QUADRILÁTERO EMPRESARIAL
BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
INVESTOR
ASSISTANCE GUIDE
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Table of contents
INVESTOR ASSISTANCE GUIDE
1. BUSINESS ENTERPRISE STRUCTURE AND TYPE OF SOCIETIES 6
1.1.
Business Enterprise Structure
6
1.1.1.Individual
7
1.1.2.Collective
7
1.2.
Incorporating a Company
9
1.3.
Other Types of Representation
11
2.
TAX SYSTEM
14
2.1.Taxes
14
2.1.1. Corporate Income Tax
15
2.1.2. Personal Income Tax
16
2.1.3. Value-added Tax
21
2.1.4. Property Transfer Tax - Incidence 21
2.1.5 Property Tax
22
2.1.6. Stamp Duty
22
2.1.7.Surcharge
22
2.2.
24
Tax Benefits
2.2.1. Contractual tax benefits to productive investment
24
2.2.2. SIFIDE II
25
2.2.3 RFAI - Investment Assistance Tax System 25
2.2.4 Internationalisation Tax Benefits
26
2.2.5 Tax Benefits to Promote the Net Creation of Employment
26
2.2.6 Tax Benefits to stimulate the acquisition of companies in a
difficult economic situation
26
3.
LABOUR MATTERS
28
3.1.
Employment Contract
28
3.2.
Working hours
29
3.3.
Trial Period
29
3.4.Holidays
29
3.5.
Strike Action
29
3.6.
Resting periods
30
3.7.
Parental Leave
30
3.8.
Salary and Social Security
30
3.9 Termination of the contract 31
3.10 Hour banking
32
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3.11 Main alterations to the new Labour Code 32
4.
INCENTIVES AVAILABLE TO COMPANIES
34
4.1. Investment Policies
34
4.2. Employment Policies
35
4.2.1.“Estímulo 2013” Initiative
35
4.2.2. Training Posts
36
4.2.3. Employment incentive with start ups
37
4.2.4. Employment incentive by TSU exemption
38
4.2.5. Employment incentive by TSU repayment
39
4.3. Financing Access Instruments
40
4.4. Projects of National Interest
41
4.5. Horizon 2020 e the next EU Framework Support Programme
43
5.
ADDITIONAL INFORMATION AND CONTACTS
34
5.1. General Analysis of Quadrilátero Territory
46
5.2. Cases of corporate success in the territory
47
5.3. Business Hosting Areas in Quadrilátero
48
5.4. Contacts – Quadrilátero territory
49
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
Introduction
Since becoming a member of the European Union, Portugal has suppor-
ted the growth of its companies and collected foreign investment. Portuguese public entities have promoted many internationalisation processes,
as regards national or foreign investment and national export in numerous
sectors.
Supported investment projects are characterised by many operations,
such as the organic growth of the national corporate structure, direct collection of foreign investment or incorporation of multinational companies
and agencies. In their vast majority, significant investments in Portugal are
negotiated and followed by State organisations. Due to such centralised
supervision, regional and local public entities have fewer responsibilities
concerning decision making and involvement, namely in defining supports
and localisation of investments. However, such reality has changed over the
last years, due to a more active and present role of municipalities - mainly as
far as collecting foreign investment is concerned -, which claim the right to
negotiate and provide better solutions for possible investors.
In the particular case of Quadrilátero (Barcelos, Braga, Guimarães and
Vila Nova de Famalicão), it is important to point out the impressively competitive environment within the territory - scientific and technological,
infrastructural, logistic, geographic, political, legal conditions - in order to
collect investment projects. It is thus essential to promote the region at both
national and international level, so as to make to most of all its potential for
those who aim new businesses.
This Assistance Guide is intended to provide guidance to companies
interested in the Foreign Direct Investment (IDE) and Portuguese Direct Investment (IDP), enabling general information and territorial framework data
on aspects considered fundamental to the decision of investing in Quadrilátero.
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INVESTOR ASSISTANCE GUIDE
1. Business Enterprise Structure
and Type of Societies
T
his chapter will present useful information on incorporating and setting up a company in Portugal. There are
no limitations concerning foreign capital investment, where commercial societies are based on the principle of
non-discrimination of investment as far as nationality is concerned, and do not require the existence of a national
partner in the enterprise structure. Moreover, there are no limitations in repatriating profits and/or dividends, since
foreign companies or Portuguese companies with foreign capital are subject to the same obligations and rights than
those of Portuguese companies.
1.1. BUSINESS ENTERPRISE STRUCTURE
Incorporating a company involves a set of procedures and legal formalities. Firstly, it is necessary to select the legal
form and analyse its legal framework. The most common companies provided for in the Portuguese law and Commercial Companies’ Code are companies with sole proprietorship and partnerships, with different legal forms.
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1.1.1. SOLE PROPRIETORSHIP
Type of business entity owned and run by one individual. The business is the same legal entity as the proprietor. The
possible legal forms are the following:
Self Business Employee
Company owned by one person who may develop his/her activity in commercial, industrial, services or agricultural
sectors. It is characterised by its lack of separation between personal property and business property - i.e., the proprietor has unlimited liability for business debts. With this legal form, it is not necessary a minimum capital or social
contract to start and run the business.
The business name may include the proprietor’s legal name; it is possible to add an abbreviation, by which he or she
is known in the corporate world, and also a reference to the business activity.
Quota Company with a sole partner
This type of company has a sole partner, either individual or a company that will hold the entire registered capital.
This type of company is called “Sociedade Unipessoal”. The standards concerning quota companies are applied,
except for the ones assuming the plurality of partners.
The partner’s liability is limited to the registered capital, which may be freely fixed. The expression “Sociedade Unipessoal” or “Unipessoal” must be included in the corporate designation of such societies before “Limitada or “Lda.”.
1.1.2. PARTNERSHIP
Business developed by several partners. In this situation, the liability is shared by the different owners.
The most common types of companies are Quota Companies (“Limitada”) and Share Companies (“S.A.”). Choosing
one of these structures depends on various factors, namely the structure of capital and the amounts of invested
capital, as well as confidentiality issues as regards the ownership of the registered capital. The possible legal forms
are the following:
• Quota Company;
• Share Company;
• General Partnership;
• Limited Partnership;
• Cooperatives.
Given the most common typology of Portuguese companies, this guide will now focus on Quota Companies and
Share Companies.
Quota Companies
Quota Companies are the most common type of company in Portugal. They are generally smaller than Share Companies, and their legal structure favours a customised business, making them much more personal or family-oriented.
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These are the main features of this type of company:
Liability - Partners have limited liability. Each partner is liable for the payment of their own contributions and, on a
subsidiary basis, is jointly liable with the others for the payment of the contributions of the other partners.
Partners - A Quota Company must integrate at least two partners. However, it may have only one partner for a maximum period of one year. The transfer of shares must be carried out by means of a written contract duly registered
at the Commercial Registry Office.
Registered Capital - The amount of registered capital is freely fixed on the company’s contract, corresponding to
the sum of shares subscribed by the partners. The registered capital is divided into “quotas”, which may or not be of
equal value (but not less than €1 per partner).
Publication of accounts - The General Meeting must approve the annual accounts within three months after the
closure date of the financial year to which they refer (generally, the financial year corresponds to the calendar year,
that is to say, from January 1st to December 31st). Quota Companies must submit to the Simplified Company Information
(“IES”) system and Registration of Accountability.
General Meetings - Partners must pass by resolution of the General Meeting the amortisation of quotas, acquisition, disposition and charging of company quotas, and consent for the division or transfer of quotas; the exclusion of
partners; the dismissal of managers and supervisory board members; the approval of the management report and
annual accounts, allocation of profits and apportionment of losses; and the amendment of the Articles of Association.
Management and administration - Quota companies must appoint one or more managers, who may not be partners. Managers must be individuals of full legal capacity. These managers must carry out all necessary or convenient
acts for the fulfilment of the company’s activity scope, respecting all resolutions made by partners.
Share Companies
Share companies are characterised by the limited liability of partners concerning the value of their shareholdings.
Thus, company creditors can only pay for social goods. Generally, this legal form facilitates the access to bank credit
by means of its registered capital and integration of capital following the association of new promoters to the company.
These are the main features of this type of company:
Liability - The capital is divided into shares, and the liability of partners is limited to the amount of their shareholdings.
Partners - Share Companies must have at least five national or foreign shareholders (individuals or companies). The
Companies’ Code allows the incorporation of a Share Company by a foreign company, which will be the sole owner of
the shares, representing the entire registered capital.
Registered capital - The minimum registered capital required for Share Companies is €50.000, divided into shares
(bearer or nominative, book-entry or represented by certificates). All shares must have the same nominal value, which may not be less than one cent each. It is possible to defer the payment of 70% of the registered capital in cash for
a maximum period of five years.
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Publication of accounts - The General Meeting must approve the annual accounts within three months after the
closure date of the financial year to which they refer (generally, the financial year corresponds to the calendar year,
that is to say, from January 1st to December 31st). Share companies must submit to the Simplified Company Information (“IES”) system and registration of accountability.
