Portugal startup visa
Numerous people have immigrated to Portugal due to its advantageous economic and welfare conditions, robust industry, and gorgeous tourist landscapes. This country welcomes foreign investors to collaborate with them in order to improve their country’s creativity through incentive and support programs.
The Portugal start-up visa is appropriate for individuals who aim to conduct business operations for the creation of new products and services and who wish to launch a business based on science and technology to develop cutting-edge technologies. In any event, in order to secure a Portugal visa, you must be able to create jobs for the Portuguese economy and have a revenue of approximately 325,000 euros.
Portugal startup visa benefits
If you are interested in launching a startup and expanding your business in Portugal, you should investigate the benefits of residing in this country. These benefits consist of the following:
- There is no need for a certified language certificate.
- The residency permit is valid for two years and may be extended for an additional three.
- Family members accompanying the applicant for immigration
- Ability to easily gain Portugal citizenship
- Possibility for the applicant’s children to study in Portugal
- The ability to travel to all Schengen countries without a visa
- The applicant’s over-18-year-old child is also eligible for a Portugal startup visa, and after 5 years, the youngster can receive permanent residency and Portuguese citizenship.
Portugal startup visa requirements
If you match the following requirements, you can obtain a Portugal startup visa and expand your business in Portugal as a creative entrepreneur. Portugal has considered the following as crucial factors for granting a visa to the applicant:
- You must be at least 18 years old
- Having innovative ideas for new business activities and services
- Creating a product development company based on science and innovation
- Creating jobs for the Portuguese citizens
- Having a turnover of around 325,000 euros
- Having no criminal record
- To be able to cover your own and your family’s expenses, you must show that you have 7,980 euros for each adult, 3,990 euros for the second adult, and 2,294 euros for each child. This sum must be deposited into a Portuguese bank account.
- You must not be a European Union citizen.
Required documents for Portuguese startup visa
To obtain a Portugal startup visa and begin the administrative procedure, you must prepare and submit essential documentation introducing yourself to the Portuguese embassy or consulate, as well as a proposed startup idea. The following are the most critical documents to send:
- Have a solid resume
- A motivation letter outlining your interest in project and technology development in Portugal.
- Original Business Plan
- Project submission files with attachments
- Tax and social security numbers in Portugal, as well as a copy of your passport, if required
- Proof of the applicant’s financial capability
- Certificate confirming the applicant’s lack of a criminal record
Portugal startup visa fees
To be eligible for a Portugal startup visa, the applicant’s bank account must have a minimum balance of 5147 euros, which can be transferred to a bank in Portugal.
The minimum investment necessary for a Portugal startup visa
To obtain a Portugal startup visa, the applicant must invest 175,000 euros in a business incubator in Portugal, as well as 25,000 euros in shares in Portuguese business investments and services.
Procedures for obtaining Portuguese startup visa:
To obtain a start-up visa in Portugal and begin functioning globally, each of the following stages must be completed thoroughly and carefully.
1- Online registration of the application via IAPMEI’s official website
2- The Portuguese Institute for Development Support examines, rejects, or approves the business plan.
3- The Portuguese Institute for Development Support conducting an online interview with the applicant
4- Submitting the relevant documents and paying the price for the start-up visa
5- In-person interviews at the Portuguese embassy or consulate
6- Obtaining a Portuguese residency permit
7- Meeting with the incubator and making plans to launch a business
8- Obtaining a Portugal visa and renewing it on an annual basis
Online registration of the application via IAPMEI’s official website: The first step in obtaining a Portugal startup visa is to register online and submit the required documents, which include your CV, passport scan, and business plan in English or Portuguese.
You can contact Sabouri Immigration Group’s senior consultants to avoid typical registration errors.
The Portuguese Institute for Development Support examines, rejects, or approves the business plan: Following the first registration in the second step, the applicant’s business proposal is either rejected or approved by the incubators of The Portuguese Institute for Development.
The Portuguese Institute for Development Support conducting an online interview with the applicant: After the business plan has been approved, the incubators will plan and interview with the applicant regarding the business plan given during an online meeting.
Submitting the relevant documents and paying the price for the start-up visa: Following plan approval, in the fourth stage, a letter will be sent by Portugal’s research and development department, to which the applicant must deliver all relevant documents and pay the amount associated with acquiring the start-up visa in Portugal.
In-person interviews at the Portuguese embassy or consulate: The applicant has 15 days from this point to go to the Portuguese embassy or consulate for an in-person interview.
Obtaining a Portuguese residency permit: The candidate must travel to Portugal within 90 days of the face-to-face interview to get her residence permit.
Meeting with the incubator and making plans to launch a business: In the seventh stage, after acquiring the residence permit, the applicant will meet face-to-face with Portugal’s research and development department to plan their business strategies.
Obtaining a Portugal visa and renewing it on an annual basis: After completing the aforementioned procedure, you must renew your visa annually in Portugal.
Creating a business plan:
To swiftly secure a Portugal startup visa, one of the most critical tasks is to produce an acceptable business plan that may provide adequate employment in Portugal.
Choosing a business plan should be based on one of the current technologies of the world, such as electronics, energy, media communication, biotechnology and pharmacology, information technology, commercial and consumer or medical, and industrial products.
The reasons for the rejection of the startup visa application:
When the consular officer cannot collect the essential and precise information from the applicant in order to determine the person’s eligibility, he is sometimes forced to deny the application.
Among the most significant causes of visa application rejection are the following:
- Failure to verify sent documentation
- Invalid passport
- Reference letters without credit
- Inadequate cash to reside in Portugal
- Non-renewal of travel insurance
- Inability to provide a supportive letter from a designated Portugal organization
- Noncompliance with international security requirements
- The startup idea is not justified from Portugal’s perspective.
Since navigating these processes successfully and without difficulties on your own is challenging and needs sufficient experience and knowledge, we recommend that you get assistance from senior consultants to simplify the process, prevent having your request denied, and avoid making frequent mistakes. Contact the Sabouri Immigration Group. Our consultants are always available to assist and accompany you.
