Portugal has made many efforts to ensure that its economy grows fast based on innovative ideas related to technology areas. By being considered one of the best places in Europe to grow new ideas, the government modernize legislation, cut red tape on services and launch various incentive programs to attract talent and investment to the country.
Talking about innovation, the Startup Visa Portugal program has established a special residence visa procedure for foreign entrepreneurs interested in starting new companies in the country focused on tech innovation.
In a simplified way, the program works in two steps:
1. Certification: by the opening of a certification process undertaken in tech incubators. These incubators shelter and support foreign entrepreneurs during the creation and development of technology-based companies.
2. Granting a visa and residence permit for entrepreneurs.
To be eligible for certification, potential candidates must fulfill requirements related to the development of business activities for the production of innovative goods and services or develop innovative products, have the capacity to create qualified jobs, and pass the economic potential assessment.
Who can participate in the Program?
The Visa Startup program is designed to attract immigrants wishing to undertake and innovate in Portugal. In this sense, the program addresses the following profiles:
1. Entrepreneurs wishing to develop their entrepreneurial and / or innovative project in Portugal, even if they have not formed a company;
2. Entrepreneurs who already have business projects in their countries of origin and who intend to exercise their activity in Portugal.
Thus, any entrepreneur, individually or jointly, who wishes to develop these projects can apply to the program.
What are the requirements to apply for Startup Visa?
1. Not having a permanent residence in the Schengen Area;
2. Have the contributory situation regularized before the Tax and Social Security Administration, when applicable;
3. Not having a criminal record;
4. Be at least 18 years old;
5. Have their own financial means and subsistence equivalent to 12 times the Social Support Index (IAS), corresponding to € 5,146.80, evidenced through a bank document.
Is Visa Startup a good option for entrepreneurs?
Portugal's economy has been growing at a very fast pace since 2000, mainly due to the large amount of tax incentives created by the government.
By participating in the Visa Portugal Startup Program entrepreneurs will be part of one of the many promising Startup incubators and can benefit from a series of fiscal and financial benefits offered by the Program.
Another advantage is to use Portugal as a strategic base to boost the internationalization of the entrepreneurial project to the whole of Europe.