Portugal launches a system to create a company in just 10 minutes and thus attract foreign investors

«A new platform company On the line 2.0 allows reduce bureaucracy and simplify the process as much as possible. job creation. Through it, every citizen will be able to establish a company, respecting all the necessary legal steps, in no more than ten minutes. This one wherever I am at any time», the Portuguese Government announces on its website, which shortens the process that takes an average of 13 days in Spain by a third.

It’s about renewal of the existing system Company On the line. The fundamental difference from the previous version is that, after the manager identifies the entity’s partners, the support automatically fills in the necessary data, using all previous interactions of taxpayers with the Public Administration. It will only require the authorization of the persons involved, who can approve it remotely.

It is suitable for every citizen or group of citizens, who they should only have a national identity card (citizenship card) with enabled digital signature. Specific professionals, such as notaries or lawyers, who can act as intermediaries for foreign nationals, can also complete the process. In addition, the portal centralizes information for all public administration entities who are involved in the creation and management of the company, from the tax administration or social security to the CTT (Portuguese postal service) or the Agency for Administrative Modernization. All these data will be of a public nature and will be included in the so-called company file, which also aims to promote transparency.

From this same platform, it will be possible to manage the company’s relationship with the state, from its creation to dissolution. It will enable payments through MBWay, the most widespread local payment system in Portugal, known as Multibanco.

between half and two thirds of the new companies are already registered in Portugal on the line. But it is expected that this percentage will increase, since from now on, in addition to independent entrepreneurs and limited liability companies, the platform will also allow the establishment of public joint-stock companies”, an option that was suspended since 2017.

The service is available in Portuguese and English and will soon include other languages, with the idea of ​​promoting the creation of companies from abroad.