OK, so you’ve done your research and decided to move your business to Portugal. What are the next steps? Well, start familiarising yourself with the available visas and incentives programs, or look directly for our help here.
StartUp Visa: the first one to know
Announced in October 2016 and implemented since March 2017, the StartUp Visa focuses on entrepreneurs from outside the European Union, both those already owning or simply considering launching a startup, but aiming to set it up and grow it in Portugal. This program was developed to strengthen the innovation ecosystem and to affirm Portugal’s positioning as a country open to entrepreneurship and to all those who possess knowledge and capacity for innovation.
Application for this visa requires solid business and financial plans demonstrating that the startup has strong potential to create jobs and will be able to generate a yearly turnover of no less than 325,000€ after five years. Open all year round, successful applications depend on the business’ degree of innovation, market potential and jobs creation.
We understand that the process can sound bureaucratic and labor-intensive, but fear not: GrowIn Portugal is a company that offers guidance and full-on assistance with the Move service package. Entrepreneurs and Tech Talent will be assisted throughout the entire Portugal Visa application process, including (but not limited to) eligibility assessment, drafting, and submission of applications as per the program requirements, up to handling all required formalities to issue the Residence Permit upon arrival to Portugal.
Tech Visa: develop your startup with a strong and foreign workforce
2019 brought the beginning of the Tech Visa, which allows companies in the tech and innovation businesses that are accepted into the program to hire highly qualified non-EU tech talent, facilitating their entry into the country. The Tech Visa involves other government entities as well, as to regulate and process residency visas for the hired professionals, which should have a contract of at least two years. But be careful: companies looking to apply for the visa only have until the 31st December to do so, as there is no information that the program will continue further that date.
The success of the application depends pretty much on the innovation level and how international the companies are (or can become). It’s important to notice that the companies are not allowed to have more than 50% of their workers under the Tech Visa unless their focused activities are mostly within Portugal (then, that limit is 80%).
GrowIN Portugal‘s Move service package also offers you guidance and assistance throughout the Tech Visa application process, including (but not limited to) eligibility assessment, drafting, and submission of applications as per the program requirements, up to handling all required formalities to issue the Residence Permit upon arrival to Portugal.
Could they work together?
There is no clear indication that each of the visas is exclusive, which indicates that they should work together to strengthen the tech ecosystem across Portugal. Hence, the Tech Visa is a natural development of the Startup Visa: once the government attracts foreign companies into the country (and, consequently, into the EU), it makes sense to open the possibilities for those companies to bring more people to work on them as well. So, yes! The StartUp Visa is the step number one to relocate or open a business in Portugal, and then, step two is to apply the Tech Visa to make sure you have the best possible pool of talent available, especially from outside of the European Union.
Should you need help with the applications — both the StartUp and/or the Tech Visa, don’t hesitate and contact us here, or by email: hi[a]growinportugal.com. We can help you Incorporate, Move and Accelerate your business here in Portugal!