General Meetings - The General Meeting must convene within three months after the closure date of the financial
year or within five months after the same date, whenever the company must file consolidated accounts or use the
equity method. The General Meeting must resolve on the annual report and financial statements; resolve on the
proposed allocation of the company results; appraise the supervision of the company and make any appointments
which fall within its competence, when necessary. Generally, the resolutions of the General Meeting are passed
by a simple majority of the shareholder votes present at the meeting, unless otherwise stipulated by law or in the
company’s articles of association.
Distribution of Profits - Unless otherwise stipulated in the company’s articles of association or approved by a 75%
majority of the registered capital, Share Companies must distribute at least 50% of the annual distributable profits.
Profits distributed by the directors are subject to financial and legal requirements. One of the most important legal
requirements is the setting of a legal reserve of 5% of the annual profits until the same reaches an amount equivalent to 20% of the registered capital. The company’s articles of association may set a higher minimum for the legal
reserve, as long as it exceeds 20% of the registered capital.
Board of Directors - the governing body of a company (board of directors or sole manager) holds the responsibility
of managing the firm, with full powers of representation. The number of members is established in the company’s
articles of association. The members of the board may not be shareholders, but must be individuals with full legal
capacity. If a company is appointed as director, it is necessary to name an individual to execute the mandate on its
behalf. The Board of Directors must define the company’s management model.
1.2. INCORPORATING A COMPANY
Incorporating a company involves the following formalities:
Approval of the company’s name and scope of activity - The company’s name and scope of activity must be
approved by the National Registry of Companies (RNPC). It is thus necessary a Certificate of Admissibility.
Deposit of the capital - The registered capital must be deposited in a bank, which then issues a document attesting that the deposit was made. This document may be replaced by a statement of the shareholders made in the
incorporation to the effect that they have deposited the registered capital. The deposited capital may be withdrawn
after the company has been incorporated.
Incorporation of the Company - A company is incorporated by means of a contract signed by the partners, whose
signatures must be duly certified. The articles of association and the appointment of members are defined when
incorporating the company. The company must be registered at the Commercial Registry Office within 60 days after
the date of incorporation. Once registered, a commercial registry certificate of the company will be issued.
Subsequent formalities - The Commercial Registry Office must have it published on its official internet page www.
mj.gov.pt/publicacoes. The company must be registered with the Portuguese Social Security Office and Tax Authorities. Other formalities may be required, depending on the business activity the company intends to carry out.
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On the Spot Firm
“On the Spot Firm” aims to be an expeditious, simple service supporting the incorporation of a company. This
service is available at the Commercial Registry Offices or Citizen’s Bureau (“Loja do Cidadão”), and promotes
the incorporation of a company in 24 hours, using previously created models of the company’s articles of
association and name.
All information on “On the Spot Firm” is available on www.empresanahora.pt.
With this initiative, it will now be possible to expeditiously set up a “one-man” company, quota company or
share company on the spot, at just one desk. The process of incorporating companies under this initiative is
carried out as described below:
- Choose a name (from the list of pre-approved names);
- Choose one of the pre-approved standard memorandum and articles of association packs, available at the
office;
- Incorporate the company;
- The registered capital must be deposited in a bank within 5 days after incorporating the company;
- Designate an accountant;
- Present the declaration of commencement of activities to the Portuguese tax authorities.
Necessary documents
In case the company’s partners are individuals:
- Tax identification card;
- Identification document (citizen card, ID card, passport, driver’s license or residence permit).
- Social Security card (optional)
In case company’s partners are collective persons:
- Company or collective person card or respective access code;
- General Meeting minute investing with power to incorporate the company.
1.3. OTHER TYPES OF REPRESENTATION
The decision of setting up a form of representation in Portugal or incorporating a company is determined
essentially by strategic and commercial reasons, according to the strategy outlined by the investor. It is thus
important to describe the types of representation normally adopted by foreign investors in Portugal. The
Portuguese Companies’ Code has no specific provisions applied to all types of representation.
Branches
The Portuguese Companies’ Code has no specific provisions applied to branches. These are unanimously
qualified by Portuguese court jurisprudence and legal doctrine as non-autonomous legal entities, and are
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considered an extension of the parent company. Consequently, the parent company is liable for all obligations arising
from the agreements entered into by the branch and takes on full and unlimited liability for its activities. Branches
have no social bodies and their management is usually entrusted to a manager, whose powers are conferred by
proxy.
Joint ventures
A joint venture is a collaborative undertaking by companies for a specific project, generally with a well defined timeframe and scope, in which companies maintain their own legal personality. Joint ventures are similar to partnerships,
since they are subordinate to a specific project whose partnership is dissolved after its conclusion. It differs from a
Consortium, since a joint venture legally presents a joint participation of partners, a contract or both. A joint venture
implies a Memorandum of Understanding or a Shareholders’ Agreement, with business-related terms and conditions, namely liabilities, participations, compensations, confidentiality, management decisions and resolution.
European Companies
The European Company or Societas Europaea is a company with its own legislative framework whose capital is
represented by shares. Each shareholder has limited liability. A European Company may be registered in any member state of the European Union, and its incorporation is provided for in the Regulation no. 2157/2001, published in
the Official Journal no. 294, on November 10th, 2001. The minimum subscribed capital is €120,000. The company’s
name must include SE (Societas Europaea).
Consortia
A consortium is an association of two or more entities that set out the terms and conditions necessary to carry out
a common activity in the consortium’s contract. It implies the designation of a leader, who will be responsible for
managing and representing the partnership’s members. The liability in respect to third parties must be set out in the
contract. The consortium leader usually answers for its members.
Complementary Groupings of Companies
The Complementary Grouping of Companies (hereinafter ACE) is an entity created by individuals or companies that
aim to improve the conditions or results of their activities. It is not compulsory for an ACE to be incorporated with
equity capital. Generally, companies composing an ACE are jointly liable on a subsidiary basis for the payment of any
ACE debt. Their ultimate goal must not be making and sharing profits. It is possible though to expressly contemplate
it in the incorporation contract as an accessory goal, subjecting it to all rules concerning general partnerships.
Incorporating an ACE implies the presentation of the certificate of admissibility of the company or denomination,
and the registry at the Commercial Registry Office mentioning the name, object, headquarter, duration (if any) and
contributions of each member. The ACE is managed by one or more individuals, responsible for the annual report and
designated at the General Meeting.
Holding Companies
Holding companies were created for the purpose of managing a group of controlled companies for at least 1 year. It
may adopt the form of a quota company or share company.
Holding companies are allowed to provide management-related services to subsidiary companies previously signed in a written contract, which must also mention the respective remuneration. All holding companies must have
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a chartered accountant (ROC), and annually submit to the Tax Authorities an inventory of all capital parts used in
financial investments in the last approved balance sheet.
Franchising
Franchising is a concept associated with the right to market and explore a company’s business granted to an individual/entity according to previously established rules. The compulsory use of the trademark and others of the
franchisor’s trade distinctive signs is balanced by the interference and assistance of the latter in the business of the
franchisee. Franchising is not foreseen in the Portuguese law as a form of incorporating a company. However, a vast
typology of franchising is recognised.
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2. Tax System
T
his chapter presents the tax regulations applied to companies in Portugal. Foreign companies are usually subject
to the same conditions, rights and tax obligations than those of Portuguese companies. All companies must
respect the payment of social security contributions, as well as the deadline to present the declaration of tax obligations.
Apart from taxes presented below, the Portuguese tax system foresees important tax benefits (refer to 2.2).
2.1. TAXES
These are the most important taxes in Portugal:
• Corporate Income Tax (hereinafter IRC)
• Individual Income Tax (hereinafter IRS)
• Value-added Tax (VAT)
• Property Transfer Tax (hereinafter IMT)
• Property Tax (hereinafter IMI)
• Stamp Duty (hereinafter IS)
• Surcharge
2.1.1 CORPORATE INCOME TAX
The IRC applies to income and gains obtained during a taxable period, of taxpayers in accordance with the provisions
of the IRC Code, namely commercial companies or civil companies in commercial form, cooperatives, public enterpriQUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
ses and other collective persons of public or private law, having their head office or place of effective management
in Portuguese territory carrying out commercial, industrial or agricultural activities. Entities without head office or
place of effective management in Portugal are subject to IRC under the following situations:
i. When these entities have a branch office or are stably established in Portugal, their profits resulting from the activity of such branch office are liable to deduction in Portugal;
ii. When these entities obtain profits legally considered income obtained in Portuguese territory.
Incidence
The above mentioned entities are subject to IRC as regards income and gains obtained during the financial year, including income or gains obtained in other countries as a result of activities carried out by companies with head office
and place of effective management or permanent establishment abroad.
The IRC is levied on the accounting profits after corrections arising from the applicable tax provisions.
