The D2 Visa, also knows as Business or Entrepreneur Visa is the best option for those wanting to develop a business in Portugal.
The visa process may seem complex but, believe me, with a good guidance your Portugal plans will become real.
What is the Business Visa?
The D2 Visa (also know as Business or Entrepreneur Visa) can grant you the authorisation to move to Portugal, so you’ll be able to develop a business there.
There are still some misconceptions related to this visa, as it can be related to the development of a business (that requires the creation of a corporate structure in Portugal) or the exercise of a self-employed profession (freelancing).
We will talk about the business route in this page, but keep in mind that, no matter if you intend to develop a business or work as a freelancer, there is a need to pave the way before applying for the visa.
Developing a Business
If you plan to apply for the D2 Visa (business route) you will need assistance to develop some activities, such as:
Create your personal tax number (NIF)
Create your personal bank account
Create the Business Plan
Create your Portuguese company
Finding the professionals to manage your company
Create the company’s tax number (NIPC)
Create the company’s Social Security number (NISS)
Create the company’s bank account
Apply for the Registo Central do Beneficiário Efetivo
Yes, there is a lot to do. So why not counting on Viv Europe to make your life easier?
You don’t need to rely on documents before starting the process (as you would need to prove passive income for the D7 Visa or an Employment Contract for the D1 Visa).
All of the business structure will be created by Viv Europe so that you can apply and be granted the D2 Visa.
You will also be able to develop your business while in Portugal and, therefore, structure your personal and business income according to a tax planning strategy.
As long as your business is regular, you won’t have to worry about the Residence Permit renewal, that will take place 2 years after your receive your first one.
- Passport valid for at least 3 months after the expiry date of the visa (that will be valid for 4 months)
- Two identical photos, Passport type
- Updated proof of residence
- Business Plan (not mandatory, but highly recommended)
- Structured Portuguese company
- Certificate of Incorporation
- Personal and Company’s bank account
Means of Subsistence
- Bank statements with the updated amount deposited in bank accounts and investments in the country of residence.
- Bank statements with the updated amount deposited in a Portuguese bank account
- Copy of the last Annual Income Tax and the delivery receipt.
- Criminal Record Certificate (Criminal Clearance Records) from the country of origin or the country where the applicant has resided for more than one year.
- Declaration authorizing the consultation of the Portuguese Criminal Record.
- International Travel Insurance covering all medical expenses including urgent medical assistance and repatriation
- Proof of accommodation in Portugal
- Visa application form
- Proof of being in a regular situation when the applicant has a different nationality other than that of the country where the visa is being applied for
- Letter of intent
- According to Viv Europe’s lawyers analysis.
Sign the Service Agreement.
Up to 2 days
Documents Legal Diligence
Legal analysis of the Client’s documents.
From 1 to 2 weeks
Personal Tax Number (as NIF)
Create the personal tax number (NIF) at Finance.
From 1 to 2 weeks
Assistance with the opening of the Portuguese bank account and the transferring of funds.
From 1 to 2 weeks
Company creation process at Portugal Conservatory (IRN), along with the hiring of an accountant and the company’s address.
Up to 1 week
Gather company’s documents
Applying for the RCBE and obtaining the Permanent Certificate.
Up to 1 week
Company’s bank account
Assistance with the opening of the Company’s Portuguese bank account.
Up to 2 weeks
Drafting of the Business Plan (according to the business details).
Signature of Statements
Sign the Approval for the Searching of Criminal Records and additional statements.
From 3 days to 1 month
Local Criminal Records
Obtain the local Criminal Records Certificate and the Proof of Regularity (when it’s the case).
Letter of Intent
Drafting of the Letter of Intent.
Hire the International Travel Insurance according to the Visa’s requirement.
Depends on the Document
Proof of Accommodation
Obtain the document that proves accommodation in Portugal (according to the Consulate rules).
Documents Legal Revision
Revision of all documents for the application.
Apply for the D7 Visa at the Portuguese Consulate.
Why Viv Europe?
Yes, before starting a business in Portugal you’ll need to apply for the D2 Visa.
It is also important to emphasize that the initial activities for the development of a business, such as the preparation of the business plan, the creation of a company and open a bank account, must be carried out before the visa application.
Therefore, you will need to have a representative in Portugal to manage these tasks before applying.
To learn about the D2 Visa we strongly suggest clicking here.
It’s hard to appoint what are the most relevant documents for the D2 Visa application.
Those mentioned below are certainly important and must be obtained before the application:
- Business Plan
- Portuguese company
- Portuguese bank account
- Partner’s NIF
- Company’s NIF
- Company’s NISS
These are some documents that will be requested for your application.
There are some obligations that the entrepreneur must keep in mind before starting a business in Portugal, some of them are:
- Create a company
- Create a bank account
- Pay in the share capital
- Hire an accountant
- Pay Social Security as a manager
- Register the company’s brand
- Pay the Corporate Income Tax (IRC)
- Pay employee charges
All of these costs can impact the business treasury, so be aware.
Creating a company is not an easy task.
A lot of company information is relevant and can influence the business and obligations of partners, such as:
- The extent of partner liability
- The required approvals to start the business
- The obligations related to the company itself
- The tax to be paid
Therefore, we strongly recommend the assistance of a lawyer to provide this service.
After creating the company, you cannot go back, so consider talking to a specialist not make avoidable mistakes at this stage.
Below you can find some information that needs to be addressed in the Social Pact for the creation of a company in Portugal:
- Company’s name
- Social capital value
- Social capital shares
- Company’s object
- Partners obligations
The development of a business in a member country of the European Union can expand its marketing region to all the countries that make up this block.
Therefore, buying and selling products within EU countries is easy, as no bureaucracy or tax-related costs are added.
That’s why importing beer from Germany or cheese from Italy is so easy.
Certainly there are also some difficulties, such as the language barrier, but the willingness to overcome them depends on the partner.
That’s a popular question.
Let’s face it, the Business Visa isn’t the cheapest way to obtain the Portuguese Residence Permit.
Those who apply for this visa are not so concerned with the cost of the procedure, but with the chances of business success.
See below the approximate costs you’ll have to face if you want to go for this route:
- Create a company in Portugal – 400€
- Transfer funds to your Portuguese bank account – 8,000€
- Hire an accountant – 200 to 250€/monthly
- Pay company’s Social Security – 300€/monthly
- Hire the assistance firm to obtain the D2 Visa – Variable
- Rent the business address – Variable
- Costs related to the development of the business – Variable
- Employee costs – Variable
- Public agencies fees – 400€