Learn about Startup Visa Portugal and discover how entrepreneurs can expand their businesses in the European market with support from Innova.
Startup Visa Portugal is an attractive option for international entrepreneurs who want to launch and expand their businesses in Europe. The program aims to stimulate innovation and promote job creation, offering a welcoming and dynamic environment for startups in various technological and innovative areas. However, to take advantage of this opportunity, it is essential to be fully aware of the requirements, benefits and steps of the application process.
What is the Startup Visa Portugal?
The Startup Visa Portugal is a program developed by the Portuguese government to attract foreign entrepreneurs with innovative ideas and great growth potential. Through this program, it is possible to obtain a residence permit that allows the entrepreneur to live and work legally in Portugal while developing their startup project.
This visa was created in 2018 as part of the national strategy to boost the startup ecosystem in Portugal, and aims to position the country as a global technology hub. The program is aimed at both founders of startups already existing in other countries, as well as new entrepreneurs who want to start an innovative business on Portuguese soil.
#1: Why is Portugal a Promising Destination for Entrepreneurs?
Portugal has emerged as one of the top European destinations for startups and entrepreneurs. Several factors contribute to this scenario:
Tax Incentives: The Portuguese government offers a range of tax benefits for startups, including tax exemptions and reductions for early-stage companies.
Affordable Cost of Living: Compared to other Western European countries, such as France or Germany, the cost of living in Portugal is lower, making the country a viable option for entrepreneurs in the growth phase.
Quality of Life: In addition to the economic benefits, Portugal is recognized for its quality of life, pleasant climate and safety.
Technological Infrastructure: The country has technology hubs in cities such as Lisbon, Porto, Aveiro, Coimbra and Braga, as well as an active community of entrepreneurs and investors, ready to support new businesses.
#2: What are the Requirements for the Startup Visa Portugal?
The application process for the Startup Visa Portugal involves a series of specific criteria that entrepreneurs must meet. The Portuguese government focuses primarily on companies that bring innovation and contribute to the country’s economic growth. The following are the main requirements:
Innovative Project: The startup must be focused on an innovative project that brings technological solutions or new processes that can impact the market.
Growth Potential: The business must demonstrate high growth potential, both in Portugal and internationally.
Job Creation: The startup is expected to contribute to the creation of qualified jobs in the country.
Proof of Funds: The entrepreneur must demonstrate that he/she has sufficient financial capacity to support his/her stay and the initial development of the business.
Startup Incubator: The company must be incubated by one of the incubators recognized by the Portuguese government. These incubators offer technical and management support to startups in their early stages.
#3: Startup Visa Portugal Application Process
The process for applying for the Startup Visa Portugal follows clear steps and requires attention to detail, especially when it comes to choosing an incubator and proving financial resources.
Below is a guide to help you understand how to proceed.
Choosing an Incubator
There are currently over 100 incubators certified for the Startup Visa program, spread across several cities in Portugal. These incubators are responsible for providing technical support, workspace and resources to early-stage startups. The first step to applying for the program is to choose one of these incubators that is aligned with the needs of your project.
Preparing the Project and Business Plan
The entrepreneur must prepare a robust business plan, highlighting the innovative nature of the startup, the growth potential and the economic viability. This plan will be essential to attract the interest of an incubator and also to pass the evaluation of the Portuguese government.
Proof of Funds
A fundamental requirement for the application is the proof of financial resources. Each entrepreneur must demonstrate that they have a minimum of €5,146.80 in their account, through a bank statement. This amount corresponds to a basic criterion of proof of financial capacity to ensure that the applicant can support themselves during the initial phase of the project in Portugal. Proof of funds is mandatory and must be individual for each entrepreneur, if more than one person is applying for the same startup.
Contract with the Incubator
After being accepted by an incubator, the next step is to formalize an incubation contract. This contract establishes the responsibilities of both parties and must be uploaded to the Startup Visa platform to continue the process. Signing this contract is crucial, as it serves as proof of the incubator’s commitment to supporting the project, and is also a prerequisite for applying for a residence visa.
Submitting the Visa Application
With the contract signed and the necessary documents prepared, the entrepreneur can submit the final application on the Portuguese government’s online platform. After the analysis, which can take around 30 business days, a decision will be issued. If approved, the applicant can proceed with the application for a residence visa with the Portuguese Foreigners and Borders Service (SEF).
