Depositos and iii) Banco BPI, as foreign banks provide limited costumer service outside of Lisbon and Porto;
- Portugal corporate and personal banking products and customer service are of average standard, with notably i) limited opening hours (9am-3pm) and ii) important delays but iii) good internet and services banking.
Healy Consultants banking services
- Healy Consultants will be pleased to open a Portugal corporate bank account without our Client needing to travel. It is a time consuming task, and Healy Consultants will shelter our Client from the associated administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company, when shareholders and directors and bank signatories reside overseas. Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval. There is a 10% probability the banks will request a bank signatory to travel for a one hour bank interview. Healy Consultants will try its best to negotiate with the bank for a travel exemption. If our Client must travel to Portugal for corporate bank account opening, Healy Consultants will refund our Client €1,150;
- If our Client is not comfortable with a Portugal corporate bank account, Healy Consultants can open an international corporate bank account outside of Portugal. Examples include London, New York, Germany, Bulgaria, South Africa, Australia, or Dubai. Our fee for this service is €2,950 without travel or €2,550 with travel. All banks will be top tier banks in these countries with excellent internet banking services;
- The banks enjoys ultimate power of approval of corporate bank account applications. Consequently, guaranteed success is outside of Healy Consultants’ control. What is inside our control is the preparation and submission of a high quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record because of our global banking relationships and determination;
- Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect the bank account approval period to take up to 4 weeks. Furthermore, global banks now require evidence of proof of business in the country where the corporate bank account will be, including sales contracts or lease agreement.
Opening a Portugal corporate bank account
- Healy Consultants highly recommends our Clients to choose a global bank including i) Deutsche Bank ii) BNP Paribas and iii) Barclays for Portugal corporate bank account solutions. This will indeed allow them to reduce high risks and costs related to corporate banking in Portugal;
- In order to open a corporate account, Portuguese banks will request i) a valid passport ii) a proof of address iii) a Portuguese tax identification code iv) a certificate of incorporation for the company and v) a declaration of beneficial ownership (if applicable to the company).
- Local banks are currently reluctant to provide trade finance. Local businesses will have to submit i) a detailed business plan ii) evidence of low risk assets serve as collateral iii) resume and qualifications of owners iv) last 3 years audited financial statements and v) risk assessment evidence through strength and weaknesses analysis (SWOT);
- We also assist our Clients secure trade finance services in Portugal including i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) document against payment and against acceptance;
- Healy Consultants will help our Clients obtain corporate finance in the form of a loan, overdraft or simply preferential credit terms.
Exchange controls and other regulation
- Portugal does not have exchange controls. However, similarly to other Eurozone countries, monetary transfers over €10,000 must be notified to the Portuguese Central Bank, to prevent money laundering activities.