Creating a company in the North of Portugal

5. Commencement of trading

The process of commencing trading in Portugal does not only contemplate the registration of the company – which is now ever quicker with the use of digital means – but also opening a bank account and the registration of commencement of trading with the responsible authorities. Finally, it is necessary to inform Social Security after hiring workers and requesting work insurance.

01 Registering the company
 

DIGITAL
Empresa Online
Cost: €220 - 360

FACE-TOFACE
Empresa na hora
Cost: €360

Requirements:

	Previous selection of the company name, subject to approval
	Previous selection of the social pact and Articles of Association
	Company identification documents under legal name (in case the company is registered under a legal name)

Documents obtained:

	The access code to the company’s electronic card
	The social security number
	The social pact
	Access code to the commercial registry permanent certificate for 3 months.
	The registration of the Articles of Association

02Opening a bank account
 

	Opening a bank account to receive the company’s own IBAN
	Founders must deposit the amount of the company's social capital according to the amounts established in the Articles of Association and the duration foreseen by the type of company created.

 

03 Registration of commencement of trading at the Finanças (Treasury) and IRC (Corporate Tax)
 

	Delivery of the declaration of commencement of trading at a Treasury department.
	Requirements: It is compulsory to have an open banking account.

 

04 Registration of employees at the Regional Social Security Centre

	It is necessary to communicate the admission of employees at the Portuguese Social Security services, in writing or online via www.seg-social.pt.
	General rule: 24 hours after the labour contract is in force;
	Exceptions: 24 hours after the commencement of trading, whenever, due to exceptional reasons or duly justified reasons, such warning may not be made.

 

05 Other obligations before commencement of trading
 

	Buy Work Accident Insurance.
	Registering employees in the Labour Compensation Fund and Labour Compensation Warranty Fund.