Determination of the IRC
1. Determining Taxable Profit
Net profit for the
accounting period
Net worth not reflected
in this result (positive or
negative)
Adjustments provided for
in the IRC Code (positive or
negative)
TAXABLE PROFIT (If
negative < positive tax
variations)
or
Tax Loss (If
negative > positive
tax variations)
2. Determining Taxable Income (in case there is taxable profit)
Deductable Tax Losses
Taxable Profit
Tax Benefits
(computed for the previous
4 accounting periods and
that have not been subject to
deduction)
TAXABLE INCOME
3. Tax Calculation
TAXABLE INCOME
Assessment result
IRC rate
Tax amount
Withholding tax
Payments on account
Assessed IRC
Deductions
(If tax amount ≥
deductions)
IRC due (if positive)
or
IRC refund (if negative)
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Assessment
The IRC is determined by taxpayers, with online presentation of the annual tax return, expectedly until the last
working day of May. Whenever the Income tax payable is less than € 24.99 there will be no tax clearance.
2.1.2 INDIVIDUAL INCOME TAX
The personal income tax is levied on the worldwide income obtained by Portuguese tax resident individuals, according to the income universality principle. As for non-residents, the personal income tax is levied only on income
deriving from Portugal.
The IRS categories are the following:
A
Employment income
B
Business and professional income
E
Investment income
F
Income from property
G
Net worth increases
H
Pensions
Incidence
The total taxable income for IRS purposes is determined by aggregating income every year from the above sources
after any deductions and allowances have been taken into account. All income categories will now be described.
Category A – Dependent work is all work performed for others under the individual employment contract or other
legally equivalent to it.
Category B - Business and professional income include income arising from the exercise of any commercial, industrial, agricultural, forestry or livestock activity, and earned in the year, on their own, by any form of activity. Self
business employees have to declare the income and gains resulting from his/her activity in order to be taxed under
this category (additional information ahead).
Category E - Investment income includes all profits and other economical advantages, regardless of their nature or
name, paid in cash or in kind, arising directly or indirectly from patrimonial elements, assets, rights or legal situations
of a movable nature, as well as those arising from their modification, transfer or termination, with the exception of
gains and income taxed under other categories (eg. interest, dividends, profits, etc.).
Category F - Income derived from the rental of urban, non-urban and mixed real estate, paid or placed at the disposal of the respective beneficiary.
Category G - Income derived from, for example, indemnities arising from undocumented damages or loss of profits;
compensation for the assumption of non-competition obligations of any source or title; winnings from lotteries,
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
contests, bets, lotto or bingo games; unjustified net worth increases; disposal of immovable property or share capital
participations.
Category H - periodic amounts not derived from income of category A or B.
Individual taxpayers with corporate or professional activities must present their income separately from the corporate activity, since each category’s taxation regime is different. IRS tax rates are progressive, meaning that they
increase when taxable income increases, and are also pre-established, meaning that they can be changed according
to the State Budget Law.
The article 3 of the IRS Code defines business or professional income (category B) as:
- Income deriving from any commercial, industrial, agricultural, forestry or cattle breeding activity;
- Income derived from the provision of any independent service;
- Income derived from intellectual or industrial rights, or from information related to an experience acquired in an
industrial, commercial or scientific sector, when obtained by its original owner.
These are the most common types of income of the category B. Self business employees work, for example, on commercial activities, freelance work, building construction, fishing, mining industry, hotel trade, restaurant business,
handicraft or agricultural, forestry or cattle breeding activities.
The same article also considers the following types of income:
- Real estate rental and investment income attributed to business or professional activities.
- Gains arising from a business or professional activity, defined under the terms of the IRC Code;
- Amounts received as indemnities related to the business or professional activity, namely its reduction, suspension
and termination, as well as new facilities.
- Amounts related to the temporary termination of a commercial activity;
- Subsides or prizes obtained from any commercial, industrial, agricultural, forestry, cattle breeding or service provision activity;
- Occasional earnings obtained from commercial, industrial, agricultural, forestry, cattle breeding or service provision
activities;
The determination of business and professional income is based on: the application of the simplified regime or the
taxpayer’s organised accounting.
The simplified regime is provided for in the article 31 of the IRS Code, and determines that the taxable income is
obtained according to technical and scientific ratios. Until such ratios are approved, the taxable income is obtained by
the sum of:
• 0,20 of the turnover regarding the sale of merchandise or products.
• 0,75 of the remaining income of the category B.
The organised accounting regime implies the application of rules established for the computation of the taxable
income in the IRC Code, even though with some adjustments.
The accounting profit is determined, reflecting the amount created or destroyed by carrying out activities that
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integrate this income category. The accounting profit must be subject to corrections for tax purposes in order to
determine the fiscal profit. These corrections concerning income of the category B are provided for in the IRC Code
for companies, and in the IRS Code (art. 33) specifically for income of this nature.
The following expenses are described as the main adjustments in the determination of the accounting profit. Although these expenses were incurred by the taxpayer, they are not considered for tax purposes.
• Illegal expenditure;
• Costs with the onerous transfer of shares, when held by the seller for a period inferior to three years and where
the shares have been purchased from entities with which there are special relationships or from entities residing in
Portugal subject to a special taxation regime;
• Costs incurred on the onerous transfer of shares, by whatever name called, where the seller has come into existence as a result of a transformation, including the modification of corporate objects, of a company to which a different
tax regime would have applied to those costs and less than three years have elapsed between the date on which
that fact occurred and the date of disposal shall not be deductible;
• Amounts given away for nil consideration or not related to the taxable activity of the taxpayer;
• Potential or latent losses, even though expressed in the accounts;
• Payments, in cash or kind, to shareholders by way of repayment or reduction of capital, or distribution of assets, as
well as other erosions of net worth;
• The provision of funds to joint ventures in the form of an association in participation;
Amounts related to taxes deducted.
Capital gains potential or latent, expressed in accounting, including revaluation reserves under legislation of a fiscal
nature;
• Depreciation and amortisation of assets not subject to depreciation, as well as certain depreciation and amortisation specifically foreseen in the IRC Code;
Expenditure supported by documents issued by taxpayers with inexistent or invalid tax identification number, or
unduly documented expenditure;
• Fines, penalties and any other charges arising from infractions of any nature not contractually foreseen, including
compensatory interest;
• Indemnities related to events whose risk could have been insured;
• Expenditure with daily allowances and compensation for the use of the workers’ own vehicle, whenever the employer does not possess a control map (this limitation to deduction of costs is not applicable if they are charged to
clients or taxed as remuneration and, therefore, subject to IRS).
• Rents paid regarding passenger vehicles’ long-term rental agreements exceeding the amount that would be deductible for tax purposes as depreciation (€40.000);
• Fuel costs whenever the taxpayer is not able to prove that they relate to codes forming part of his/her fixed assets;
• Interest and other forms of remuneration of shareholder loans and loans made by members to the company, to the
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extent that they exceed an amount corresponding to the reference Euribor 12 month rate on the day the debt was
created or another rate defined by order of the Minister of Finance which uses that rate as a reference;
• Assets such as leisure-boats, tourism aircrafts and automobiles, whenever they are not allocated to public transportation services or rented as a result of the company’s main activity, except for the part corresponding to the tax
depreciable value not yet accounted for as cost, in accordance with the paragraph e), article 34 no. 1 of the IRC Code;
• Costs concerning the participation of members of governing bodies and company’s employees in the company’s
profits, when such sums are not paid or made available to the beneficiaries by the end of the following accounting
period;
• Costs concerning the participation of members of governing bodies in the company’s profits, when beneficiaries
are holders, directly or indirectly, of shares representing at least 1% of the capital and those sums exceed twice the
monthly salary earned in the accounting period to which the results relate;
• Deductible expenses related to housing, namely depreciations or rentals, electricity, water and telephone expenses, cannot exceed 25% of the total expenditure duly documented;
• Income of the category B and other remunerations.
IRS deductible expenses
The taxpayer may deduct a range of expenses, tax benefits and tax credits in respect of double taxation of income
from the amount of tax calculated on the basis of the applicable tax rate, which will give the amount of IRS due, from
which any withheld tax and payments on account are then deducted.
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Determination of the IRS
Tax Calculation
Gross income of each category
Specific deductions
Net income of each category
Deduction of losses
Taxable Income
Marital quotient (1 or 2)
Rate
Amount to deduct
Marital quotient (1 or 2)
Tax amount
Deductible expenses (including benefits)
Assessed IRS
Withholding tax + Payments on account
IRS (due or refund)
Assessment
The IRS is determined by the Directorate-general of Taxation. Taxpayers are responsible for submitting their annual
tax return. This statement must be submitted in the next year after obtaining the annual income, between 1 and 30
April when taxpayers get income only in categories A and / or H. When taxpayers receive income from other categories, the tax return must be submitted between May 1 and May 31. Note that these delivery times refer only to
internet delivery. If taxpayers wish to deliver the income statement in finance related services, these deadlines are
anticipated for the immediately preceding month.
In case of the IRS due, the tax must be paid:
• Until July 31, when the declaration is made in the normal deadlines;
• Until November 30, if the declaration has not been made;
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
2.1.3 VALUE-ADDED TAX
The Value-Added Tax (VAT) is levied on the supply of goods and rendering of services. The taxpayer is entitled to deduct the value-added tax already paid. There are three VAT rates in Portugal: reduced, intermediate and general rate.
VAT RATES
MAINLAND PORTUGAL
AZORES
MADEIRA
Reduced rate
6%
4%
5%
Intermediate rate
13%
9%
12%
General rate
23%
16%
22%
Incidence
Subject to VAT:
• The supply of goods and rendering of services carried out in an onerous way, in Portuguese territory;
• Imports of goods;
• Intra-community operations carried out in the Portuguese territory (according to the VAT Regime for Intra-community Transactions).
