Portugal Startup Visa

Overview

Two particular requirement categories will make a person eligible for the start-up visa application. The entrepreneur category requirements and the business category requirements.

What is required of you to be eligible will depend on which category you fall into.

Entrepreneurial Requirements Category

• You need to be a foreign entrepreneur from a non-EU country or not be a permanent resident in Portugal.
• You must have the financial capacity to sustain yourself in Portugal for at least one year.
• You must owe no debt to tax authorities or social security.
• You must have the financial capability to buy or rent housing in the country.
• You must be over 18.
• Your criminal record must be clean.

Business Requirements Category

You must have a business concept that focuses on technology and innovation. This means that a suitable project will fall into one of the following categories:

• Customer products and services, or commerce.
• Communications.
• IT.
• Electronics.
• Biotech.
• Energy.
• Healthcare.

The business plan must also be detailed enough and show perspective for the following:

• Be projected to attain over €325,000 in assets or turnover in 5 years.
• Create jobs.
• Be able to step onto the global market.

Follow the steps shown below to apply for a Portuguese start-up visa:

1. Begin by creating a business plan that is thoroughly detailed in technology and innovation spheres. It must also have the potential to boost the economy and help create a Portuguese business venture.
2. Gather all the necessary documents. This will include a project presentation, a motivation letter, a CV or resume, and supporting documents for the application. You will also require an SSN and taxpayer number.
3. Fill out your application form. Ensure that you fill in all the required information on the form available on the IAPMEI website. Proceed to upload copies of the required documents when done.
4. Next, you need to find a certified business incubator. It is best to get a variety of incubators to accelerate your project further and faster. Once you get approval from at least one of the incubators, you can complete your application form, check it over, and submit it to the StartUp Visa platform.
5. You will have to wait for your visa to be approved. This can take up to 30 working days. You will be able to track the progress of your application on your IAPMEI account. Then, once your visa is approved, you will get the StartUp visa programme declaration of participation, which is valid for six months.

6. With the visa approval, it is time to book an appointment with your country’s consulate. Present your application and all of the required documentation on the date scheduled for the appointment, and after this, you will get your StartUp visa once it is approved.
7. Once you get to Portugal, you should apply for residency. You, or a legal representative for you, should schedule an appointment with SEF. When here, you will be required to visit Portugal and submit your application and biometrics.
8. At this point, you will need to obtain a residence card. This will be received once your residency application is approved. The initial permit will be valid for two years, and after this, any renewed permits will be valid for three years.

(If you are already in Portugal, you do not need to visit a consulate in your home country; instead, submit your documentation directly to SEF.)

How Long Does The Visa Result Take?

The time it takes to process a Portugal StartUp visa is around 2 months or so. The application’s final decision can take 30 days or so, but it can even take as little as 15 days in some cases.

This is why it is ideal to apply sooner rather than later and have everything required prepared in advance.

Low-Cost Portuguese Residency Access

With a Portugal Start-Up Visa, you can get a residence permit at a lower cost than you would with any other residency visa. For example, a Golden Visa requires €8,460 in the bank as well as €250,000 or more for investments.

Alternatively, with a StartUp visa, you only need to have €5,146.80 in the bank for a year.

It Is Considered An Ideal Route Into Portugal

The Portugal Start-Up Visa allows you to work, live, and enter Portugal. It is a safe country, clean, attractive, comfortable, and economically pleasant.

You do, however, need to ensure that you can meet the minimum duration of stay to retain the residency. This is six months consecutively, or eight months out of the whole year.

Assistance Of An Incubator

Being able to collaborate with a business incubator is a requirement for this visa. However, it is also a great step towards being successful in starting a business. The programme for start-up Visas includes the incubators of the National Network of Portugal. The incubator will assist in getting an office, doing paperwork, and seeking any funding, such as investments and grants.

As well as this, they can help you establish a Portuguese venture in an entrepreneurial community that is familiar with the features specific to Portuguese and European markets.

Optimised Tax

Portuguese start-up visas require the visa holders to remain in the country for 183 days per year at a minimum. This does mean that if you hold this visa type, you will also become a tax resident. You can also obtain a beneficial status to pay less tax as an NHR.

While normal tax can be up to 48%, you may be allowed to pay only 20%!

Health Care and Education

Portugal has high-quality health care and education services at a low cost. You can access these services from public facilities, or you could choose private services for a more unique approach.

Schengen Area Access: Visa-Free

You can travel and stay freely in the Schengen area for ninety out of one hundred and eighty days. This allows for business expansion.