ILN: Establishing A Business Entity: An International Guide

[ESTABLISHING A BUSINESS ENTITY IN PORTUGAL] 383

territorially for Regional Coordination and Development (CCDR). competent Commission Despite the freedom of access granted to the activities mentioned in the Decree-Law no. 10/2015, as amended, companies must comply with the requirements established in other regimes, if applicable, such as: (i) The previous controls of urbanization and edification under the terms of the legal regime of urbanization and edification (“ RJUE ”), approved by Decree-Law no. 555/99, of 16 December, as amended; (ii) The controls related to waste management, under the terms of Decree-Law no. 178/2006, of September 5, as amended; (iii) The environmental impact assessment (EIA), under the terms of Decree-Law no. 151-B/2013, of 31 October, as amended; (iv) The prevention and control of emissions of pollutants into the atmosphere, in accordance with Decree-Law no. 38/2018, of June 11, as amended; (v) The controls of a tax or social security nature. V. FOREIGN INVESTMENT, DEDUCTIBILITY OF FINANCING COSTS, RESIDENCY AND MATERIAL VISA RESTRICTIONS V.1. Foreign Investment Foreign investment in Portugal has strongly increased in recent times, especially since Portugal became a member of the European Union. The necessary adjustments that were made so that Portugal could be included in the founding group of countries of the Euro currency had a strong effect on the Portuguese economy.

This economic stability, together with its peaceful social environment and strong tourism potential has been decisive for investment in Portugal. In addition, Portugal’s traditional presence in Africa and Brazil is an advantage in the establishment of commercial contacts and business opportunities across these expanding markets. Amongst others, these four major advantages to invest in Portugal are particularly noteworthy: (i) Strategic access to markets. the combination of Portugal’s economic opening, strong ties with the EU and unique geostrategic location, make it a natural gateway to world markets. Portugal’s ties with the African continent, Brazil and transatlantic link with the USA provides a low-cost and effective internationalization base. (ii) Cost competitive, qualified and flexible workforce. Portuguese employees are known for their versatility and commitment to work, along with a positive attitude towards the adoption of new technologies and practices. (iii) Excellent environment to live and work. The country has safe urban centers and suburbs. This environment also promotes a freedom impression to anyone that decides to live in Portugal. All major international studies consider Portugal as a country with a significant tourism potential and place Portuguese cities on the top of the ranking for living and conducting events and conferences. (iv) Infrastructure. During the past decades, Portugal has invested heavily in modernizing its communications infrastructure. The result was an

ILN Corporate Group – Establishing a Business Entity Series

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