Assessment and Payment
In order to calculate the tax owed, taxpayers deduct from the tax that applies to taxable operations they undertook
the tax owed or paid for the acquisition of goods and services from other taxpayers.
The VAT calculation is based on the periodical tax return, according to the general VAT regime.
2.1.4 PROPERTY TRANSFER TAX
The IMT is levied on the onerous transfer of real estate located in Portugal, as well as on other contracts or agreements of similar effect. The tax rate is applicable to the constant value of the act or contract, or on the taxable value
of the property (VPT), whichever is higher.
Assessment and Collection
The purchaser is responsible for the IMT assessment, by presenting the official model document at the Tax Authority (www.portaldasfinancas.gov.pt). The IMT is processed by the central DGCI, based on the statement of the taxpayer). The IMT is paid at the treasury offices or any legally authorised location with the presentation of the official
collection document.
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2.1.5 PROPERTY TAX
The IMI is a municipal tax levied on the patrimonial value of urban and non-urban property located in Portugal. Rates
may vary between 0.2% and 0.8% according to the patrimonial value or its nature and use.
2.1.6 STAMP DUTY
Incidence
The stamp duty is levied on a range of transactions provided for in the General Table attached to the Stamp Duty
Code, namely on contracts, acts, documents, titles, books, papers, among others. It is also levied on gratuitous transfers or acquisitions, industrial property, copyright and related rights registered or subject to registration in Portugal.
Shares are subject to taxation when the company in question is based in the Portuguese territory, and the shareholder resides in Portugal.
Assessment and Payment
The stamp duty is due on the 20th day of the month following that in which the taxable event occurred in treasury
offices or any legally authorised location. As far as gratuitous transfers are concerned, the stamp duty must be paid
until the end of the second month after the notice or during the month of each due date.
2.1.7 SURCHARGE
Municipal Surcharge
The municipal surcharge is levied on the taxable income subject to IRC. Depending on the municipality, a surcharge of up to 1.5% of the taxable and non-exempt profit may also apply, generating a maximum tax rate of 26.5% in
mainland Portugal (25% + 1.5%). The decision concerning the rate to apply for each year is made in the previous
year by the Municipal Council.
Main tax rates applied in 2012 in Quadrilátero municipalities:
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
MUNICIPALITY
Barcelos
Braga
SURCHARGE
1,2%
1,5%
REDUCED
SCOPE OF REDU-
EXEMPTION
SCOPE OF EXEMPTION
SURCHARGE
CED SURCHARGE
Yes
Taxpayers whose turnover in the
previous period does not exceed
150,000euros.
1,0%
Taxpayers whose
turnover in the
previous period is
between 50,001
and 150,000
euros.
Yes
Taxpayers whose turnover in the
previous period does not exceed
50,000 euros.
Taxpayers whose
turnover in the
previous period
does not exceed
150,000 euros.
No
No
Guimarães
1,5%
1,0%
Famalicão
1,2%
No
Yes
Taxpayers whose turnover in the
previous period does not exceed
150,000 euros.
State Surcharge
The state surcharge, in force since 2010, is levied on entities engaged primarily in a commercial, industrial or agricultural activity, and non-residents with a permanent establishment in Portugal. Tax rates are:
TAXABLE PROFIT (EUROS)
RATE
1.500.000 - 10.000.000
3%
Over 10.000.000
5%
Taxpayers shall assess their state surcharge liability in the periodic tax return (model 22), an amount corresponding
to the difference between the total calculated therein and additional payments on account. A refund shall be made
to the taxpayer, when the state surcharge liability computed in the return is less than the sum of additional payments on account.
2.2 TAX BENEFITS
The Portuguese tax system considers a set of financial and tax incentives for investment, namely:
• Contractual tax benefits to productive investment;
• Tax benefits that apply to the onerous transfer of shares and other securities for valuable consideration;
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• Benefits granted to companies that set up in the Madeira Free Zone before December 31st, 2013;
• Tax incentives for the creation of new jobs;
• Tax incentives for companies that set up in less developed inland areas;
• Research & Development (R&D) tax benefits system (SIFIDE II);
• Tax benefits granted to companies in a difficult economic situation.
Given their relevance, namely to investors interested in setting up a new company or promoting their business in
Portugal, the current tax benefits will be now described.
2.2.1 CONTRACTUAL TAX BENEFITS TO PRODUCTIVE INVESTMENT
As provided for in the Portuguese Decree-Law no. 249/2009, September 23rd, tax benefits to productive investment may be granted to investment projects for amounts equal or superior to 5.000.000 Euros incurred until
December 31st, 2010, as long as relevant for the development of sectors of strategic interest to the Portuguese
economy and the reduction of regional asymmetries, promoting the creation of new jobs and stimulating technological innovation and scientific research. Tax benefits are applied as follows:
i. Tax credit, based on the application of a percentage - between 5% and 20% of the applications effectively carried
out relevant for the project - to be deducted from the total amount;
ii. Full or partial IMI exemption for properties used by the entity in the activity developed in the investment project
context;
iii. Full or partial IMT exemption for properties used by the entity in the activity developed in the investment project
context;
iv. Full or partial stamp duty exemption in all acts or contracts necessary for the investment project.
Investment projects of Portuguese companies in other countries (with an amount of 250.000 Euros or more and
that show strategic interest as far as internationalising the Portuguese economy is concerned) may benefit from: (i)
an IRC credit of 10%-20%, limited to 25% of the tax amount, not exceeding, for each accounting period, 997.595.79
Euros; and (ii) elimination of double taxation, under the terms and conditions stipulated in the art. 51 of the IRC Code,
during the contractual period, when the investment is carried out as incorporation or acquisition of foreign companies.
2.2.2 SIFIDE II
SIFIDE is the R&D tax incentives system, provided for in the Portuguese law 55-A/2010, December 31st. Companies
may benefit from an increase in the maximum amount deductible (82.5%) of R&D expenses. Such tax incentive
system is levied on IRC taxpayers resident in the Portuguese territory and engaged primarily in an agricultural, industrial, commercial, and service-related activity, and non-residents with a permanent establishment in Portugal. The
following categories of expenses are deemed deductible:
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
• Acquisitions of fixed assets, with the exception of buildings and land, provided they are created or acquired new
and are directly linked to R&D activities;
• Expenses on staff directly involved in R&D duties;
• Expenses on executives and management managing R&D institutions;
• Operating expenses up to 55% of expenses on staff directly involved in R&D duties through pay, wages or salaries
relating to that tax year;
• Expenses from tendering R&D activities with public bodies or beneficiaries of public utility status or entities whose
expertise in the research and development field is recognised by joint order of the Minister of Economy and Innovation, and the Minister of Science, Technology and Higher Education;
• Stakes in the share capital of R&D institutions and contributions to public or private investment funds to finance
companies dedicated in particular to R&D, including funding for using their results, whose expertise in the research
and development field is recognised by joint order of the Minister of Economy and Innovation, and the Minister of
Science, Technology and Higher Education;
• Costs related to registering and maintaining patents (for micro, small and medium-sized enterprises only);
• Expenses related to the acquisition of patents predominantly for R&D activities;
• Expenditure on R&D audits.
The tax benefit calculation is based on a base rate (32.5% on expenses during the year in question) and an incremental rate (50% on increased expenditure related to the simple mathematical average of the previous two tax
years up to a limit of 1.5 million Euros).
2.2.3 RFAI - INVESTMENT ASSISTANCE TAX SYSTEM
This is a tax policy provided for in the Portuguese law 10/2009, March 10th, aimed at supporting investment and
promoting the creation of new jobs. Companies may benefit from an income tax deduction up to 25% thereof (with
limitation of art. 92 of the IRC Code), with exemption from IMI, IMT and Stamp Duty on purchases of buildings related
to the relevant investment.
This tax benefit is applied to IRC taxpayers whose core business involves agriculture, forestry, industry, energy and
tourism, as well as mining or processing, except for steel, shipbuilding and synthetic fibres. In case of an insufficiency
of tax due for the tax year concerning the incentive, the non-deducted amount may be used in the following four
years.
2.2.4 INTERNATIONALISATION TAX BENEFITS
This type of internationalisation support aims to grant tax benefits to Portuguese companies that promote internationalisation projects, namely the Portuguese direct investment abroad, in expenses over 250.000 Euros, until December 31st, 2020. These tax benefits are based on a tax credit related to 10% (incentive base rate) of the projects’
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relevant applications.
Typology of eligible investments:
• Creation of branches or permanent establishments abroad;
• Acquisition of shareholdings (minimum 25% of the registered capital) in companies abroad;
• Pluri-annual promotion campaigns in external markets, such as promotion of goods, services or brands.
2.2.5 TAX BENEFITS TO PROMOTE THE NET CREATION OF EMPLOYMENT
Companies that increase the number of employees by recruiting young people aged 16-35 (with the exception of
young people under 23 years old who have not completed the secondary education and are not currently attending
an education/training institution that enables a more significant educational attainment or professional skills in
order to ensure the completion of such education level, or of long-term unemployed workers, by a contract without
term) may increase the tax cost related to corresponding expenses in 50%.