Visa Approval and Issuance
The initial visa granted by the Startup Visa is valid for up to two years and can be renewed, as long as the startup continues to meet the stipulated requirements. During the visa validity period, entrepreneurs have the opportunity to expand their operations and establish a solid foundation for the company in Portugal, with ongoing support from the chosen incubator.
Benefits of the Startup Visa Portugal
The Startup Visa offers a number of benefits to entrepreneurs who are approved, which makes the program highly attractive. Some of the main benefits include:
Access to the European Market: With the Startup Visa, entrepreneurs have the opportunity to expand their business to one of the largest markets in the world, the European Union.
Support and Mentoring Network: Incubators offer not only physical space for the company, but also a vast network of contacts, mentoring and technical support, facilitating the development of the startup.
Tax Incentives and Subsidies: Portugal offers several financial incentives and subsidies to startups that demonstrate a positive impact on the economy.
Renewal and Permanent Residency: If the company remains viable, it is possible to renew the visa for subsequent periods and, eventually, apply for permanent residency in Portugal.
Challenges and Tips for Entrepreneurs
Despite the many benefits, there are challenges that entrepreneurs face when opting for the Startup Visa in Portugal. Here are some tips to overcome these obstacles:
Knowledge of the Local Market: It is essential that entrepreneurs conduct detailed research on the Portuguese market and its particularities before starting the process. This can be done through market studies and specialized consultancies, such as Innova in.
Network: Developing a solid network of contacts in the country is essential to obtain support and new business opportunities.
Financial Planning: Although the cost of living in Portugal is affordable, it is important that entrepreneurs have solid financial planning to ensure the continuity of operations, especially in the first few months.
Why Rely on Innova in's Consulting?
Innova is a company specialized in global mobility, with extensive experience in assisting entrepreneurs on their international journeys. With the expansion of our services to countries such as Portugal and Spain, in addition to Canada, we are ready to offer strategic and personalized consultancy for those who wish to obtain the Startup Visa Portugal, focusing on areas that are critical to the success of the project.
Our support includes:
Business Analysis: We assess the viability of the project, identifying strengths and areas for improvement, to ensure that the proposal is aligned with the program criteria.
Business Plan Creation: We develop detailed and professional business plans, highlighting the startup’s potential for innovation, scalability and economic viability, essential to attract acceptance from incubators and investors.
Incubator Connection: We facilitate contact and negotiation with the program’s certified incubators, helping you choose the one that best aligns with your business needs and objectives.
Visa Application Partnerships: Although Innova does not directly handle visa applications, we connect our clients with specialized professionals who can assist in obtaining a residency visa, ensuring a smoother and more efficient process.
Innova follows the entire initial process, from the conception and planning of the business idea to the moment of finding reliable partners for the bureaucratic and legal aspects, ensuring that each stage is well managed and increases the chances of success.
Frequently Asked Questions
Who can apply for the Startup Visa Portugal?
Any foreign entrepreneur with an innovative project, growth potential and that meets the criteria established by the Portuguese government.
How long does the application process take?
The average time to obtain the visa varies between three and six months, depending on the complexity of the project and the response of the authorities involved.
What is considered an innovative project?
An innovative project is one that brings new technological solutions, methods or processes, and that can significantly impact the market.
What are the costs involved?
In addition to the visa fee, the entrepreneur must consider the costs of living in Portugal, the maintenance of the startup, and the necessary consulting services.
Can I bring my family to Portugal?
Yes, the Startup Visa allows entrepreneurs to bring their family members (spouse and dependent children) to live legally in Portugal.
Conclusion
The Startup Visa Portugal is an excellent opportunity for entrepreneurs who want to expand their operations in Europe and take advantage of the country’s growing innovation environment. However, to maximize your chances of success, it is essential to have a well-planned strategy and the right support at every step of the process.
At Innova, we are ready to help you turn your business idea into reality. Our team of experts offers comprehensive advice, from analyzing and developing your business plan to connecting you with the best certified incubators in Portugal.
Book a business consultation with us and find out how we can help your startup take the next step towards the European market. Get in touch and start your journey to success today!
Comments