Portugal Startup Visa: Key Requirements and Application Guidelines

Table of Content

• What is Portugal Startup Visa
• About Portugal
• Benefits of Portugal Startup Visa
• Who is Eligible to Apply?
• How to know if your startup qualifies for Portugal Startup Visa
• Required documents for Applying for Portugal Startup Visa
• How to Apply for Portugal Startup Visa
• Why Portugal?

What is Portugal Startup Visa

Portugal Startup Visa is a temporal residence permit designed by the Portuguese Government to attracts foreign investments, innovative business projects & talents in Portugal. With the Portuguese Startup Visa, Portugal intends to compete with other top startup destinations for global talents such as the US, UK, Canada, Estonia, Australia, etc.

With the Portugal Startup Visa, entrepreneurs from non-EU-Schengen countries who want to do business in Portugal, migrate, or build an existing startup in the country can do so. It presents a chance for these businesspeople to become a member of Europe's rapidly growing startup community.

About Portugal

Portugal has a lot to offer the startup world. Over the last few years, the country has blossomed into one of the best options to build a startup in Europe — and the startup ecosystem isn’t showing signs of slowing down.

Portugal has a well-educated, multilingual workforce as well as a rich culture, developed infrastructure, sustainable transport options, low rental prices and world-class tech talent.

The Benefits Of Portugal Startup Visa

Portugal offers a favorable economic climate, and businesspeople in the technology sector can take advantage of the opportunities and benefits provided by this visa program. Some of the main benefits of this visa program include:

• Portuguese residence permits for foreign investors from non-EU countries can be obtained quickly.
• Startup Visa accepts one or more entrepreneurs per project with a maximum of five (five) parts. A maximum of five residence visas may also be issued under the program.
• You can enter, reside in, and work in Portugal with a Startup Visa.
• Travel inside the Schengen region is unrestricted.
• Your dependents may be included in the visa. Your dependent family members are your spouse, children, and parents.
• There are no requirements for language, residency, or business performance.
• After five years, you can seek permanent residency and citizenship.

Who Is Eligible For A Portuguese Startup Visa?

Entrepreneurs can apply for a startup visa in Portugal if they want to start a company in Portugal or develop their own creative entrepreneurial initiative, even if they have not yet established a company. Those who already run a business in their home country and want to expand to Portugal can also apply  for the program.

Additionally, the entrepreneur must meet the criteria listed below:

• You must not be a Schengen regular resident in the recent past.
• You must be over 18 years of age and have no criminal record.
• No debt to Social Security of Tax Authority.
• Have a minimum of €5146.08 in a personal bank account for at least one year (per individual).

There are National Business Incubators spread all over the nation that are connected by a common network. They take control of applicants seeking a startup visa in Portugal after reviewing their applications. Experts evaluate a startup's market potential, its ability to create jobs, its scalability, and the degree of innovation it promotes.

How to know if your Startup Qualifies for Portugal Startup Visa

As an entrepreneur, you should first be aware that the focus of your startup or project must be technology driven and innovative. To be qualified, the startup must meet the following requirements:

• Your startup needs to create and develop an innovative business venture.
• create new opportunities for qualified workers.
• You must secure the commitment of a business incubator that is government-supported in Portugal and is affiliated with R&D facilities.
• Your project or startup must go through a three-year incubation period.
• Have the potential to create a yearly turnover of at least 325,000€ after five years.

Required Documents for Applying for Portugal Startup Visa

In addition to the documents stated in the preceding section, you must prepare the following documents before applying for the visa:

• A letter of motivation outlining your desire to create a creative and entrepreneurial project. You can attach a project presentation file.
• Identification and presentation of the entrepreneurial project.
• Curriculum vitae.
• Copy of the passport.
• Travel and health insurance.
• Police Clearance Certificate.

*Other documents may be required.

How To Apply for Portugal Startup Visa

Submit preliminary documents such as a detailed resume, a copy of your passport, and a basic startup proposal. Applications can be submitted online in either Portuguese or English using an online form.

• Have a video call with the incubator in Portugal. A Term Sheet is issued by the incubator.
• Complete all paperwork procedures, then send the incubation fee to a safe escrow account.
• Present the application to the appropriate authority (with interview at the Consulate after approximately fifteen business days).
• You will travel to Portugal within 90 days to meet with local authorities and obtain your residence permit (Startup Visa).
• Contact the incubator and government-supported R&D centers for incorporation and strategic planning.

When all of this is completed, you must return to Portugal for each renewal of your residence permit.

Why Portugal

The following are just a handful of the primary reasons why you should start or relocate your business to Portugal:

• Lifestyle. Portugal has great weather, a low cost of living, a large international scene including a growing startup scene
• Tax incentives
• Full return of investment in case of rejection of the application
• A clear path to EU citizenship for all 3 generations of a family
• Clear and transparent process.