Such increase may be applied out within 5 years as from the beginning of the employment contract. The maximum
annual benefit per employee corresponds to 14 times the Portuguese minimum wage. If an employee is granted
other employment incentives, he/she may not benefit from this regime.
2.2.6 TAX BENEFITS TO STIMULATE THE ACQUISITION OF COMPANIES IN A DIFFICULT
ECONOMIC SITUATION
Approved in the 2010 State Budget, this tax incentive regime is destined to support the acquisition of companies in
a difficult economic situation, according to the Business Restructuring and Modernisation Incentive System (SIRME)
approved by the Institute of Support for Small and Medium Enterprises and Innovation (IAPMEI). Beneficiaries may
deduct from their taxable profit tax losses generated and non deducted by the acquired company during the previous five taxation periods, if previously authorised by the Ministry of Finance and complying with a set of requirements (namely a participation acquisition of at least 50%). This regime applies in proportion to the stakes in the registered capital of the acquired company, with an annual limit of 60% of the taxable profit of the acquiring company.
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3. Labour Matters
L
egal aspects related to labour rights are an essential factor in deciding to invest in a country.
The Portuguese labour law was considered somewhat rigid, but the aim of the most recent labour law reform
was to stimulate the economy and mainly modernise the employment sector as regards the organisation of working
hours. Labour terms and conditions are regulated by the labour law (i.e., Labour Code, namely the law no. 23/2012,
June 25th), and by collective rules and practices of labour.
3.1. EMPLOYMENT CONTRACT
An employment contract is a written agreement between an employer and an employee that details the activities of
the employee and the compensation that the employer provides in return. The Portuguese law requires that employment contracts (fixed-term, indefinite, part-time and teleworking) include termination provisions. The same does
not happen with open-ended employment contracts or contracts of short duration.
Aspects to consider when signing an employment contract
• Identify all parties;
• Set out the scope and functions of the service provided by the employee;
• Set out the employee’s duties and responsibilities;
• Indicate the date on which the employment contract commences;
• Indicate the duration of contract (in case of fixed-term contracts);
• State the remuneration details and the periodicity of the payment;
• Define the workplace;
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
• Describe the criteria (if any) to be applied when defining the length of the holiday period;
• Define the regular daily and weekly working hours, specifying the cases where these are established as averages;
• Identify restrictive covenants, including non-competition and minimum-stay obligations.
3.2. WORKING TIME
The regular working period may not exceed 8 hours a day or 40 hours a week. The regular working time may be altered by means of collective agreements, in which case the normal weekly time may be increased up to 50 hours.
3.3. TRIAL PERIOD
The trial period corresponds to the initial time of the employment contract, during which the parties analyse the
employee’s performance and the employer’s interest in maintaining the labour relationship. The trial period may
be excluded, if decided by both parties and provided for in the employment contract. In the case of an open-ended
employment contract, the trial period has the following duration:
• 90 days for most employees;
• 180 days for employees performing activities with technical complexity, high responsibility or that require a special
skill, as well as those with positions of trust;
• 240 days for members of the board or senior staff.
In the case of a fixed-term employment contract, the trial period has the following duration:
• 30 days in contracts with a minimum duration of 6 months;
• 15 days in fixed-term contracts with a maximum duration of months, or in indefinite contracts with a probable
duration up to 6 months.
Under the regime of service commission, the trial period depends on what was stipulated in the agreement, but it
may not exceed 180 days.
3.4. ANNUAL HOLIDAY LEAVE
The annual holiday leave may not be inferior to 22 working days (i.e., Monday to Friday, not including public holidays).
The holiday period concerns the work period of the previous year. Workers may waive part of their holiday leave entitlement and receive the corresponding holiday pay and bonus, nonetheless they must take an actual holiday leave of
20 working days.
3.5. STRIKE ACTION
The right to strike is a collective right that may be claimed by a group of employees, based on the interest of defen-
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ding their own rights, as long as the employees are unionised or there is a workers’ commission within the company.
The intention to undertake a strike must be informed to the employer or responsible entity within five working days.
Such communication may imply a proposal to ensure exceptional equipment maintenance and safety services. In
case of strike in essential services, it is required a minimum operational service.
3.6. RESTING PERIODS
All employees have the right to be granted at least one resting day per week and a minimum of eleven hours of rest
between two consecutive daily work periods.
3.7. PARENTAL LEAVE
After giving birth, the mother is granted a leave of absence. In case more than one baby is born, the law ensures an
increased period of 30 days per baby. The father is also entitled to a paternity leave, of which 10 days are compul​​
sory and 10 days are optional, Related to the compulsory 10 days, 5 days will have to be enjoyed in the days immediately following the birth, and the remaining 5 can be followed or not and must be enjoyed within 30 days following
the birth of the baby. Regarding the 10 optional days those may be followed or not. They must be enjoyed after the
compulsory days and during the period in which the mother is granted the leave. The father is also granted a parental leave. During the parental leave, the Social Security is responsible for ensuring the partial or total payment of the
employee’s salary. The paid parental leave is shown below:
LEAVE
PAID PARENTAL LEAVE
100% - 120 days or 150 days (120 + 30) in shared leave
Initial or Adoption
83% - 180 days (150 + 30) in shared leave
80% - 150 days.
3.8. SALARY AND SOCIAL SECURITY
Salaries may be fixed, variable or both. Employees are entitled to a monthly minimum wage, which is established
each year by the Portuguese government after consulting with social partners.
The annual salary includes the payment of 14 months – i.e., employees are also entitled to a Christmas bonus and
annual leave, corresponding to a month salary each. During the holiday annual leave, employees are entitled to their
full wage. Employees who work overtime have their salary increased.
The employer is responsible for the employee’s integrated social security contribution (TSU). The employer must
also pay a rate applied to the gross salary. Depending on the typology of entity (companies, non-profit entities, state
bodies, foundations, etc.), the social security contribution regime will have different rates. Social security rates for
companies are the following:
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
GENERAL EMPLOYEE REGIME - BENEFICIARY
11% of the employee’s gross salary
GENERAL EMPLOYEE REGIME – EMPLOYER
23.75% of the employee’s gross salary
For non-profit bodies, foundations and cooperatives, social security fees are as follows:
GENERAL EMPLOYEE REGIME - BENEFICIARY
11% of the employee’s gross salary
GENERAL EMPLOYEE REGIME – EMPLOYER
21.8% of the employee’s gross salary
3.9. TERMINATION OF THE EMPLOYMENT CONTRACT
Employment contracts may be terminated under the following conditions:
a) expiration;
b) revocation;
c) dismissal by the employer;
d) termination of the employment contract by the employee.
The labor contract expires in the following situations: by the end of the contract date when it has a specific term; for
supervening impossibility, absolute and definitive, of the worker to perform his duties or the employer receives; with
retirement of the employee, due to age or disability.
Revocation of employment contract occurs when, by mutual agreement, the employer and the employee are terminated the employment contract. The agreement revoke must be materialized in a document signed by both parties,
with each getting a copy and the document must expressly state the date of the agreement and the start of production of the respective effects, among others.
The dismissal by the employer may take the following forms, namely: dismissal for causes applied to the employee;
laying-off; dismissal for extinction of the workplace and dismissal for lack of adaptation.
The termination of employment contract by the employee can be by just cause motives or termination of employment contract by the employee with the appropriate previous notice, regardless of the cause. In this situation the
employee shall perform such termination of the contract, upon notice to the employer in writing with at least 30 or
60 days, as have, respectively, up to two years or more than two years of employment.
3.10. HOUR BANKING
By collective agreement, it is possible to set up a hour bank regime, allowing employees to bank up to two hours a
day and up to fifty hours a week, with an annual limit one hundred and fifty hours per year. This annual limit may be
changed by means of collective regulation, if the regime aims to avoid the reduction of workers. Such limit may only
be applied during 12 months.
When 75% of the company’s employees accept the hour bank, this is extended to other workers who do not subscri-
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be to the hour bank, becoming a group hour. In the group hour bank, working time can be increased to four hours and
can reach sixty hours a week, having, in this case, the addition limit for two hundred hours per year.
3.11. MAIN ALTERATIONS TO THE NEW LABOUR CODE (AUGUST 1ST 2012)
The third alteration to the Labour Code, published in the Portuguese Gazette of the Republic, came into force on
August 1st 2012. The main alterations are the following:
• Creation of an individual and group hour bank: With the individual hour bank, an employee can work two hours
extra per day, up to 150 hours per year.
• Overtime amount cut in half: In the first extra hour, the amount to pay will increase 25% (not the current 50%),
and the following hours will increase 37.5% (not the current 70%). If the overtime work is carried out during
weekends or holidays, the employee will be paid 50% more.
• Compensatory rest is no longer granted, currently representing 25% of each extra working hour (15 minutes).
• Suppression of four holidays: Corpus Christi, August 15th, October 5th and December 1st .
• Possibility of closing companies over long weekends, with deduction from the employees’ holidays;
• Annual holiday leave of 22 working days, with the reduction of 1 and 3 days of paid holidays;
• Less demanding redundancy policies and less expensive indemnities for companies: in case of redundancy, the
indemnity calculation is based on 20 days for each year of work. The remuneration must not exceed 20 minimum
wages.
• In redundancies, the employer may evoke the extinction of jobs (even in the case of employees with a fixed-term
contract), as well as inadaptation, without any change in the job taking place.
• Introduction of a set of changes that enable the reduction of the normal work period or suspension of the employment contract, due to a crisis (layoff).
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4. Incentives available to
Companies
I
n Portugal, financial incentives for investment and hiring available to companies are public funds directed towards
the corporate development by co-financing specific activities based on economy-oriented public policies.
4.1 INVESTMENT INCENTIVES
Investment incentives to companies ended with the EU funding package (2007-2013). The next programs will already be from the new Framework Programme planned for 2014-2020. Because they are not yet known, they were not
included in this Guide.
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
4.2. HIRING INCENTIVES
4.2.1. “ESTÍMULO 2013” INITIATIVE
“Estímulo 2013” is an incentive aimed at promoting the recruitment and professional training of unemployed people
registered with the employment office, as well as granting financial support to employers that convert fixed-term
employment contracts into indefinite employment contracts. Applications may be submitted via www.netemprego.
gov.pt.
APPLICANTS
Private entities that hire:
- Unemployed people registered with the employment office for at least 6 consecutive months;
- Unemployed people registered with the employment office for at least 3 consecutive months,
as long as they haven’t completed the basic education, are aged 45 or older, are responsible for a
single-parent family or whose spouse is also unemployed;
- People not registered with the Social Security as employed or freelancer in the 12 months
preceding the application date, or people who did not attend any learning institution during that
same period.
CONDITIONS FOR
Proposing entities must:
ELIGIBILITY
- Be legally incorporated and duly registered;
- Comply with all legal requirements necessary for carrying out the activity;
- Be free from Social Security and Tax Office debts;
- Promote the net creation of employment.
INCENTIVE
Employers signing a fixed-term employment contract under this measure are granted a financial
incentive during a maximum period of 6 months, or 18 months in the case of a contract initially
without term.
The incentive corresponds to 50% of the monthly wage, but this percentage may increase to
60%, in the case of a contract without term or a contract signed with an unemployed person
who:
i. Benefits from the income for social integration (RSI);
ii. Is aged 25 or under;
iii. Is aged 50 or older;
iv. Suffers from a disability;
v. Has an educational level inferior to secondary education;
VI. Is registered with the employment office for at least 12 consecutive months;
vii. Integrates the under-represented gender group in activity sectors that traditionally hire a
majority of people of the same gender.
The incentive may not exceed €419.22 a month (Social Support Index current amount) in fixed-term employment contracts, or €544.99 a month in the case of employment contracts without
term.
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4.2.2. TRAINING POSTS
“Passaporte Emprego” is a measure integrated in the “Impulso Jovem” programme, which presents a varied set of
measures to promote employability and support SMEs. Training posts within “Passaporte Emprego” aim: to complement and develop skills of young people looking for a job; to promote new training courses and competences, and
promote the creation of new jobs in new areas; and to promote the development of human resources in the sector of
tradable goods and services.
APPLICANTS
Individuals or (profit/non-profit) companies that hire:
a) Unemployed people registered with the employment office, aged 18-30 (until the application
date);
b) Unemployed people aged 30 or older (until the application submission date), having obtained
a QNQ qualification level of 2, 3, 4, 5, 6,7 or 8 in the last three years, and who did not benefit
from any remuneration paid by the Social Security within the last 12 months before the application.
c) Unemployed people registered with the employment office, and integrating a single-parent
family;
d) Unemployed people registered with the employment office, and whose spouse is also unemployed.
CONDITIONS FOR
Proposing entities must:
- Be legally incorporated and duly registered;
- Comply with all legal requirements necessary for carrying out the activity;
- Be free from Social Security, Tax Office and IEFP (Employment and Vocational Training Institute) debts.
ELIGIBILITY
INCENTIVE
Trainees are granted the following monthly training stages, according to their qualification level:
1.65 IASs - for trainees with qualification level of 6, 7, or 8
1.4 IASs - for trainees with qualification level of 5
1.3 IASs - for trainees with qualification level of 4
1.2 IASs - for trainees with qualification level of 3
1 IAS - for the remaining cases
+ Food allowance
+ Workers compensation insurance
Promoting entities are granted subsidised training stages, in the following conditions:
a) 100% for the first trainee, in entities with 10 or less employees;
or
b) 80% of the amount:
- Concerning the first trainee, in case of having already obtained full contribution in another
traineeship financed by public funds;
- Concerning the second trainee, in the case of entities with 10 employees or less, or local authorities;
- In the case of entities with more than 10 employees.
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
4.2.3. EMPLOYMENT INCENTIVE WITH START UPS
This incentive measure aims to promote entrepreneurship, innovation and quality, and is included in the strategic
entrepreneurship and innovation agenda “Programa Estratégico +E +I”.
Applications may be submitted via www.netemprego.gov.pt.
APPLICANTS
Companies set up in a period inferior to18 months, and with 20 employees or less, hiring:
- Unemployed people registered with the employment office, with qualification level of 3;
- Other employees whose previous employment contract was fixed-term, with qualification level
of 3 or higher.
CONDITIONS FOR
ELIGIBILITY
SME Certification;
- Minimum registered capital of 1.000 Euros, for a collective person;
- Knowledge-based company, with potential for internationalisation or export.
- Employment Contract with a minimum duration of 18 months;
- Net creation of employment.
INCENTIVE
The maximum incentive period is 18 months, implying the reimbursement of the TSU paid monthly, according to the following terms:
i. 100%, when hiring an unemployed person registered with the employment office for at least 4
consecutive months, signing a contract without term. The maximum limit is 300 Euros per month
and employee;
ii. 75%, when hiring an unemployed person registered with the employment office for at least 4
consecutive months, signing a fixed-term contract. The maximum limit is 225 Euros per month
and employee;
iii. 50%, when hiring an unemployed person registered with the employment office for 4 months
or less, signing a contract without term; and when hiring a person whose previous employment
contract was without term. The maximum limit is 175 Euros per month and employee.
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4.2.4. EMPLOYMENT INCENTIVE BY TSU EXEMPTION
This measure aims to promote employability among young people, reduce the segmentation within the labour
market, and stimulate the recruitment of unemployed young people, by reducing financial expenses associated with
the recruitment new collaborators. The Portuguese entity responsible for managing this incentive measure is the
Social Security, to which it is necessary to present a specific requirement to obtain this support.
APPLICANTS
Individuals or (profit/non-profit) companies that sign contracts without term with:
- Young people looking for a first job, namely those aged 30 or less, who never carried out any
activity under an open-ended employment contract until the contract date.
- Long-term unemployed people, namely those available for work and registered with the
employment office for more than 12 months, even if in that period they have signed fixed-term
contracts for periods inferior to 6 months, not exceeding 12 months.
CONDITIONS FOR
ELIGIBILITY
- Be legally incorporated and registered;
- Comply with all legal requirements necessary for carrying out the activity;
- Promote the net creation of employment.
INCENTIVE
Companies will benefit from full TSU exemption for 36 months, maintaining mandatorily the job
for at least more than 24 months after the conclusion of the incentive programme. This financial
support is cumulative with the “Estímulo 2013” initiative and the net creation of employment is
mandatory.
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4.2.5. EMPLOYMENT INCENTIVE BY TSU REPAYMENT
The “Impulso Jovem” Programme promotes the recruitment of young people, and entrepreneurship projects by
means of multiple tools. Concerning the employment incentive by TSU repayment, the objective is to support companies to hire young people aged 18-30 registered with the employment office for at least 6 consecutive months.
Applications may be submitted via www.netemprego.gov.pt.
APPLICANTS
Individuals or (profit/non-profit) companies that hire:
- Young people aged 18-30 registered with the employment office for at least 6 consecutive
months.
- Unemployed people aged 45 or older registered with the employment office for at least 3 consecutive months.
- Unemployed people registered with the employment office, but not registered in Social Security
as employee or freelancer during the 12 months preceding the application date, and that did not
attend any learning institution during that same period.
CONDITIONS FOR
ELIGIBILITY
Proposing entities must:
- Be legally incorporated and duly registered;
- Comply with all legal requirements necessary for carrying out the activity;
- Be free from Social Security, Tax Office and IEFP (Employment and Vocational Training Institute)
debts;
- Promote the net creation of employment.
INCENTIVE
Monthly repayment:
-100% - for contracts without term
-75% - for fixed-term contracts
The maximum duration of the incentive measure is 18 months.
Note: The maximum number of employees hired is 20 per company.
Companies strategically important to the Portuguese economy or a certain region are not subject
to this limit.
This financial support is merely cumulative with the “Estímulo 2013” initiative.
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4.3. FINANCING ACCESS INSTRUMENTS
4.3.1. INVESTE QREN
The Ministry of Economy and Employment has launched INVESTE QREN, a new credit line for companies. This new
financial instrument will help to develop QREN investment projects.
BENEFICIARIES
Companies with investment projects approved under the QREN incentive systems or companies that be-
(GENERAL
nefit from the Collective Actions Support System (SIAC) with ongoing projects with an implementation
CONDITIONS)
inferior to 40% until December 16th, 2011, and comply with access conditions, namely:
- Companies that are not in a situation of economic difficulties.
- Companies free from any unjustified debt to banks or mutual guarantee companies;
- Free from Social Security and Tax Office debts, until the settlement date.
- Companies that are not currently involved in processes concerning the recovery and unduly paid funds
within the QREN programme.
ELIGIBLE
Aspects considered for financing:
OPERATIONS
- The private compensation associated with carrying out the investment project approved within the
QREN/SIAC programme, complementing the granted community financing;
- Costs considered non-eligible for community co-financing associated with an investment project;
- Operating funds necessary to carry out the investment project.
Operations must comply with a set of specific eligibility criteria, excluding:
- Normal maintenance activities;
- Financial operations not directly related to new material investments;
- Acquisition of land or property investment.
TYPE OF
- Medium and long-term loan;
OPERATIONS /
- Euribor 3 month rate + spread (4.569% - 4.969%)
INCENTIVE
- Financing term of 8 years, with a grace period of 2 years;
- The capital will be reimbursed by means of monthly, quarterly and scheduled instalments;
- No obligation for charging bank commissions on operations included in this Line. Commissions related
to the mutual guarantee provided by the SGMs will be fully subsidised.
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
4.3.2. PME CRESCIMENTO
The “PME Crescimento” Credit Line, available on January 23rd, 2013, has an overall allocation of 2.000 million Euros,
with two specific lines destined to:
- “Micro and Small Enterprises”: 400 million Euros;
- “General”: “General allocation”, 700 million Euros and “Specific allocation for
exporting companies”, 900 million Euros.
BENEFICIARIES
- Preferably Micro, Small and Medium-sized enterprises;
(GENERAL CONDITIONS)
- SME Certification;
- Location in Portugal;
- Eligible CAE;
- No ongoing incidents with banks;
- Free from Social Security and Tax Office debts (except for cases in which the credit is used to
resolve a tax debt or any issue with the Social Security).
ELIGIBLE OPERATIONS
- Operations destined to new investments in tangible and intangible assets (within 12 months
after the settlement date), or to reinforce working capital or permanent capitals;
- Until 30% of the operation may be exceptionally used to pay debts to the financial system during the 3 months-period prior to the settlement date.
TYPE OF OPERATIONS /
INCENTIVE
Medium and long-term loans, real-estate leasing and financial leasing of equipment destined to
finance investments.
Credit operations benefit from an autonomous guarantee provided by SGMs destined to guarantee up to 50% and 75% of the capital, in “General” and “Micro and Small Enterprises” specific
lines.
MAXIMUM AMOUNT PER Micro and Small Enterprises:
COMPANY
Micro Enterprises: 25.000€
Small Enterprises: 50.000€
General:
PME Líder: 1.500.000€
Other: 1.000.000€
AMORTISATION PERIOD
Micro and Small Enterprises:
AND GRACE PERIOD
Amortisation period: Up to 6 years
Grace period: Up to 12 months
General:
Amortisation period: Up to 9 years
Grace period: Up to 24 months
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4.3.3. EXPORT INVESTE
Export Investe Line is aimed at supporting the financing needs for the production of goods or products with long
manufacturing periods, up to 18 months, as evidenced by the presentation of a purchase order to serve as confirmation of the export of such equipment. Contracts may be settled by means of medium and long-term financing and
leasing of equipment.
Beneficiaries (general conditions)
Aimed preferably at SMEs located in Portugal, that develop production activities and/or export of equipment or products with long manufacturing periods.
Eligible Operations
Financing needs for the production of goods or products with long manufacturing periods, up to 18 months, as evidenced by the presentation of a purchase order to serve as confirmation of the export of such equipment.
Type of Operations / Incentive
- The maximum amount for each credit operation is € 500.000;
- Within 5 years, including a grace period up to 18 months, which may correspond to the manufacturing period;
- Interest calculation based on the reference Euribor 3 month rate plus the maximum variable spread (4.813% 5.375%);
- The repayment of capital is indexed to the importer’s payment plan; the early partial or full payment is possible if
the importer pays the purchase order in advance, without any expenses for the proponent;
- Credit transactions benefit from an autonomous guarantee upon the first request submitted by the SGMs, destined
to guarantee up to 50% of capital due.
4.4. PROJECTS OF NATIONAL INTEREST
Approved by the Decree Law No. 174/2008, Projects of National Interest (PIN) were published on August 26th, changed by the Decree Law No. 76/2011, June 20th. PINs are a support mechanism to stimulate business investment for
larger and more relevant projects to the national economy.
The PIN status favours investment projects, ensuring a close monitoring to reduce administrative and bureaucratic
issues, to enable a prompter response, as well as the integration of mechanisms to grant incentives. This allocation aims to reduce the time with formalities and administrative procedures, and adjust instruments necessary for
private investment incentives. AICEP is the entity responsible for analysing PIN applications, via the Commission for
Assessment and Monitoring of PIN projects.
Projects may be classified as PIN, and qualify for special support if they fulfil the following criteria:
- Represent a global investment exceeding 10 million Euros;
- Proven economic viability and acknowledged competence and credibility of the promoter;
- Encourage the installation of a production base, with strong local content, and generate high gross value added;
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
- In line with the development priorities defined in current strategic planning documents;
- Capable of adequate environmental and territorial sustainability;
- Present a positive impact on at least 5 of the following 7 fields of action:
i) Production of tradable goods and services with an innovative component, granting them a clear advantage in
markets with growth potential;
ii) Spillover effects in upstream or downstream activities, particularly on small and medium-sized enterprises.
iii) Introduction of innovative technological processes or cooperation with scientific and technological system entities;
iv) Creation of, at least, 50 direct and qualified jobs (by certified training entities);
v) Adoption of regional development strategies and contribution to the economic development of inland or less
developed regions.
vi) Positive external economic balance, especially in increasing exports or decreasing imports;
vii) Energetic efficiency or favouring renewable energy sources.
Projects involving an investment of €10 million or less can also be recognised as PIN projects if they include the
following requirements:
- Strong R&D investment or applied innovation;
- Notorious environmental interest;
- Strong competence in exporting or producing tradable goods and services that enable the substitution of imports.
4.5. HORIZON 2020 AND THE NEXT EU FRAMEWORK PROGRAMME TO SUPPORT PORTUGAL
“Europe 2020” initiative was approved in June, 2010, by the European Council. EU policies and the European Union
budget will focus on its guidelines for 2014-2020. The definition of next Framework Programme to support Portugal
is currently being discussed by the European Parliament, European Commission and European Council.
“Europe 2020” promotes growth and employability in the European Union, and is based on initiatives aimed at:
“Intelligent Growth”, in order to develop a knowledge and innovation-based economy; “Sustainable Growth”, in order
to promote a competitive and low-carbon economy in terms of resources; and “Inclusive Growth”, in order to develop
an economy with high employment rates, ensuring social and territorial cohesion, increased qualifications and fight
against poverty. Progresses in achieving these objectives will be assessed according to five goals that should be
converted by each State Member into national objectives:
- Increase the employment rate of the population aged 20-64, from the current 69% to, at least, 75%;
- Accomplish the target of investing 3% of GDP in R&D, especially focusing attention on the need for private sectors
to invest in R&D, and develop a new indicator to monitor innovation-related aspects;
- Reduce greenhouse gas emissions by at least 20% compared to 1990 levels or by 30%, if the conditions are right;
increase the share of renewable energy sources in our final energy consumption to 20%; and a 20% increase in
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energy efficiency;
- A target on educational attainment which tackles the problem of early school leavers by reducing the dropout rate
to 10% from the current 15%, whilst increasing the share of the population aged 30-34 having completed higher
education from 31% to at least 40%; and
- Reduce the number of Europeans living below the national poverty lines by 25%, saving over 20 million people
from poverty.
Concerning eligible Portuguese regions, Lisbon, Vale do Tejo region and Madeira are acceptably considered as
“developed regions” and Algarve as a “transition region”, which means that incentives made available to companies
founded in these areas will be constrained.
The adoption of the next EU Framework brings some changes to the QREN incentives described in this chapter. It is
thus necessary to point out that some incentives are temporary.
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5. Additional Information and
Contacts
5.1. GENERAL ANALYSIS OF THE QUADRILÁTERO TERRITORY
Official Language: Portuguese is the fifth most spoken language worldwide, and is used by approximately 200
million people.
Demography: the Quadrilátero territory has approximately 500.000 inhabitants and the surrounding region has an
estimated 1 million inhabitants, thus corresponding to an extremely significant demographic density.
Workforce-related costs: Quadrilátero is considered a region with high demographic density, with qualified workmanship and competitive costs, when compared to other Portuguese and international territories. Versatility and
commitment to work are also great assets, with a positive response to new technologies and practices.
Infrastructures: road, airport and maritime infrastructures are modern. The proximity to Northern Spain (approximately 100km) and the quick access to Porto Airport and Leixões Port (approximately 30 km from the epicentre of
the Quadrilátero territory) are equally important advantages.
Economy: Quadrilátero is based on a corporate and internationalisation-oriented dynamics which as a whole represents the third conurbation in Portugal.
Urban Context: This territory includes 4 cities (Barcelos, Braga, Guimarães e Vila Nova de Famalicão), in a territorial
base of polycentric characteristics.
Knowledge and Innovation: This is a territory with a development strategy based on knowledge, technology and
innovation. It has renowned Research Centers and Universities, acknowledged all over the world for their various
fields of action.
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5.2. CASES OF CORPORATE SUCCESS IN THE TERRITORY
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5.3. BUSINESS HOSTING AREAS IN QUADRILÁTERO
Quadrilátero region has 34 Business Hosting Areas, which are identified in the following table.
MUNICIPALITY
BUSINESS HOSTING AREAS
Barcelos
Pousa Industrial Park
Barcelos
Várzea Industrial Park
Barcelos
Fragoso Industrial Park
Barcelos
S. Veríssimo Industrial Park
Barcelos
Vila Boa Industrial Park
Braga
Adaúfe Industrial Park
Braga
Celeirós Industrial Park
Braga
Nogueira Industrial Park
Braga
Padim da Graça Industrial Park
Braga
Pintancinhos Industrial Park
Braga
Frossos Warehouses Zone
Braga
Sequeira Warehouses Zone
Braga
Ferreiros Industrial Zone
Braga
Sobreposta Industrial Zone
Guimarães
Avepark
Guimarães
Brito Park
Guimarães
Avepark Industrial Lots
Guimarães
Linhares Industrial Park
Guimarães
Mide Industrial Park
Guimarães
S. João da Ponte Industrial Park
Guimarães
Brito Industrial Zone
Guimarães
Monte da Carreira Industrial Zone
Guimarães
Monte S.Pedro Industrial Zone
Guimarães
Monte-Gondar Industrial Zone
Guimarães
Quinta do Lameirinho Industrial Zone
Guimarães
Sande Industrial Zone
Guimarães
Sezim Industrial Zone
Guimarães
Souto Stª Maria Industrial Zone
Vila Nova de Famalicão
Antas/ Esmeriz&Esmeriz/ Cabeçudos&Lagoa
Vila Nova de Famalicão
Calendário&Vilarinho Norte
Vila Nova de Famalicão
Jesufrei
Vila Nova de Famalicão
Requião&Gavião&Moutados
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
5.4. CONTACTS – QUADRILÁTERO TERRITORY
Association of Municipalities of Specific
Purposes “Quadrilátero Urbano”
Quadrilátero’s mission is to promote the development and innovation in the urban centres of Barcelos, Braga, Guimarães and
Vila Nova de Famalicão. It aims the integration of strategies, and
the interaction between these four cities, focusing on increased
competitiveness, innovation and internationalisation levels in
this territory.
Contact:
Rua Sto. António das Travessas, 26
4700-040 Braga
Tel.: 253 265 841
Fax: 253 265 841
E-mail: [email protected]
Website: www.quadrilatero.eu
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CITEVE - Technological Centre for Portuguese
Textile and Clothing Industries
CITEVE is an institution of both domestic and European reference as far as
promoting innovation and technological development of Textile and Clothing
Industries is concerned. CITEVE’s mission is to support the development of
technical and technological skills of textile and clothing industries, by stimulating and promoting innovation, quality improvement and instrumental
support when it comes to define adequate industrial policies for the sector.
Contact:
Quinta da Maia, Rua Fernando Mesquita n.º2785
4760-034 Vila Nova de Famalicão
Tel.: 252 300 300
Fax: 252 300 385
E-mail: [email protected]
Website: www.citeve.pt
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
AIMINHO - Business Association of Minho
Region
AIMinho is a Business Association with a territorial base and regional
concerns. Its mission is to stimulate corporate private initiatives, acting as
a facilitator of corporate activity, promoting the development of market
economy, the creation of wealth and higher quality of services rendered to
the community in all socioeconomic aspects of the corporate activity. Thus,
it aims the creation of conditions considered more favourable to the corporate initiative, paving the way for economic, social, and cultural development
of the region.
Contact:
Quinta da Maia, Rua Fernando Mesquita n.º2785
4760-034 Vila Nova de Famalicão
Tel.: 252 300 300
Fax: 252 300 385
E-mail: [email protected]
Website: www.citeve.pt
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AICEP - Portuguese Agency for Foreign Investment and
Trade
AICEP is a government public entity responsible for promoting the global image of Portugal, exports and encouragement of both domestic or international direct investment, as
well as promoting Portuguese direct investment abroad.
AICEP is the entity responsible for supporting the investment in Portugal, supervising all
steps necessary for implementing the project. It also manages QREN projects that support the internationalisation and export activities of Portuguese companies.
Contact:
Lisbon
Av. 5 de Outubro, 101
1050-051 Lisbon
Tel.: + 351 217 909 500
Oporto
Rua Júlio Dinis, 748, 9º Dto
4050-012 Oporto
Tel.: + 351 226 055 300
Contact Center: 808 214 214 (only in Portugal)
E-mail: [email protected]
www.portugalglobal.pt
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
IAPMEI -Institute of Support for Small and
Medium Enterprises and Innovation
IAPMEI is a government public entity responsible for carrying out economic
policies concerning SMEs of industrial, commercial, services and building
sectors.
It is also the body responsible for analysing applications to QREN, as regards
innovation, eligibility and internationalisation incentive systems.
Contact:
Estrada do Paço do Lumiar, Campus do Lumiar -Ed. A
1649-038 Lisbon
Tel.: + 351 213 836 000
Hotline: 808 201 201
E-mail: [email protected]
www.iapmei.pt
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AdI - Innovation Agency
AdI is a public entity responsible for promoting innovation and technological
development, enabling a better relationship between research and Portuguese businesses.
It follows a policy that stimulates international cooperation, acting as a bridge for EU, Asia, Latin America and many international R&D organizations. AdI
is responsible for the applications to QREN, namely projects with an extremely strong RD&T component, and also manages the applications to SIFIDE
II.
Contact:
Campus do Lumiar, Ed. O, 1º
Estrada do Paço do Lumiar
1649-038 Lisbon
Tel.: + 351 214 232 100
E-mail: [email protected]
www.adi.pt
QUADRILÁTERO EMPRESARIAL BARCELOS . BRAGA . FAMALICÃO . GUIMARÃES
Turismo de Portugal
Turismo de Portugal, I.P. is the central public authority responsible for promoting, enhancing and sustaining tourism activities in Portugal. It supports
investment in the sector, and coordinates the domestic and international
promotion of Portugal as a tourism destination. It is also responsible for
analysing applications in the sector of Tourism.
Contact:
Rua Ivone Silva, Lote 6 1050-124 Lisbon
Tel.: +351 211 140 200
E-mail: [email protected]
www.turismodeportugal.pt
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Bibliographic References
AICEP (2011). Guia do Investidor em Portugal. AICEP Portugal Global
Guerreiro (2010): Guia do Investidor para Portugal 2010. Franco Caiado Guerreiro & Associados, RL.
Statistics Portugal (2013). Índice Sintético de Desenvolvimento Regional
-2010. Informação à Comunicação Social. Lisbon: Statistics Portugal.
PLMJ (2009:2010). Guia de Investimento / Investment Guide. A.M.Pereira,
Sáragga Leal, Oliveira Martins, Júdice e Associados -Sociedade de Advogados
RL.
PwC Guia Fiscal (2013). Guia Fiscal 2013. PricewaterhouseCoopers.
European Union (2011). Política de Coesão 2014-2020 -Investir no crescimento e em empregos. European Union
Websites
Trade & Investment Agency: www.portugalglobal.pt
Institute of Support for Small and Medium Enterprises and Innovation: www.
iapmei.pt
Employment and Vocational Training Institute: www.iefp.pt
National Industrial Property Institute: www.inpi.pt
Statistics Portugal: www.ine.pt
Ministry of Economy: www.min-economia.pt
Ministry of Finance: www.dgci.min-financas.pt
Ministry of Solidarity and Social Security: www.mtss.gov.pt
QREN Observatory: www.observatorio.pt
Portal da Empresa (Company Portal): www.portaldaempresa.pt
PricewaterhouseCoopers: www.pwc.pt
Strategic Program for Entrepreneurship and Innovation: www.ei.gov.pt
National Strategic Reference Framework: www.qren.pt
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Ficha técnica
Title
Quadrilátero Empresarial - Investor Assistance Guide
Editing and Coordination
AIMinho – Associação Industrial do Minho
CITEVE – Centro Tecnológico das Industrias Têxtil e do Vestuário de Portugal
Specialized content production
EDIT VALUE - Consultoria Empresarial
Technical team: Nuno Pinto Bastos, Cristiano Guimarães,
Bruna Dias, Fábio Cruz, Manuel Fernandes, Paula Ferreira, Tânia Rodrigues.
Design and print
LK Comunicação
Circulation
500 copies
Legal Deposit
367889/13
October 2013
“It is completely forbidden the reproduction even partial of text and or graphics
without written permission from the publishers”
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